Whether it’s a bank account or a savings account, declaring a nominee is both necessary and beneficial. The same thing applies to EPF (Employees’ Provident Fund) accounts also.
Now, as per the recent rules, the Employees’ Provident Fund Organisation (EPFO) has made adding nominees mandatory for all EPF members. If the nominee is not declared by the EPF account holder, then EPFO withholds many of its services, like checking the balance of the PF account. The reason a nominee is declined is because, after the death of the account holder, the money goes to the person who is nominated.
You can do online nomination or e-nomination of EPFO account. Nomination is extremely useful as it provides many benefits to the pay account holder and their family. Online claim and settlement of Provident fund, pension and insurance benefits, in case of death of the EPF account holder, can be possible only when e-nomination is done. If there is no nominee and the employee dies, then their heir has to visit the civil court and get the succession certificate for the release of PF.
Who Can Be Made the Nominee?
As per the rules, a PF account holder can only make their family member their nominee. In case the account holder does not have a family, then they can declare any other person as the nominee. There can be more than one nominee in which case more details have to be given and stated how much money is to be given to each nominee. The account holder’s Universal Account Number (UAN) must be active and the mobile number must be linked to their Aadhaar.
To complete the process of e-nomination to EPF accounts, make sure to do it through EPFO’s official website using the UAN in the following steps-
Log onto the official website of EPFO, which is epfindia.gov.in.
Under the Service tab, click on the For Employees’ tap the drop-down menu.
Click on Member UAN/Online Service (OCS/OTP).
Log in with your Universal Account Number (UAN) and password. Under the manage tab click on e-nomination.
Fill in your, permanent and current address.
Tap the yes option to update the family declaration.
Click on Add family details and all the required information. You can add more than one nominee.
Now click Nomination Details to declare the total amount of the share, and then click on Save EPF Nomination.
Select e-sign to receive OTP on the registered mobile number.
It is important to know that once your e-nomination is done you do not have to send any documents to the employer.
Source By: news18
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