Personal Finance News
2 min read | Updated on June 10, 2024, 16:25 IST
SUMMARY
EPFO e-nomination: To add a nominee to the EPF account, one needs a mobile number linked with Aadhaar, an updated EPF account profile with a photograph and address, a scanned photo of the nominee, the nominee's Aadhaar number, and the bank account number with the IFSC and address of the nominee.
EPFO members have to use an Aadhaar-based e-sign to file the online nomination.
Most of the salaried employees are registered with the Employees Provident Fund Organisation (EPFO) and, similar to a bank account, it is important to add a nominee.
Nominees can withdraw money from the EPF account in case of the death of the Provident Fund member.
Both the employers and the employee contribute 12% of the base salary and dearness allowance of the employee under the EPF scheme. Currently, the EPF deposits earn 8.25% annual interest.
To add a nominee to the EPF account, one needs a mobile number linked with Aadhaar, an updated EPF account profile with a photograph and address, a scanned photo of the nominee, the nominee's Aadhaar number, and the bank account number with the IFSC and address of the nominee.
No. EPFO members have to use an Aadhaar-based e-sign to file the online nomination.
According to EPFO's FAQ page, "In case the member has died then no fresh nominee (for PF including EDLI) can be added in case a valid nomination is available. Only the member had the right to nomination. Nomination cannot be changed after death. Only eligible family details can be added for pension by the concerned PF Office".
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