New Delhi: The Employees’ Provident Fund Organisation (EPFO) has recently made the e-nomination process for Provident Fund (PF) account mandatory. According to the announcement, in case of non-filing of the e-nomination in EPFO, the users will not be able to check their PF Account balance.
EPFO is all set to meet in the first week of March 2022 to finalise the interest rates on PF deposits for 2021-22. according to a report by Economic Times. For 2020-21, the interest rate stands at 8.5 per cent. The final decision on the interest rates is taken by the Central Board of Trustees (CBT) of the EPFO. The CBT is headed by the Labour Minister of the country.
Benefits of EPF Scheme
- High interest rates on the accumulated part of the salary. This can be withdrawn in case of retirement, resignation or death.
- In case of important expenses like Marriage, Education etc, partial withdrawal is allowed.
How To Submit e-Nomination in EPFO?
The EPFO members can follow the below-mentioned steps to submit e-nomination via the EPFO portal.
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- Visit epfindia.gov.in and click on ‘Service’
- Choose the ‘For Employees’ option and Click on ‘Member UAN/ Online Service’
- Login using the EPFO UAN and password
- Now, select the ‘E-nomination’ option under the ‘Manage’ Tab
- Below the ‘Provide Details’ tab that must have appeared on the screen, click on ‘Save’
- Now, click on ‘Yes’ to update the family declaration
- Now add the details of the family member in the e-nomination form by clicking on ‘Add Family Details’. More than one nominee can also be added
- Click on ‘Nomination Details’ to declare the total amount of share.
- Next, click on ‘Save EPF Nomination’
- Lastly, click on ‘E-sign’ to generate OTP and submit the OTP received on the mobile number linked with Aadhaar.
- The e-nomination process is now complete.
