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Provident Fund Claim: PF nominee can withdraw money from ATM, Members will get a dedicated card

Jyoti — Sat, 14 Dec 2024 05:28:13 +0000

EPFO: The Employees’ Provident Fund Organization (EPFO) is preparing to start the service of withdrawing Provident Fund (PF) money through ATM for its members soon.

Under this new scheme, EPFO members can withdraw money directly from the ATM using a dedicated card after requesting their claim. The heirs of deceased EPFO members i.e. the nominee will also be able to withdraw the claim money from the ATM.

How do members withdraw money now?

Currently, EPFO members have to wait for seven to 10 days to receive their claim money, after which the amount is transferred to their respective bank accounts. After the new scheme is implemented, withdrawing PF money will be as easy as withdrawing money from an ATM. This process will become faster and simpler.

Dedicated Card for PF Claim

EPFO is considering providing services like the banking system to its more than seven crore members. Union Labor Secretary Sumita Dawra said that EPFO can soon provide dedicated cards to its members. Through which they can withdraw their money claim amount through ATM.

Heirs will also get this service

With this new method, the heirs of the deceased EPFO members will also be able to settle the claim and withdraw the amount using ATM. Under the Employee Deposit Linked Insurance (EDLI) scheme run by EPFO, the heirs of the deceased members are given an amount of up to a maximum of Rs 7 lakh.

EPF members will benefit

Dawra said that EPFO’s focus is currently on creating the necessary infrastructure for this new system. He said that more improvements will be seen as a result of hardware improvement in January 2025. The aim of this modernization campaign is to make EPFO’s systems similar to the efficient banking systems already existing in India. This move of EPFO will not only make it easier to get claims. But, it will also improve transparency and efficiency.

PF Nominee: You can also change the nominee in your PF account, the process is very easy.

Pravesh Maurya — Fri, 23 Feb 2024 09:31:52 +0000

If you work, PF must be deducted from your salary and the same amount is also deposited in your PF account from your office. In such a situation, you can use this money at the time of need. Along with this, if you want, you can also change your nominee in the PF account. So let us know what is its complete process.

How to change nominee in PF account

step1
For this, first of all you have to go to the official website of EPFO.
After this you have to go to the service call and click on the employees option in this section.
After this you have to go to the Manage section and enter your UAN number. After this you have to login by entering your password and then click on e-enrolment under management.

Step 2
After this you have to click on Yes option to update your family declaration. Select the option to add family details and you can add one more nominee here.

Step 3
After this, click on the nomination details and click on the Save EPF Nomination option, after this select the e-sign option and then fill the OTP received on the mobile number linked to the Aadhar card and submit. Your nominee will be changed.

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EPFO Nominee Rules: Can one make son and daughter along with wife as PF nominee?

Pravesh Maurya — Fri, 05 Jan 2024 10:02:40 +0000

EPFO Nominee Rules – If the employee has not mentioned the nominee and the employee dies, then his heir has to go to the civil court to obtain succession certificate for release of PF.

Employees’ Provident Fund Organization (EPFO) has now made e-nomination mandatory for EPFO members. Without a nominee, EPF account holders can no longer avail some of the facilities of EPFO. It is also very important to be a nominee of EPF account. If a PF account holder has made a nominee, then the money deposited in his account easily goes to the person to whom the account holder wanted to give it. EPFO provides the facility to make more than one nominee for EPF account. That means an EPF member can nominate his wife as well as his son and daughter.

Nominee in EPF can be made online. E-nomination is very helpful in providing PF benefits to the PF account holder and his family. In case of death of a PF subscriber, online claim and settlement of provident fund, pension, insurance benefits is possible only if e-nomination is done.

The nominee will be a family member only

PF account holder can make nominee only for his family members. Only if a person does not have a family, he can declare another person as a nominee. After making someone else a nominee, if the family’s address is known then the nomination of the non-relative gets cancelled.

Can there be more than one nominee?

PF account holder can also declare more than one nominee. If there is more than one nominee, more nomination details have to be given and it has to be clearly mentioned as to how much amount each nominee will get.

If there is no e-nomination then there will be these problems

EPFO has made e-nomination mandatory. If an account holder does not do e-nomination then he cannot see his PF account balance and passbook. For e-nomination, the account holder’s UAN must be active and the mobile number must be linked to Aadhaar.

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