Monday, September 25, 2023

PF Money: Who gets the money deposited in the PF account after the account holder dies? find out more here

EPFO Update: There is hardly anyone in today’s world who does not want to be without money, deposits, and more. People are actually more concerned about their future rather than about today. Employed people, in specific, save money from their salaries, which they deposit in a bank or invest elsewhere. However, it cannot be denied that a certain amount is deducted from employees’ salaries and deposited into their PF accounts each month. You can receive this money both during and after your employment, as well as a pension. But have you ever considered what happens to the money in a PF account holder’s PF account if he dies for any reason? So allow us to tell you about it. You can find out more about it in the following slides…


What is the amount of PF deducted?
When it comes to how much PF is deducted for an employee, it is 12 percent of the basic salary. As a result, it may differ for each employee. At the same time, it receives annual interest.


Whose money can be in the account in the event of death?
If the holder of the PF account dies for any reason. In such a case, the nominee added to the account is entitled to the money deposited in his PF account. He must contact the PF office and follow some procedures in order to withdraw this money.


What if you don’t have anyone to nominate?
At the same time, if a person dies without naming a nominee in his PF account. In such a case, the legal heir is entitled to the amount deposited in the account.


People who are connected as nominees in the EPF can actually claim. At the same time, the minimum insurance compensation amount for legal heirs under the Employees’ Deposit Linked Insurance Scheme (EDLI’s Scheme 1976) has been increased from 6 lakhs to 7 lakhs.

This is how you can make a claim:

Step 1
If the PF account holder dies for any reason, the nominee or legal heir must complete the EPFO form.


Step 2
Along with this, Form-5IF must be completed, and the account holder’s death certificate must be submitted to the EPFO office.

docs_newsstore24The funds are then transferred to your bank account within 30 days of the completion of the process.

Read More: New information from EPFO: EPF account holders will earn higher interest! A crucial decision will soon be made by the department.

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