Tuesday, October 4, 2022

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…

epfo_newsstore24

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.

epfoupdate_newsstore24

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.

epfoupdate-newsstore24

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.

epfoalert-newsstore24

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.

document-newsstore24

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.

🔥🔥 Join Our Group For All Information And Update, Also Follow me For Latest Information🔥🔥
🔥 YouTube                  Click Here
🔥 Facebook Page                  Click Here
🔥 Instagram                  Click Here
🔥 Telegram Channel                   Click Here
🔥 Google News                  Click Here
🔥 Twitter                  Click Here
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

spot_img
spot_img

Most Popular

spot_img

Latest

EPFO’s product expansion may come under health, disability and maternity benefits

EPFO: Employees' Provident Fund Organization (EPFO) is now eyeing its product expansion and may soon provide provident fund as well as health, pension, maternity,...

EPFO Latest Update: EPFO’s Dhansu scheme to give more returns to the account holders! Know details

EPFO Latest News Update: Based on their age and risk tolerance, EPFO is getting ready to offer its investors a variety of investment possibilities....

EPFO: How much money will the government put in your PF account, understand the accounts

The government can soon put money in the account of provident fund (PF) account holders. PF account holders are waiting to get interested in...

NPS: Big setback for those taking National Pension! This change has happened from today, now more money will be spent

National Pension Scheme: If you have also invested money in NPS or you are also planning to open your account, then there has been...

Members can now obtain UAN Cards, Pension Payment Orders, and Scheme Certificates from this facility thanks to EPFO Services on Digilocker.

According to a recent announcement from the Employees Provident Fund Organization (EPFO), members can now access their necessary documents using the Dispersible service. On...

Most Popular

Subscribe

* indicates required