PF Account: If you want to withdraw money from PF account, but are unable to withdraw, then there may be a small reason for it. Know what could be the reason?
Employees Provident Fund: Employees Provident Fund Organization deposits money for the retirement of employees. In such a situation, if an employee wants to withdraw money in between, he can claim. However, due to a small reason, you may fail to withdraw money from the PF account. EPFO has told what should be done in this situation.
PF account is opened under the Employees’ Provident Fund Organization, in which 12% is contributed by both the company and the employee. Interest is also given by the government on this deposited fund. If you are also going to withdraw money from PF account, then you should finish some work.
Do this work before withdrawing money
If you are going to withdraw money from PF account, then it is necessary to do e-nomination (EPFO E-Nomination). If you do not add the nominee, then you may have to bear some more loss. If you add a nominee, you can easily withdraw money online. Along with this, insurance of 7 lakhs is also available, which is given to help the family in case of any untoward incident. Apart from this, claim settlement is also completed easily.
Disadvantages of not adding nominee
If someone does not add a nominee, then he may have to face many losses. Will not be able to see the passbook without the nominee. Also, except medical emergency, you cannot withdraw money for any other emergency.
How to add e-nomination
- By visiting the EPFO website, first of all you have to log in with the help of UAN number and password.
- Now go to the Manage tab and click on E-nomination.
- After this the page of e-nomination will open and now fill all the information.
- If you want to fill more than one nominee, then click on the add button again.
- After saving it, now click on E-Sign and enter the OTP received on the mobile.
- Now your nomination will be completed.
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