The Employee Provident Fund, typically often called EPF, is a widely known financial savings programme run by the Employee Provident Fund Organisation (EPFO), which is beneath the management of the Indian authorities.
In accordance with this plan, the worker and employer every contribute 12% of the worker’s base pay and dearness allowance to the EPF. EPF deposits presently earn an annual rate of interest of 8.1%.
The scheme additionally aids the households of EPF members within the horrible occasion of a passing. In sure conditions, the nominee or, within the absence of a nominee, a right away member of the family or a authorized inheritor, might withdraw the accrued funds. The minor’s guardian would possibly declare the cash within the case of a minor member of the family.
Here’s how a member of the family/nominee can withdraw EPF cash after a member’s loss of life:
- Provide the related info corresponding to date of delivery, guardian’s certificates, clean examine, and so on in regards to the member and claimant on EPF type 20.
- After submission, the claimant will obtain SMS notifications at numerous phases of their declare type approval.
- Following the method, the claimant will get the cash.
- Payment is made by electronically crediting the claimant’s specified checking account.
The employer that the member most lately labored for should submit the applying on their behalf. All sections of the declare type, which might be downloaded from the Epfindia web site, have to be signed by each the claimant and the employer.
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