When it comes to maximizing the use of a financial product, nomination is an essential component. The choice to add a chosen one is accessible for practically all monetary items, including bank accounts, mutual funds, provident funds and life insurance policies.
Neglecting to add a chosen one your EPF account will limit your family from pulling out assets from the corpus you work over years in the event of your passing.
Additionally, it occurs frequently, as evidenced by the Rs. deposits made by PSU banks. 35,012 crore in unclaimed deposits in February 2023 to the RBI. Recently, the regulator stated that it would provide a centralized platform for sharing information regarding such deposits and their beneficiaries.
The move by the RBI is in response to the large number of investors who did not promptly notify their legal heirs of their investments or did not include their nominees.
Notably, EPFO has not specified a deadline for submitting e-nominations or for submitting advance claims; you are only required to fill out the form for the financial benefits your family will receive upon your death. Just Aadhaar-checked UAN holders can document an e-assignment.
Follow these steps to add a nominee to your EPF account:
- Go to the UAN EPFO website and log in.
- From the menu, select ‘Make due’ and ‘e-Assignment’.
- Select “Yes” in the family declaration. Include information about your application in the “Add Family Details” section.
- Include your name, address, Aadhar number, date of birth, gender, relationship to the user, and a link to you. In addition, provide the nominee account number and IFSC code of the bank.
- If you only wish to submit one proposal, select “Make Row”; alternatively, pick “Save Family Data.”
- When you select “Save EPF Nomination,” send the message using the correct saved data.
- Last but not least, select “E-sign” to generate an OTP and send it to the Aadhaar-linked mobile number.
The e-nomination procedure has now been finished.
Step 1: Upload your profile picture to your EPF account.
Step 2: Sign in to your UAN account. Select “view” from the section of the menu. Then, at that point, select “profile” starting from the drop menu.
Step 3: On the left, click Change photograph
Step 4: Utilize your PC or cell phone’s peruse button to pick a photograph.
Select your image and then click the Upload Photograph button after you have made any adjustments.
Step 5: Click alright to acknowledge the “would you say you are certain to transfer a saw photo?” confirmation.
Your profile picture will be changed.
