EPF is regarded as the best retirement fund in India. It provides a good sum of money for an employee at his/her retirement age. This money could change the world around us. This money could even reach crores as you turn 50 years or more. But what if a mishap takes place, and the earning member dies. These EPF and EPS funds can then come in handy for the family members to start a new life. So, in this article, you will have detailed information on the provisions related to the nomination of EPF funds. What is the provision of the EPF scheme in the matter of nomination by a member?
Why Should You Nominate?
If you are an employee who has enrolled in for an EPF account; Then, it becomes vital to nominate someone for your EPF account. In case you are no more than the nominee can avail of the funds easily. This fund can provide a new head start to the family. Moreover, it will be helpful for family members to fulfill their needs. It can also assist the nominee in paying his/her educational fees.
Rules Of Nomination(EPF And EPS)
According to EPFO guidelines, norms related to EPF and EPS nomination are different. So, first of all, we should discuss the nomination related to the EPF account. As per EPF guidelines, only a defined family member can be nominated for the employee’s EPF account. The definition of family here includes:
- In the case of a male employee-his wife, his children (married or unmarried, his dependent parents. The employee can nominate only these relatives.
- In the case of a female member- her husband, her children( married or unmarried), her dependent parents, and her dependent parents. Only these people can have the nomination of the account.
But in the case of the EPS nominations, only the spouse and the children can be nominated. Whether the employee is male or female, the EPS nominations remain the same.
Did You Know That Your Marriage Renders Your Nominations Invalid?
As per the EPF and EPS norms, if an employee gets married, then any nomination made by him/her becomes invalid. This stands true for the nomination of both EPF and EPS account. The employee has to make in the fresh nominations after marriage.
Also, if you don’t have any family, then you can nominate any person you want. But as soon as you get married, then the nominations get revoked. Moreover, if you forgot to make the fresh nominations and you passed away due to any event. Then, the EPF shares are contributed equally to all the family members. These members are stated above.
However, to make the nominations, you need to fulfill certain prerequisites.
Conditions To Be Fulfilled
As per the amendments of EPFO, nomination facilities can only be availed when you satisfy certain conditions. But, remember to use the online portal. Your UAN number must be activated. And you must be having the same.
For this facility, the employee’s Aadhaar number must be linked to his/her EPF account. The same has to be verified at the online Sewa portal. You can check the same by sign in to the member Sewa portal of EPFO. Visit the EPFO portal and log-in to your EPF account. Now, click on the ‘KYC’ option under the ‘Manage’ tab. Here you will be able to see whether your Aadhaar Card is verified or not.
Another important criterion to be fulfilled is that your EPF portal must contain your photograph. If it is not updated, click on the ‘profile’ option under the ‘view’ tab. Then upload a 3.5cm*4.5cm digital photo, mainly comprising of your face. Moreover, the photograph format must comply with that at the EPF portal: Jpg or png format.
Your profile details must also be filled in properly with matching details with that of a PAN card. Must be present on the portal. Also, remember that the KYC details must be verified.
Details Regarding Specific Conditions
- If you don’t have a determined family, then also you can nominate someone. Under defined family members comes the spouse, children, or parents of the employee. The person nominated can be anyone like a guardian or a person that is closest to you. But remember that as soon as you are married, you need to make a fresh nomination for the same. And nothing can withhold your previous nominations.
- You might think that what would happen if you get married. And in the course of living your married life, you forget to fill in fresh nominations. Also, due to God’s fate, you expire before filling the above documents. In this case, your total funds will be given in an equal amount to your spouse and children.
Process To Make The Nomination
Follow the steps given below to make refresh nominations to your EPF and EPS funds:
1. Login to your EPF manager account on the EPFO website. Click on the link below:https://unifiedportal-mem.epfindia.gov.in/memberinterface/.
2. Once you are on your dashboard page, then navigate the ‘e-nomination’ option under the ‘Manage’ tab.
3. You will be taken to a new webpage. Herein you will be required to answer certain declarations. Which would be ‘Having a family?’. You can choose ‘Yes/No’ from the options that are being displayed on the screen.
4. If you chose ‘Yes,’ you need to enter the nominee’s details from your family. You need to enter the following details of the person you are nominating:
- Aadhaar Number
- Name of nominee
- Date of birth
- Gender of the Nominee
- Relationship with nominee
- Address of the nominee
- Bank account details (Optional)
- Photo of the nominee
You can add details of more family members if you want. To do so, click on the ‘Add row’ option.
5. If you chose ‘No’ in the declaration, then also mentioned details as shown above. Herein you can make the nominations regarding the share of the funds you want to provide to the nominated person.
6. Once you are done, then select the ‘Save Family Details’ option.
7. Next, you need to give the details of the percentage share you want to give to the nominees.
8. As soon as you are through it, click on ‘Save EPF Nomination.’
9. Once you have completed the above steps and saved them, then again navigate the ‘e-nomination’ option under the ‘Manage’ tab. Here you will be shown nomination pending dialogue. Now, you need to ‘e-sign’ the nomination to complete the process.
10. To e-sign the nomination, you are redirected to a new webpage. Here, the virtual ID of your Aadhaar card must be entered to proceed further.
11. After filling in the details, you need to click on the verify button. Also, you will be needed to give consent to your KYC details by checking the tick-box.
12. Then, you need to enter your Aadhaar number or Virtual ID once again. Then select the ‘Get OTP’ option.
13. Thereafter, you are required to enter the OTP received on the registered mobile number.
14. Select the checkbox and then click on the ‘Submit’ button.
15. Once your OTP is verified, your nomination document will be signed off digitally.
You can verify the same by navigating the ‘e-nomination’ option under the ‘Manage’ tab.
If you want to take the process through the offline mode, you need to fill form 2, which is for the declaration of nominees of the EPF and EPS account. You need to fill in details the same as mentioned above. But you will need to take the pain for attesting and attaching the documents that would include a photo, Aadhaar Card and PAN card, etc. Also, you will need to speed post the same to the EPFO head office.
Difficult times never knock on your door before entering in. But, it your duty to be prepared for the same. Moreover, losing the earning member of the family can further deteriorate the situation. So, it becomes your duty as the earning member to provide your family with an arsenal to live through those times, and Filing in the EPF nomination can be a good move.