Top 5 Benefits That You Get in Free With a PF Account.

If you work in a company or institution, which falls under the EPFO ​​and your PF is deposited, its benefits, even if you know, but with this you also have many other benefits which Maybe you do not know. Although EPFO ​​has reduced the interest rate for the year 2017-18 to 8.55%, it remains a better option for savings. Today, we will know the five benefits that we have with our PF account, which are of our great work.

1. Interest on passive accounts

You may have quit your job but you will get interest on your deposit PF amount. Before the year 2016, the interest was given only for 3 years after leaving the job but in 2016, the EPFO ​​has made changes in this rule and you will get interest at the moment. But also keep in mind that after 5 years of leaving the job, if you withdraw your PF amount then you will have to pay tax for it. Therefore, within 3 years of leaving the job, you withdraw your PF amount.

2. Government will return money to closed PF accounts

Perhaps you do not know, but at present, around 4 thousand crores of rupees are currently PF money ie PF accounts in which money is deposited but they are not making any claims. Often, we work in many institutions or companies in our lives where we work for less time, forget about removing our PF amount after leaving the job, there are many people across India who do not have the money for their PF Removing In this way, the EPFO ​​has had unclaimed money of thousands of people. Earlier, the central government used to discuss the use of this amount for funding of government welfare schemes, but with the interest now, with interest, this amount will be returned to those who are entitled to it, but you may have to run a little bit for this.

3. Advance to more people

According to the EPFO, the institutions under which more than 20 or more employees work, registration in EPFO ​​is necessary. But now EPFO ​​will decide on whether the institutions working in 10 or more employees will also be required to register in EPFO.

4. Free insurance on PF

Most people do not know that an insurance is also available with the PF account, which is called EDLI ie EMPLOYEES DEPOSITE LINKED INSURANCE and it gets a maximum insurance of up to Rs 6 lakh. That means if somehow you die accidentally during the working hours, then your family members get maximum insurance amount up to Rs 6,00,000.

5. The advantage of UAN

Before the UAN number came, it was difficult to do PF work online but after the arrival of the UAN portal, the employees can do their own online related work related to PF such as online PF clearance, online PF transfer, advance PF clearance, improve PF information Nomination of your nominee etc