E-Nomination is an online method to assign a nominee to various accounts and investments in your name so that they are entitled to receive the balance in your accounts and the benefits due from the schemes of your investments in the event of your demise. E-Nomination in EPFO tends to bring up morbid thoughts of your mortality. But it must be done to ensure that the financial dividends you build towards can be transferred to your near and dear ones hassle-free.
In today’s world, easy accessibility of smartphones, computers, and the internet has led to every form, every change and every application becoming online. This blog will focus on the nomination process for your Employee Provident Fund (EPF) account and how to do it easily online.
As per the EPF rules, any member who has a family can assign one or more members of the family as nominees. And a member who has no family can nominate any other person. But if the member acquires a family, this nomination will become invalid.
In the case of an EPF e-nomination, what does ‘family’ mean? Here is the definition of family according to the EPF Act.
In the case of a male EPF member:
In the case of a female EPF member:
Using e-nomination, you can add a nominee to your EPF account online. Follow the below steps.
Step 1: Visit the EPFO website here.
Step 2: Hover over the 'Services' section and click the 'For Employees' tab.
Step 3: Click the 'Member UAN/Online Service' option.
Step 4: Log in using your UAN and password.
Step 5: Select the ‘E-Nomination' option under the 'Manage' tab.
Step 6: On the screen, You'll see a new tab called 'Provide Details'. Enter your details and click on the 'Save' option.
Step 7: You will then have to update the family declaration. Click 'Yes' if you have family or 'No' if you don't.
Step 8: Add your nominee(s).
Step 9: You can then declare the share for each nominee in percentage by clicking the 'Nomination Details' option. The total percentage should come up to 100%.
Step 10: Click on 'Save EPF Nomination' to save the share details.
Step 11: To complete the e-nomination process, click the 'E-sign' option to generate an OTP. Then, submit the OTP received on the mobile number linked with your Aadhaar card.
You and your employer contribute a specific monthly sum to your PF account. You earn interest on this balance per the rates the Government of India fixed. A part of these contributions goes to the Employees’ Pension Scheme (EPS), through which you get pension income once you have attained 58 years of age.
The Employees’ Deposit Linked Insurance (EDLI) is linked to your PF account. It provides life insurance cover through which your family can raise a claim equal to 35 times your average monthly salary, capped at INR 15,000 and subject to a limit of INR 7 lakh.
Your family will receive the capital and accumulated interest on these contributions and can claim the insurance benefits if you add them as nominees to your PF account. Also, now that the EPFO has made e-nomination mandatory, it is all the more reason to add nominee details to your EPF account sooner rather than later.
You can now open a salary account with Fi to make the most out of your in-hand salary. You can earn benefits of up to INR 30,000 every year. The Fi Salary Program includes benefits and rewards like no minimum balance, a free VISA Platinum debit card, Fi-Coins on your spending and access to an exclusive rewards catalogue. Fi will also help you manage and grow your money with features like Connected Accounts, Analyser, Goal-based saving, SIPs & automatic payments.
Nomination ensures your hard-earned financial assets go to loved ones hassle-free. Secure your family's future with a simple online process on the EPF platform. If no nominee is assigned, the family or legal heirs will face a lengthy and cumbersome process to claim the deceased person's investments and assets. So, adding nominee(s) is the wisest thing to do.
The Employees’ Provident Fund Organisation (EPFO) has recently made e-nomination mandatory for all EPF members. However, no specific date or deadline has been mentioned to complete this procedure for existing members. That said, having a nominee to your EPF account is advisable, so your family will not find it a hassle to receive the financial benefits in case something untoward happens to you.
No approval is required for e-nomination in EPF. So, if you are an EPF member and want to add a nominee to your account, you need not wait for your employer’s approval.
Here are the steps to update your EPF nomination online
Step 1: Visit the EPFO Member e-Sewa Portal.
Step 2: Login by entering your UAN and password, and sign in after completing your captcha.
Step 3: Select the ‘E-nomination’ option under the ‘Manage’ tab and enter a new nomination.
Step 4: Your ‘Profile’ details will appear on the screen.
Step 6: Select ‘Yes’ under the ‘Family Declaration’ section to add a new nominee or update the details of the previously existing nominee.
Step 7: Provide the nominee details, i.e. the Aadhaar number, name, gender, date of birth, relation, bank account details, and guardian (if the nominee is a minor), and upload the photo of the nominee. Click on the ‘Save Family Details’ option. You can also add more nominees.
Step 8: Enter the total shares for the added nominees and save the EPF nomination.
Step 9: Proceed and click on the ‘e-Sign’ option under the ‘Pending Nomination’ section.
Step 11: Enter the Aadhaar virtual ID on the new page and click the ‘Verify’ button.
Step 12: Tick/select the box to provide your consent for e-KYC services data from Aadhaar.
Step 13: Enter your Aadhaar or Virtual ID to complete OTP. Select the check box to consent and click the ‘Submit’ button.
Step 14: Upon verification of the OTP, the new nominee will be registered with the EPFO.
To check your nominee status, log in to the Unified Portal and click the 'Manage' tab. Under e-Nomination, you can find the status of your nomination.
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