Great plan by the government! You will get more interest than FD, along with guarantee of safe investment, insurance worth lakhs is also free.
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EPFO: In today’s time, every working person wants to get a mountain of returns by making a handful of investments. Along with this, the investment should also be completely safe. If you are also looking for such a scheme for investment which has the trust of the government and gives higher returns than FD, then we can help you.
Employees’ Provident Fund Organization (EPFO) is a government scheme in which the investor gets the benefits of three schemes in different ways. In this you get more interest than any fixed deposit, pension and also free life insurance worth lakhs of rupees.
At present, the interest being given by the Central Government on the amount deposited in EPFO is more than the FD of banks. 8.15 percent interest is being given by the government. At one time, up to 9 percent interest was available on it.
It is necessary for a person working in any private institution to open a Provident Fund Account. In this, a certain part of the employee’s salary is deducted and deposited in the provident fund. Whereas, the employer also contributes the same amount as the employee’s share.
Three schemes are run simultaneously by EPFO. In this, one is EPF Scheme 1952, second is Pension Scheme 1995 (EPS) and third is Employees Deposit Linked Insurance (EDLI) scheme. Employee’s money is invested in these three schemes. Besides, interest is also given accordingly.
Employees can also add their nominee’s name to this account. EPFO account holders, to add the name of the nominee in their account, first go to. After this log in using your UAN and password. View Profile option is given. In this, click on nomination update.
Upload a passport size photograph of the person you want to be your nominee. After this, go to Manage section and click on e-Nomination. Next, enter your relationship with your family member, nominee name, Aadhaar number, photo, date of birth, bank account number.
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