In today’s time, whatever job people are doing, they know well about EPFO. Private company employees contribute to EPF to avail pension after retirement. When employees retire, EPF also gives the benefit of pension along with lump sum amount. But if you have a change in the name or date of birth in the EPF account and you want to update it sitting at home, then you can easily do it.

However, sometimes there is some lapse and the name or date of birth is wrong uploaded. In such a situation, it is very important to update it, otherwise there may be difficulty in withdrawing money further. There is no need to upset to update. You can rectify your mistake by visiting the unified portal in it. You can do it online sitting at home, let’s know how step by step.

What will be the need of things

Birth certificate or school-college certificate will be required for correction in your EPF. Changes can be made on the basis of this. The certificate should be issued by the Center or the State Government. There should be any other document issued by the passport or government department. If you do not have any documents, you can use a medical certificate by the civil surgeon and affidavit by the competent court.

What is the entire process of correction

• To correct berth date https://unifiedportal-mm.epfindia.gov.in/memberinterface/ Have to go to this website.
• After this, write UAN, password and captcha.
• Click on sign in.
• Click on Manage and then click on the basic details.
• Now write your correct name according to the Aadhaar number, click on Sev or Submit button again.
• Now inform your employer to accept the request to change the name.

How to do KYC update sitting at home

• To update KYC to EPF account, you have to click on the official website of EPFO.
• After this, go to the manage section and choose the KYC option.
• Now upload the necessary documents like Aadhaar, PAN, Bank account.
• After this, the employer will have to be submitted to verify your request.

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Employees Provident Fund is a popular retirement saving scheme for employees. It contributes to the employee and employer (the person or institution who hits a person and gives them salary or wages). Every month, some amount is cut off from your salary and accumulates in this fund, and interest is also available on it. After retirement, they have a support for employees, which they use according to their needs. The special thing about EPF is that at the time of retirement, one gets a lump sum and if the employee dies, then the person who has made a nominee in it gets the full amount. Let us tell you why it is necessary to get e-nomination in EPF and what is the benefit from it?

Why e-nomination is necessary?

If you get e-nomination in EPF, then it is very easy to take advantage of all the facilities related to EPF. If there is any kind of accident with you and you die in it, then your PF and pension money gets directly to the nominee. At the same time, online helps immediately through easy claim without any trouble or office. The nominee, who takes the benefit of pension, does not need to show repeated certificates to get pension. The person you have made a nominee, is given the benefit of all facilities safely and without any hassle. If you want that the person you have nominated in the future has no problem, then it is very important for you to take e-nomination in EPF. For this, you can register by visiting the website of labourministry.

How to do e-nominations through EPFO ​​portal?

To enroll, you have to go to the EPFO ​​Member E-Siwa portal. From there you have to login with UAN and password. After this, go to the ‘Manage’ tab for e-nomination and click on ‘E-Nomination’. Go to ‘Enter New Nomination’ and give family information. Choose Yes/NO from here. After this, upload and save the information of the nominee, photo. Enter the share percentage and save EPF nomination. E-sign by going to ‘Pending Nomination’. In the last you have to confirm with OTP by entering Aadhaar virtual ID. You can add more than one nominee to it and how much their share will be different can also be separated.

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Retirement saveings scheme: If the life after retirement needs comfortable and secure, then financial planning will also have to be done accordingly. There are three extremely popular options of retirement savings scheme in our country- Public Provident Fund (PPF), Employees Provident Fund (EPF), and National Pension System (NPS). The features of each of these schemes are unique. If you too are finding it difficult to choose one of these, then we make your work easier. Let us tell you through this news how these three are different from each other so that you do not have trouble in choosing the right plan according to you.

Public Provident Fund (PPF)

PPF is a government scheme that allows savings in long term. In this, you can invest a minimum of Rs 500 and a maximum of Rs 1.5 lakh every year. It has been designed keeping in mind those who are looking for a risk free investment option with tax benefit.

Its specialty

The maturity period in PPF is 15 years. It can be extended in a 5-5 year block.

The government gives interest at the rate of 7.1 percent annually on the PPF account. The interest rate on PPF is determined by the government every quarter.

This risk is free due to being supported by the Government of India.

There is a tax exemption on investment up to Rs 1.5 lakh annually under Section 80C on PPF.

There is no tax on interest in interest.
Loss

The PPF comes with a lock in period of 15-sight. After the completion of 15-year lock-in period, you can close the account and withdraw all the money from the PPF account.

Return on this does not move much further than inflation.

Employee Provident Fund (EPF)

EPF is a compulsory savings scheme for employees working in a company in number 20 or more. Its purpose is to provide financial security to salaried employees after retirement.

Its specialty

In the EPF, 12 percent contribution of basic salary and dearness allowance is done by both the company and the employee.

The interest rate on the Employees Provident Fund for the current financial year is 8.25 percent.

The risk on this is low and returns are guaranteed.

On investing in EPF, there is a tax exemption of up to Rs 1.5 lakh under Section 80C.

The contribution of Rs 2.5 lakh every year in PF account is free.

The fund after retirement is completely tax free.

The interest rate is higher than PPF.

Savings also increase according to the contribution of the employer.

If needed, you can also do partial withdrawal of deposited amount.

Loss

Contribution of more than Rs 2.5 lakh is taxed.

It is limited to salaried persons only.

National pension system (nPS)

NPS is a retirement savings scheme launched by the Government of India. In this, you can choose the option of investment in equity, corporate date, government bonds according to your choice. Return on this is not fixed because it is connected to the market.

Specialty

There is no upper limit of contribution in it.

It usually gets a return of 8-10 percent.

Due to the market linked scheme, the returns may be found on the basis of the performance of the fund manager, but in this you can choose the investment option according to the ability to take your risk. You can change the investment according to time.

Under section 80C, tax exemption on investment up to Rs 1.5 lakh is available. Under Section 80CCD (1B), subscribers can avail an additional Rs 50,000 deduction.

60 percent tax-free of NPS corpus can be extracted, while the remaining 40 percent is used to buy annuity.

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