Provident Fund Scheme and their features

ABOUT SCHEME

 A Providend fund is a compulsory, government-managed retirement savings scheme used in India for Social Security program. A government for the benefit of its citizens runs it. A provident fund is a form of social safety net into which employees must contribute a portion of their Basic salary and employers must contribute on behalf of their Employees. The money in the fund is then paid out to employees whenver they withdraw for their need,or their retirements

 

JOINING OF SCHEME

 Whenever any employees joins the employer the Providend fund department issue a UAN (Unique Account Number) and he/She can register himself/herself on Providend fund office site and can see any time the details and deposit /withdraw and Interest accumulate in his/her account.They can also download their e-passbook online.

 

RETURNS OF CONTRIBUTIONS

 The Said department also paid the interest on pf contribution i.e. 8.75 % which is at present applicable.The returns of the same is not taxable in indian income tax Act ,1961.

  

WITHDRAWAL

 The person who deposits the amount in this account can withdraw Provident Fund the accumulated fund at any time on these grounds i.e. When She/he got married, leaving the organization; at the time of retirements At the time of old age. At the time of sickness

 

ONLINE ACTIVITIES

 EPFO already launched a facility to enable its over 5 crore subscribers view their updated accounts online on real time basis without waiting for their annual PF account slips.here is the simple steps out of that any PF member can check their balance with PF Department.

Step 1: Keep your UAN (Unique Account Number) handy

Step 2: Open epfindia.gov.in website

Step 3: Select the state where your PF office is situated.

Step 4: Select the appropriate EPFO regional office.

Step 5: Fill the online form with your name your mobile number and your PF number.

 A One-time password will come to your mobile number after filling the OTP you can access to your account

 Now you can download your e-passbook and fill KYC etc.

 As per the department in next future the withdrawal of PF can be perform only through portal.

BENEFITS

The amount lying in Providend fund can not be forfeited by any one like court,etc.

Nomination facility is available at the time of joing the fund or later.

Withdraw directly from online and amount will directly deposit in the saving account which we have already submitted for kyc.

The amount standing can not be taken by any one except by contributor or his/her nominees.

 

 Therefore, it is the time when we should aware about this scheme.

 

Source : articlesbase.com