Five benefits of a PF account, which you do not know yet

PF and EPFO ​​are Employees Provident Fund. This is the account of any person in which he and his employer are credited to a fixed account opened in their names in a fixed amount (through employer) EPFO. In this, the employer collects a specific amount (12% in current case) from your salary in the PF office. Fixed amount is provided by the Central Government and in this amount the employer deposits with his share (part of the CTC).
1) The EPFO ​​had withdrawn its decision last year, in which interest was not available on passive accounts. But now you will get interest on your PF account which is inactive for more than 3 years, irrespective of the exchange of the account, you will get the interest on it. Financial experts say that even though the interest is available, the transfer or withdrawal of active PF accounts should be withdrawn, as the existing rules, for more than five years, when the inoperative account is inactive, the tax has to be paid.
2. Did you know that the PF account also gives you BME default insurance. Under the EDLI scheme, your PF account is worth Rs. Up to 6 lakhs will be insured. This is a plan for Employees Deposit Linked Insurance (EDLI).

3. Another important thing is to maintain the PF account for 10 years and you can take advantage of the pension plan throughout your life. That is, the amount should be paid till you have a job in your account for 10 years from the time of depositing the money in your PF account. After retirement in the Employee Pension Scheme 1995, pension of one thousand rupees will be available.
4. You can link more than one PF account (if you change your job) using your UAN number linking to support. It is now easier to transfer money on PF to PF. After participating in a new job, there is no need to file Form-13 separately for claiming EPFO's money. Now it will be done automatically. The EPFO ​​has introduced a new Form 11 inside, which will be used in place of Form 13, will be used in all cases of Auto Transfer.
5. Now let's talk about withdrawal. To withdraw money from PF, you can withdraw a fixed amount in this situation: buying a house, for home repairs, for sickness, higher education, marriage etc. To use these benefits, you must be a member of the EPFO ​​for a specific time.

By-Maza Paper