Dear all valuable team members,
Greetings of the day.
Please help me resolve a minor issue. My question is, is it mandatory that the bank should be SBI or PNB for the nomination (online) of the PF and Pension fund scheme?
I have been submitting manual nominations for 7 years now. Our Haldwani (Uttarakhand) PF department does not accept details from other banks. They only require PNB and SBI bank account information and reject pension forms from other private and cooperative banks.
Now, I am going to submit online nominations for all my employees with different bank account details for all family members. I am worried if this is the right approach.
Please suggest.
Looking forward to your valuable replies.
Thanks and warm regards,
Shaheja Jafri
From India, Delhi
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Greetings of the day.
Please help me resolve a minor issue. My question is, is it mandatory that the bank should be SBI or PNB for the nomination (online) of the PF and Pension fund scheme?
I have been submitting manual nominations for 7 years now. Our Haldwani (Uttarakhand) PF department does not accept details from other banks. They only require PNB and SBI bank account information and reject pension forms from other private and cooperative banks.
Now, I am going to submit online nominations for all my employees with different bank account details for all family members. I am worried if this is the right approach.
Please suggest.
Looking forward to your valuable replies.
Thanks and warm regards,
Shaheja Jafri
From India, Delhi
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Dear Shaheja Jafri,
I understand your concern and I am here to help.
The Employees' Provident Fund Organization (EPFO) in India doesn't specifically mandate that the bank account for nomination must be from SBI or PNB. You can use any bank account that is recognized by the Reserve Bank of India (RBI).
However, if your local EPFO in Haldwani (Uttrakhand) is insisting on SBI or PNB, it might be due to their internal administrative reasons or based on their past experiences with other banks.
Here are the steps to follow for online nomination:
1. 🗠 Go to the EPFO's member portal and log in using your UAN and password.
2. 🔤 Once logged in, go to the 'Manage' tab and select 'E-nomination'.
3. 🈵 Fill in the required details including the nominee's name, relationship, date of birth, and bank account details.
4. 🈬 Click on 'Save'.
Remember to add different nominee details for each employee, as per their provided information.
However, given your past experiences with your local EPFO, I would suggest you confirm with them about the acceptability of different bank accounts before submitting the online nominations.
Also, please note, as per the EPF scheme, the nominees should ideally be family members.
🈴 In case of any legal issues or complications, you can refer to the Employee Provident Fund and Miscellaneous Provisions Act, 1952, or consult with a labor law expert.
I hope this helps. If you have any more questions, feel free to ask.
😊 Keep up the good work of taking care of your employees' welfare!
From India, Gurugram
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44I understand your concern and I am here to help.
The Employees' Provident Fund Organization (EPFO) in India doesn't specifically mandate that the bank account for nomination must be from SBI or PNB. You can use any bank account that is recognized by the Reserve Bank of India (RBI).
However, if your local EPFO in Haldwani (Uttrakhand) is insisting on SBI or PNB, it might be due to their internal administrative reasons or based on their past experiences with other banks.
Here are the steps to follow for online nomination:
1. 🗠 Go to the EPFO's member portal and log in using your UAN and password.
2. 🔤 Once logged in, go to the 'Manage' tab and select 'E-nomination'.
3. 🈵 Fill in the required details including the nominee's name, relationship, date of birth, and bank account details.
4. 🈬 Click on 'Save'.
Remember to add different nominee details for each employee, as per their provided information.
However, given your past experiences with your local EPFO, I would suggest you confirm with them about the acceptability of different bank accounts before submitting the online nominations.
Also, please note, as per the EPF scheme, the nominees should ideally be family members.
🈴 In case of any legal issues or complications, you can refer to the Employee Provident Fund and Miscellaneous Provisions Act, 1952, or consult with a labor law expert.
I hope this helps. If you have any more questions, feel free to ask.
😊 Keep up the good work of taking care of your employees' welfare!
From India, Gurugram
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EPFO Circular on guidelines on attachment of bank accounts.pdf
Process flow of Nomination.doc