How to withdraw money from a PF account if someone dies? Know the process of withdrawal
In India, all salaried employees have a Provident Fund (PF) account, which is managed by the Employees Provident Fund Organization (EPFO). This PF account serves as a great savings plan for the future, in which contributions are made by both the employee and the employer.
Contribution and interest
12% of the employee's salary is deposited in the PF account. The government also pays interest on these PF accounts. One of the best features of a PF account is that the account holder can withdraw money from it anytime if needed.
When can you withdraw money?
For information, let us tell you that PF account holders can withdraw money for many reasons like marriage, medical emergency, or building a house. However, a common question arises: what happens to the PF money if the account holder dies? Let us tell you who gets the money and what is the process to claim it.
The nominee claims the amount
If the PF account holder dies suddenly, the entire amount of the account is handed over to the nominee as per the rules of the EPFO. Generally, PF accounts already have a nominee designated. The nominee can claim the amount of the PF account holder by submitting the death claim form available at the post office or the official website of EPFO.
Submitting Form 20
After the death of the PF account holder, the nominee needs to fill and submit Form 20 with all the required details of the account holder. This form can also be forwarded by the employer of the company where the account holder was last employed. After filling the form with all the required documents, it is submitted for processing. The nominee will be informed about the status of the claim through the phone number provided, and the money will be transferred to the specified bank account once the claim is settled.
Required Documents
To file a PF death claim, the nominee needs the PF account number, personal details like name, address, identity proof, and mobile number along with some essential documents like the death claim form, death certificate of the PF account holder, and passbook of the account holder. If there is no nominee for the PF account holder, the amount will be given to the legal heir.
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