PF Online Nomination Here's How To Submit

Details, Other Rules Here

by techi yogiz on 21:18 0 Comment

Retirement fund body Employees' Provident Fund Organisation (EPFO) allows

subscribers to submit their Provident Fund (PF) account's nomination details online via
its official portal- unifiedportal-mem.epfindia.gov.in. Employees' Provident Fund (EPF) is
a mandatory contribution
from every employee towards his or her retirement savings. According to EPFO's portal-
it is important to nominate members to the EPF account. Then only the nominated
members can withdraw the EPF savings in the event of subscribers' sudden demise.
Subscribers can nominate more than one nominee and also fix the percentage of
sharing among all such nominees.

To avail EPFO's online nomination facility, subscribers must have an active UAN
(Universal Account Number). Also, Aadhaar details should have been seeded to
subscribers' EPF account.

Here are the steps to submit PF account's nomination details online:

Step 1: Open EPFO portal - unifiedportal-mem.epfindia.gov.in and login by using your

UAN and password

Step 2: Click on 'Manage' tab and then click on e-nomination option

Step 3: Your details like UAN, name, date of birth, gender etc., are displayed. Provide your
'current and permanent address' details here. Click on save

Step 4: Now, click on 'yes' to update family declaration

Step 5: Go to 'add family member(s)' and add the details of your family members whom
you want to nominate. Here, you need to enter the names, date of birth, relation and
address of the nominee. You can even add more than one nominee by clicking on
'adding the row'. In case of minor as a nominee, you need to assign a guardian
Step 6: Go to 'nomination details' and declare the total amount of share among your
nominees. In case, you would like to nominate only one member of your family as your
nominee then you can declare 100 per cent as the share

Step 7: Click on 'Save EPF nomination' button

Step 8: Now, click on e-sign button to generate OTP, which will be sent to the mobile
number that is linked to the Aadhaar card. The Aadhaar e-sign facility helps in approving
the e-nomination form. Enter the OTP

With this, the e-nomination gets registered with the EPFO. There is no need to send any
physical document to the employer or ex-employer after the online nomination is done.

SBI Minimum Balance Rules All You Need To Know

by techi yogiz on 08:05 0 Comment

State Bank of India (SBI) levies certain charges on customers failing to meet its monthly
average balance (MAB) rules applicable to savings accounts. Monthly average balance
of an SBI savings bank account is the average of daily balances in the account in a
month,
according to the website of the country's largest lender. Customers holding regular
savings accounts with the bank are required to maintain a monthly average balance
(MAB) to the tune of Rs. 1,000-3,000, which varies depending on branch location,
according to the SBI website.

Here are 10 things to know about SBI's monthly average balance

(minimum balance) rules:

1. SBI accounts are categorised into four types depending on their location: metro,
urban, semi-urban and rural.

2. Customers failing to meet the MAB requirements have to bear a penalty charge, the
amount of which depends on factors such as branch location.
3. The degree of shortfall - which is the difference between the average balance
maintained in a month and the minimum required balance - is also taken into account
while levying the charges.

4. SBI customers holding savings accounts in metro and urban branches are required to
maintain a monthly average balance of Rs. 3,000.

5. The penalty charge for not maintaining the required MAB in SBI's metro and branches
ranges from Rs. 10 plus GST (goods and services tax) to Rs. 15 plus GST, according to
the bank's website.

Metro and urban branch (required MAB Rs. 3,000) Charges

Shortfall <= 50% Rs. 10 + GST
Shortfall > 50-75% Rs. 12 + GST
Shortfall > 75% Rs. 15 + GST
(As mentioned on sbi.co.in)
6. Customers with accounts in semi-urban areas are required to maintain an average
monthly balance of Rs. 2,000.

7. The bank charges a penalty amount ranging from Rs. 7.5 plus GST to Rs. 12 plus GST
from customers failing to comply with the minimum balance or MAB rules in its semi-
urban branches.

Semi-urban branch (required MAB Rs. 2,000) Charges

Shortfall <= 50% Rs. 7.50 + GST
Shortfall > 50-75% Rs. 10 + GST
Shortfall > 75% Rs. 12 + GST
(As mentioned on sbi.co.in)
8. Customers holding an account in the bank's rural branches are required to maintain a
monthly average balance of Rs. 1,000.

9. SBI has set penalty charges to the tune of Rs. 5-10 plus GST for non-compliance with
the monthly average balance rules in rural branches.

Rural (required MAB Rs. 1,000) Charges

Shortfall <= 50% Rs. 5 + GST
Shortfall > 50-75% Rs. 7.50 + GST
Shortfall > 75% Rs. 10 + GST
(As mentioned on sbi.co.in)
10. However, SBI also offers certain accounts in which the MAB rules are not applicable.
In other words, these bank accounts can be operated with nil balance without any
balance-related restrictions on the customer. Also widely known as zero balance savings
accounts, these bank accounts do not require the customer to maintain any particular
minimum average balance.