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Never make these mistakes in your EPFO ​​​​account.
Are you serious about your retirement planning? If so, your Employees' Provident Fund (EPF) account can play a crucial role. It not only protects your hard-earned savings but also builds a strong financial foundation for the future. But did you know that a few small mistakes can reduce your EPF balance every month? So today, we'll tell you about five common mistakes that you can avoid to maximize your EPF account and make your retirement even more secure.

1. Not updating the nominee: A big mistake!
People often forget to update the nominee information when opening an EPF account or changing jobs. This mistake can not only create future difficulties for your family but, in some cases, can even delay the claim process. If the account holder dies prematurely, the family faces significant difficulties in withdrawing funds without a nominee. What to do: Immediately log in to your EPF account and verify that your nominee is correct and updated. This is a simple process that you can complete online.

2. Not merging multiple EPF accounts: Loss of interest!
When changing jobs, people often forget to transfer or merge their old EPF account with the new one. This results in having multiple EPF accounts, each with different interest rates. Furthermore, some inactive accounts may stop earning interest after a certain period, causing significant losses. What to do: Whenever you change jobs, immediately transfer your old EPF account to the new account. This feature is available on the EPFO ​​website, allowing you to easily consolidate all your accounts.

3. Not activating UAN (Universal Account Number): Deprived of facilities!
Your UAN is a number that helps you avail of various online services related to EPF. Not activating it means you lose out on features like checking your balance, making online withdrawal requests, or transferring funds. This prevents you from tracking your funds and, at times, even leads to errors.

What to do: Activate your UAN as soon as you receive it on the EPFO ​​portal, and this will help you maintain complete control over your account.

4. Providing incorrect bank details or KYC information: Blocks withdrawals!
Correct bank details and complete KYC (Know Your Customer) information are essential for withdrawing money from your EPF account. If your bank account number is incorrect, the IFSC code is incorrect, or your KYC is incomplete (e.g., Aadhaar, PAN, or bank details are not linked), your withdrawal request may be stuck, and you may not receive the funds you need when you need them.

What to do: Ensure all your KYC details are updated and verified, and double-check your bank account number and IFSC code, and link them to your EPF account.

5. Not checking your EPF passbook regularly: The harm of ignoring it!
Many people don't check their EPF passbook regularly, which is a major mistake. Not checking your passbook prevents you from knowing how much money is being deposited into your account, whether your employer's contributions are correct, and whether any errors are being made. If any discrepancies occur, it becomes difficult to correct them promptly.

What to do: Be sure to check your EPF passbook every month or at least once every three months. You can easily check this through the EPFO ​​portal or the Umang app. Bring any discrepancies to the attention of your employer or the EPFO ​​immediately.

Keep these important things in mind.
EPF is a crucial part of your future. By avoiding these small mistakes, you can maximize your retirement fund and lay the foundation for a secure future. Check your EPF account today and correct these errors. (Note: The news is based on general information only; for more details, visit the EPFO ​​website)