EPFO: These are the 5 benefits of opening an EPF account, you get many benefits with free insurance
EPFO: Whenever someone's PF account opens, that person is also immediately insured. Under this, you get insurance up to 6 lakh rupees.
2. Tax exemption
On the other hand, if you want tax exemption, then PF is the best option. However, you should also know that there is no such facility in the new tax system whereas tax is exempted in the old tax system. EPF account holders can save up to 12 percent on the tax on their salary under Section 80C of Income Tax.
3. Pension gets after retirement
8.33% of the contribution deposited in the PF account goes to the employee pension scheme. Which is received as pension after retirement. Pension is the biggest support of a person's old age. For which the government also runs many schemes.
4. Interest on inactive account
Interest is also paid on the inactive PF account of the employees. As per the changes made in the law in 2016, now PF account holders are also paid interest on the amount deposited in their PF account lying inactive for more than three years. Earlier, there was no provision to give interest on PF account lying dormant for three years.
5. You can withdraw money when needed
A great feature of PF Fund is that some money can be withdrawn from it at the time of need. With this you will be able to avoid the possibilities of loan.
