People often have many questions regarding EPF i.e. Employees Provident Fund. Like when can they withdraw their money. What are the advantages and disadvantages of withdrawing money.
Most of the services related to provident fund have gone online. Claiming has become very easy. But, even today there are many such cases, in which people often get confused regarding EPF withdrawal. There are many questions in people’s mind regarding EPF i.e. Employees Provident Fund.
Like when can they withdraw their money. What are the advantages and disadvantages of withdrawing money. How to transfer EPF account. But, do you know that your EPF account can also be closed on its own. If this happens, the entire money lying in your EPF account may get stuck. You may have to struggle hard to remove it.
When does EPF account get closed?
If your old company is closed and you have not transferred your money to the new company’s account or if there is no transaction in this account for 36 months, then after 3 years this account will automatically be closed and will be added to the inactive accounts of EPF. . Not only this, you may have to struggle hard to withdraw money from this account. You can withdraw money through KYC with the help of the bank. However, interest continues to accrue even on your inoperative account.
What is the instruction of EPFO?
EPFO had said in one of its circular some time ago that it is necessary to be careful while settling the claims related to inoperative accounts. Utmost care should be taken to minimize the risk of fraud and claim payments are made to genuine claimants.
What is inoperative account?
Provident fund accounts in which contribution amount is not deposited for more than 36 months, EPFO puts them in the category of inoperative accounts. However, interest is also available on inoperative accounts.
Who will get certified?
To settle the claim related to inactive PF accounts, it is necessary that the employer of the employee certifies that claim. However, in case of employees whose company has been closed and there is no one to certify the claim, the bank will certify such claim on the basis of KYC documents.
Which documents will be necessary?
KYC documents include PAN Card, Voter Identity Card, Passport, Ration Card, ESI Identity Card, Driving License. Apart from this, any other identity card issued by the government like Aadhaar can also be used for this. After this, the Assistant Provident Fund Commissioner or other officers will be able to approve withdrawal or account transfer from the accounts according to the amount.
With whose approval will I get the money?
If the amount is more than 50 thousand rupees, the money will be withdrawn or transferred after the approval of the Assistant Provident Fund Commissioner. Similarly, if the amount is more than 25 thousand rupees and less than 50 thousand rupees, the account officer will be able to approve fund transfer or withdrawal. If the amount is less than 25 thousand rupees, then the dealing assistant will be able to approve it.
