Most of the provident fund related services have gone online. Claiming has become very easy. But, even today there are many such cases in which people often get confused about EPF withdrawal.
There are many types of questions in the minds of people 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 automatically? If this happens then the entire money lying in your EPF account may get stuck. You may have to make a lot of effort to remove it.
When is EPF account closed?
If your old company is closed and you have not transferred your money to the new company account or there is no transaction in this account for 36 months, then after 3 years this account will be automatically closed and your inactive will be added to the accounts. EPF. , Not only this, you may have to struggle a lot to withdraw money from this account. You can withdraw money through KYC with the help of the bank. However, interest continues to accrue on your inoperative account as well.
What is the instruction of EPFO?
EPFO had said in one of its circulars some time ago that there is a need to be careful while settling claims related to inoperative accounts. Utmost care should be taken to minimize the risk of fraud and claims should be paid to genuine claimants.
What is inoperative account?
Provident Fund accounts in which contribution amount is not deposited for more than 36 months are classified by EPFO as inoperative accounts. However, interest is also earned on inoperative accounts.
Who will certify?
To settle a claim related to inoperative PF accounts, it is necessary that the employer of the employee certifies the claim. However, in case of employees whose company has closed down 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 ID 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 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If the amount is more than 50 thousand rupees, the money will be withdrawn or transferred after the approval of the Assistant Provident Fund Commissioner.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 Rs 25 thousand and less than Rs 50 thousand, the account officer will be able to approve fund transfer or withdrawal. If the amount is less than Rs 25,000, then the dealing assistant will be able to approve it.
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