New Delhi: Previously, when the portability function did not exist, private sector employees used to open a new Employee Provident Fund (EPF) account while changing jobs. For this reason, many people have multiple PF accounts. Many of these employees may not even know that they have more than one EPF account in their name.
It should be mentioned here that the EPF rules changed in 2011. These new rules state that if the amount in an EPF account is not withdrawn within three years of the last contribution, the account becomes dormant and ceases to produce. interests. After seven years of inactivity, the money in these accounts is transferred to the Senior Citizen Welfare Fund by EPFO.
EPF members or their representatives can claim this amount from the Assistance Fund for the Elderly within 25 years, providing the supporting documents and documents required.
How to claim money from inactive EPF accounts
EPFO has an online channel from which its members can claim money in their inactive accounts. The subscriber must connect to the EPFO website and go to the inoperative helpdesk. There he has to fill all the details of the dormant EPF account and submit the KYC details like Aadhaar number, PAN number, bank account number and IFSC code. The request will then be verified by EPFO staff and processed.
It can be noted that if the employee is still in activity, it is then advisable not to withdraw the PF. The contingency fund is a long-term safety net and should preferably be transferred to your existing active account. Even though EPFO has rolled out the Universal Account Number (UAN), a member still needs to transfer money from a dormant account to their existing account so that the amount in the dormant account starts earning interest.
In the event that the subscriber is deceased, his applicants will receive the money in the percentage specified by him. However, there is a time limit here. An applicant or member of EPFO can apply within 25 years of the amount paid to the Senior Citizen Welfare Fund. After that it will go to the government coffers, AND Wealth mentioned in a report.
If the subscriber has died without mentioning the details of the nominee and there is no mention of the PF account in his will, then it will be difficult to claim the amount in his inactive PF account. In such cases, his legal heirs must provide a certificate of inheritance or a certificate of legal heir that designates them as his successors. To do this, you have to go to court. The applicant may also be required to provide security or security to compensate for any loss resulting from improper use of the certificate.
It should be mentioned here that linking the EPF account with Aadhaar is now mandatory so that the subscriber’s identity cannot be misused to withdraw funds.