Lakhs of Employees' Provident Fund (EPF) subscribers might have unknowingly forgotten to update their EPF account and may have funds sitting in their inoperative accounts. As per a recent response by the government in Rajya Sabha, a total of Rs 9,330.56 crore fund remains parked in inoperative Employees' Provident Fund (EPF).
The answer came from the Minister of State for Labour and Employment Shobha Karandlaje in response to a question raised by the Member of Parliament R Girirajan. The whopping amount that is sitting in inoperative accounts indicates that many EPF subscribers may not have withdrawn or transferred their savings after changing jobs.
All You Need To Know About Inoperative Accounts
An EPF account become inoperative when the EPF member do not make any contribution in the account for three years or longer duration. The account becomes inoperative in cases like retirement, settling abroad, permanent migration, or the demise of the account holder.
Do Inoperative EPF Accounts Earn Interest?
No, an EPF account balance continues to earn interest until the member reaches 58 years of age.
What Are The Different Types of Inoperative EPF Accounts?
There are different types of inoperative EPF accounts. The first in the category is inoperative accounts linked to an existing Universal Account Number (UAN). The second category includes inoperative accounts without a UAN.
How To Check Status?
EPF subscribers can check the status of inoperative EPF balance via the official portal, or UMANG application. Log in using your credentials and then avail the service to check PF balance.
Next Step if EPF Account Becomes Inoperative
First make sure that Aadhaar, PAN card and bank account details are seeded with the EPF.
Now you are required to decide whether you want to withdraw the amount or transfer.
How To Withdraw Old PF Money?
-Log in to UAN portal.
-Navigate to claim section.
-Now EPF subscribers are required to fill the claim form online. Enter required details like bank account number, etc.
-Submit the form and wait for the EPFO approval for the claim.
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