PF Fund money is very important for employees. Employees get a significant amount of money after retiring. But sometimes some people make mistakes. Due to which their PF account is closed. In this case, it is important to know that such a mistake is not made. There are several reasons for the EPF account to be closed. In such a situation, we are giving you complete information today.
– If the employee had previously worked in the company. The institution did not get its PF account transferred to the new company and the old company was closed. In such a situation, if there is no transaction from the EPF account for 36 months, then the account will be closed. EPFO puts such accounts in the inoperative category.
– If the account becomes inoperative then the transaction cannot be done. To activate an account, an application has to be made by going to EPFO. Even after closing the account, you get interest on the money lying in the account. Earlier no interest was received, but in 2016 the rules were amended. Explain that an employee gets interest in PF account till the age of 58 years.
If the PF account does not have a claim for seven years, then the fund is put into the Senior Citizen Welfare Fund.
It is necessary to settle the claims linked to the PF closed account. For this, the employee is certified by the employer of the claim. However, for employees whose company has been shut down, there is no one to certify the claim, then the bank will have to verify on the basis of KYC. The KYC document includes PAN card, voter ID, passport, ration card and driving license. At the same time, the Assistant Provident Fund Commissioner or other officers can approve the account transfer according to the amount.