Want to withdraw stuck EPF money from your closed company? Follow this easy way

A salaried employee adds money to EPF so that old age can be cut easily. However, EPF money also supports many difficult and important situations in life. There have always been many questions about EPF. One of the questions is that what happens to your PF account if the company you work in is suddenly shut down. Because after the company is closed, the way of certifying the account also stops. When this happens, withdrawing money from the PF account is quite difficult. But we are going to tell you the solution to this problem

You can withdraw money with the help of bank

If your old company has been closed and you did not transfer your money to the new company’s account or there was no transaction in this account for 36 months. So after 3 years this account will be closed by itself and will be connected to the inoperative accounts of EPF. Not only this, you may have to work hard to withdraw money from this account. In order to settle a claim related to Inactive PF account, it is necessary that the employee’s employer certifies that claim. However, for employees whose company has been closed and there is no one to certify the claim, then such claims will be certified by banks on the basis of KYC documents. However, interest continues to accrue on your dormant account as well.

What is the instruction?

The EPFO ​​had said in one of its circulars some time ago that it is necessary to take care to settle claims related to inactive accounts. It should be kept in mind that the risk related to fraud is reduced and the claimants are paid to the rightful claimants.

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 like Aadhaar card issued by the government can also be used for this.

Whose approval will get money?

After this, Assistant Provident Fund Commissioner or other officials will be able to approve withdrawals or account transfers from the accounts according to the amount. If the amount is more than 50 thousand rupees, the money will be withdrawn or transferred after the approval of the Assistant Provident Fund Commissioner.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.

More than 30 thousand crore funds are lying in closed accounts

According to EPFO, there are more than 30 thousand crore rupees deposited in inactive accounts. If no one comes to claim the money of such accounts, then the EPFO ​​puts the money of that account in its account. However, as of now there is no time limit for how long the account should be considered closed.

(With inputs from zeenews.india.com)

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