In order to secure the future of employees, some part of salary is deposited in the form of provident fund i.e. PF during their jobs.
It becomes inactive if the company is closed or the old PF account is not transferred. The interest received on it stops.
Employee Provident Fund Organization (EPFO) has provided the facility to transfer the PF account or withdraw money by closing the account to deal with such situation. Many times, these accounts are closed due to not transferring the old account and there is no transaction in it for a long time. Many people faced such problems during the lockdown. Suddenly, the closure of companies trapped their PF money. Also, the interest received in it also stops getting. So by adopting these easy procedures, you can avoid this problem.
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First of all, get the bank KYC updatedIf your old company is closed and your PF account is deactivated, then you can take help of the bank to withdraw PF money. For this, your KYC process will have to be completed. After this, the claim will be verified by the bank on the basis of KYC documents. According to the EPFO, KYC verification is necessary to get claims related to inactive accounts. Therefore, for KYC, you have to show your photocopy and original of PAN card, Voter Identity Card, Passport, Ration Card, ESI Identity Card, Driving License and Aadhar Card etc.
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Approval of withdrawal or transfer from provident fund commissioner required
The PF money can be received only after obtaining approval of withdrawal or transfer from the Assistant Provident Fund Commissioner or other officer. Therefore, you will have to contact EPFO officials. How old is your claim and for which reasons the account could not be activated, etc. After verifying the things and looking at the documents, the officials will approve it. After this, your money will come to the bank account in a few days.
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Account is closed if the transaction is not done for three years
If there is no transaction in PF account for 36 months, then the account becomes deactivated. EPFO puts such accounts in the inoperative category. If this happens, you will not be able to do any transaction in it. Also, if someone does not claim such PF account for seven years, then the fund is put into Senior Citizen Welfare Fund. However, you can activate the account again. For this, you have to apply in EPFO.