Business Desk. Many times it is difficult to withdraw money from PF account due to some reasons. There are many people who leave one institution and start working in another. Because of this, the old PF account is no longer operative. The EPFO system does not even have a record of leaving the company, which makes it difficult to withdraw funds. Many times the PF account is also closed due to the closure of the company. Money can get stuck with this too. If you are having difficulty in withdrawing PF money due to any reason, then it can be easily removed by adopting some special methods.
When the PF account is closed,
if your old company is closed and you have not transferred the money to the new company account, then the PF account can be closed. EPFO puts such accounts in the inactive category.
If there is no transaction in the PF account for 36 months after the transaction is closed , it still falls in the inactive category. EPFO has to be contacted to activate such an account.
Interest continues to
be accrued, however, even after the account is inactive, the interest remains on the amount deposited in it. So there is no loss to the account holder, but there can be trouble in withdrawing the deposit amount.
How to withdraw money?
If your old company is closed or the PF account has become inactive due to no transaction for 36 months, this money can be withdrawn with the help of the bank. This can be done through KYC.
Account to be
certified Certified EPFO has issued some guidelines in a circular for payment of claims on inactive accounts. It states that care should be taken in payment of claims linked to inactive accounts so that fraud cannot be committed. For this, the employee’s claim is required to be certified by the employer.
In case of a closed company,
it will be difficult to get the claims of the employees whose company has been closed. In such a case, the claim is certified on the basis of KYC documents.
Which documents will be required
KYC documents include PAN card, Voter I card, Passport, Ration card, ESI Identity card, one of the driving license can be given. Apart from this, any other identity card such as Aadhaar card issued by the government can also be used. The claim with the document is approved by the Assistant Provident Fund Commissioner or any other officer with withdrawal or amount transfer.
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