If you do not know the rules, you may be at a loss. It happens to many people that while working in different institutions, there are different PF accounts.
If you are doing retirement planning with Provident Fund, then it is very important to know the rules of EPFO. If you do not know the rules, you may be at a loss. It happens to many people that while working in different institutions, there are different PF accounts. Due to this the old PF account becomes in-operative. However, EPFO has now given the option to continue with the same PF account. Now the employee will have to give the old PF number only when he joins the new company. In such a situation, no PF account will remain inoperative. In this situation also the old PF account becomes in-operative.
Transfer account money instantly
Tracking an in-operative account is a bit tricky, but not impossible. It can be tracked online. Once the account is tracked, the amount deposited in it can be transferred or withdrawn.
Which accounts are in-operative?
In-operative accounts are those accounts in which there has been no transaction for three years (36 months). Means no contribution has been deposited on behalf of the employee or the company. From April 1, 2011, the government had stopped paying interest on the amount deposited in such accounts. However, this decision was withdrawn in 2016 and now closed accounts also earn interest. At the same time, according to the rules, if no claim is made on the in-operative account for 7 years, then the government puts it in the Welfare Fund for Senior Citizens.
What does the 7-year rule say?
In case of inactivation of PF account, the amount which is not claimed goes to ‘Senior Citizens Welfare Fund’. As per the rules, the unclaimed amount has to be transferred to the Senior Citizen Welfare Fund after the account has been inactive for seven years. Even the trusts exempted from Section 17 of the EPF and MP Act, 1952 are also covered under the rules of Senior Citizens Welfare Fund. They also have to transfer the account amount to the welfare fund according to the rules.
How to trace your account?
First go to the PF website www.epfindia.gov.in. Here the In-Operative Account Helpdesk option has to be selected. You have to give complete information about your problem in the complaint box. You will be asked for personal information later. Name, mobile number, email id, birthday, husband or father’s name, employer name have to be filled. With the help of all these information, your account can be easily traced. Funds can be withdrawn or transferred after the account is traced.
Follow the steps to transfer money
- Login to your EPF account with UAN number and password.
- Go to Online Services from the tab above on the page.
- Select the ‘One Member-One EPF Account Transfer Request’ option in the drop down.
- Enter UAN number or enter your old EPF member ID. Your account details will be in front of you.
- Here select your old or new company to validate the transfer.
- Now select the old account and generate OTP.
- After entering the OTP, the request for online money transfer process will be sent to your company.
- This process will be completed in the next three days. First the company will transfer it.
- Then the field officer of EPFO will verify it.
- The money will be transferred to your account only after the verification of the EPFO officer.
- You can track the status in Track Claim Status for whether the transfer request is completed or not.
- For offline transfer, you have to fill Form 13 and give it to your old company or new company.
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