Many times, after changing jobs, long break or retirement, people forget to check their EPF account. With time, the same account becomes inoperative and the money deposited in it remains stuck. Many people think that the money will automatically come to their bank account, but it does not happen. If the amount in your EPF account is more than Rs 1,000, then to withdraw it you will have to complete the process yourself. The good thing is that by taking a few right steps, you can easily get your hard-earned money back.
According to EPFO rules, if there is no contribution or transaction in an account for 36 consecutive months, then it is considered inoperative. That means, if neither new money is deposited nor transferred or withdrawn for three years, the account may become inactive. Even after retirement, if the member does not withdraw or transfer money for three years, then the account falls into this category. In such a situation, the interest may also stop, due to which the loss gradually increases.
What are the rules on amounts above Rs 1,000?
The government has adopted the process of sending money directly to the bank accounts of some inactive accounts with small balance, i.e. up to Rs 1,000. But if the amount in your account is more than Rs 1,000, then this facility is not applicable. In such cases it is necessary to activate the account first. Without this the claim is not accepted. Therefore, do not assume that money will come automatically.
What to do before withdrawing money?
The first step is to keep your Universal Account Number (UAN) active and complete KYC. Aadhaar, PAN and bank account information should be correct and verified. If KYC is incomplete, the claim process may get stuck. Therefore, by logging in to the member portal, first check whether all your information is updated or not.
After this a request has to be made to activate the inactive account. Go to the Help section of the Member Portal, select the relevant option and submit the request. This request is approved after investigation by your employer and the concerned authorities. Once approved, your account can be activated again.
Easy online claim process
Once the account is activated, you can login to the portal and access online services to file a claim. Form 19 can be chosen for leaving the job, Form 10C for pension related part or Form 31 as per requirement. Submit the claim after filling the correct form and bank details. Usually the amount is sent directly to your bank account within a few days.
Offline option also available
If for some reason the online claim gets rejected or there is a technical problem, there is no need to panic. You can fill Form 19 and submit it to the regional office along with the required documents. It is necessary to carry a copy of Aadhaar, PAN and bank passbook. If correct information is given, money can be received through offline process also.
Why is timely action necessary?
EPF is an important part of your lifelong savings. It is not wise to leave it unattended or locked. The sooner you check your account and get it activated, the less loss you will incur. With a little awareness and taking the right steps, you can easily recover your stuck money.
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