New Delhi: If you change jobs and forget to transfer your Employee Provident Fund (EPF) account to your new employer, your account might become inactive if there are no transactions for 36 months (3 years). This also happens when you leave money in your old company’s EPF account after quitting. If your EPF account becomes inactive, you can reactivate it. Recently, Employee Provident Fund Organization (EPFO) has introduced a new procedure for people to unblock their inactive EPF accounts.
Activating EPF account
Under the new procedure, users must first ensure their KYC details are up to date before unblocking their EPF account. This includes verifying their identity with documents like an Aadhaar card, PAN card, and bank account details. You can update these details by visiting the EPFO office or using the EPF member portal. Follow these steps below to activate your EPF account.
How to activate an Inoperative EPF account?
Here are the steps to activate your EPF account:
Step 1. Visit the official EPFO website.
Step 2. Log in to the website using your UAN, password, and captcha code.
Step 3. Navigate to the Health Desk section.
Step 4. Click on the Inoperative Account tab.
Step 5. Follow the instructions provided.
Step 6. A new page will open where you need to fill out the ‘KYC Update Request’ form and upload the required documents.
Step 7. After completing the form, submit it.
Step 8. EPFO will activate your EPF account after verifying the documents.
How much interest you will earn?
If you stop working or start working independently, you can leave your money in the EPF account. It will still earn interest, but this interest will be taxed. Currently, the EPF account offers an interest rate of 8.25 per cent. Once your EPF account becomes inactive, it stops earning interest. However, interest continues to accumulate on the provident fund balance until that point.
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Activate EPF account: To unblock EPF account, users must first ensure their KYC details are up to date before unblocking their EPF account. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
