For any employee in India, the EPF (Employees’ Provident Fund) is of paramount importance since it builds funds for post-retirement life. So imagine the scare if and when the EPF account turns inoperative. But there are some uncomplicated steps that might bring it back to life.
EPFO (Employees’ Provident Fund Organisation) has made the task easier. Usually, an EPF account is rendered inoperative if there are no contributions for 3 years at a stretch. However, the interest keeps accumulating.
The unblocking process
It needs the Aadhaar to be linked to the mobile phone number of the subscriber since OTPs will be sent for authentication. The KYC (Know Your Customer) information, too, has to be free from errors. All the details – from bank account number to PAN card – should be updated in the EPFO website for easy processing.
Maintain updated information
The job becomes easy of the mobile phone is linked to the Universal Account Number or UAN, a 12-digit number assigned to every EPFO subscriber and it remains unchanged throughout life. The EPFO member portal is the gateway for getting KYC updated.
The balance in the EPF account can be transferred to the new EPF account (if the subscriber has changed jobs) by using the EPFO unified portal. If the subscriber submits an EPF transfer plea, the employer firm has to verify it.
Form 13 if transfer is stuck
However, in case the transfer is not happening, the subscriber can submit Form 13. It can be done through the new employer company. It will help revive the blocked account. The subscriber can also visit the local EPFO office to submit the Form 13.
Upon unblocking if you want to withdraw funds, the following steps should be taken: First, enter the EPFO Unified Member Portal using UAN and password.
Follow these steps
Second, one should click on ‘Online Services’ tab and select claim form 31, 19, 10C or 10D depending upon the claim. Click on reason for withdrawal after verification of Aadhaar and bank account details. Third, one has to furnish documents to support claim and submit the claim.
Fourth, EPFO will send an OTP for verification. This will complete the process of filing the claim.
Any inoperative account raises a scare since it involves dreary paperwork. But EPFO has streamlined the process to conduct it online. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
