EPFO: PF alert! Do this to ensure you get interest on your Provident Fund account
EPFO Inoperative Account: Some of you are very serious about money matters and keep an eye on when the PF money can be withdrawn or can be transferred to the new company. But, what about those who forgot to withdraw or transfer it to the company currently they are working for?
EPFO: Many times it happens that you get a better career opportunity, and a switch is made to a better brand offering a fatter salary package. Now, you join the new company, and after a period of a month or so, you get your full and final settlement amount from the previous company too. But, what about the hard-earned PF amount that you contributed to EPFO account for months/years. Some of you are very serious about money matters and keep an eye on when the PF money can be withdrawn or can be transferred to the new company. But, what about those who forgot to withdraw or transfer it to the company currently they are working for? In such cases, your PF account may become INOPERATIVE. It may get NO INTEREST. If this happens, many of you run from pillar to post to set the things in place. So, keeping in mind your convenience and money security, we have an easily understandable guide for you on Inoperative Account. Here we give you answers of key questions - What is an inoperative account? Does it earn any interest? And, most importantly what to do if your PF account becomes inoperative?
PF: What is an Inoperative EPF Account?
An account is classified as Inoperative account in which contribution has not been received for 3 years after retirement or permanent migration abroad or in case of death. At present, all accounts will earn interest up to 58 years age of a member.
Provident Fund: Will my inoperative EPF account earn interest?
No. However, at present, all accounts will earn interest up to 58 years age of a member.
EPF: What should I do if my account becomes inoperative?
If you are still working in an establishment covered under EPF & MP Act, 1952, you should get the amount transferred into your new account either by online or offline mode. If you have retired then you may withdraw the amount.
So, keeping in mind the above points, always ensure that your PF account doesn't become inoperative so that you keep getting interest for a better and financially safe future.
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