How to withdraw PF if company is closed?
If your company has shut down and your PF money is stuck, then there is no need to panic. We are giving you all the information from which you can easily withdraw your money.
There are many people who work in different institutions, during which different PF accounts are made. Because of which the old PF account becomes operative. Most of the cases related to Employees provident fund in EPFO system, where the withdrawal or transfer of funds was stuck due to no date of leaving the company. Many times your PF account can be closed automatically even after the company is closed, due to which your money is also stuck. Also, when the company is closed, the way to get your account certified is also closed. When this happens, withdrawing money from the PF account is quite difficult.
Let us tell you what are the rules of these EPF accounts… When the EPF account Closes
If your old company has been closed and you have not transferred your money to the new company’s account or if there is no transaction in the account for 36 months, then your account will be closed automatically as per rules. EPFO puts such accounts in the inactive category. It is also difficult to withdraw money from the account when inactive. For this, the EPFO will have to be contacted to keep the account active. However, even after being inactive, interest continues to be paid on the money lying in the account.
Also Read : How To Check Your EPF Balance Through SMS?
With the help of bank, you can withdraw money – if your old company has been closed and you have not transferred your money to the new company account or if there is no transaction in this account for 36 months, then after 3 years this account is closed automatically. And will be linked to the inactive accounts of EPF. With the help of bank, you can withdraw money through KYC.
make such a closure company certifying -The EPFO in its circular issued some points regarding this rule. According to the EPFO, it is necessary to take care to settle claims related to inactive accounts. It should be kept in mind that the risk related to fraud is reduced and the claimants are paid to the rightful claimants. In order to settle a claim related to inactive PF accounts (inactive PF accounts) it is necessary that the employee’s employer certifies that claim. However, such employees can be certified on the basis of bank KYC documents, if the company is closed and there is no one to certify the claim.
? – KYC documents include PAN Card, Voter Identity Card, Passport, Ration Card, ESI Identity Card, Driving License. Apart from this, any other identity card like Aadhaar issued by the government can also be used. After this, the assistant provident fund commissioner or other officer (according to the amount) can take approval of withdrawal or transfer.
