8505 crore rupees are lying idle in your PF account, if you also have an account then check these things now

EPF Inoperative Accounts: If you have a PF account, keep checking it regularly. If no money has been deposited in the account for more than three years, then your account may become inoperative. The government has informed that more than Rs 8500 crore is lying in such inoperative accounts.

New Delhi: Rs 8505.23 crore is lying idle in Employee Provident Fund (EPF) accounts. These accounts have become inoperative. This means that no one has claimed this amount yet. This information was given in the Lok Sabha on Monday.

According to the information given in the Lok Sabha, the amount deposited in inactive EPF accounts in the financial year 2023-24 has increased five times to Rs 8,505.23 crore as compared to 2018-19. This amount was Rs 1638.37 crore in the financial year 2018-19. Union Minister of State Shobha Karandlaje said that there is no unclaimed account in the EPF scheme run by EPFO.

Who will get this amount?

The amount deposited in inactive accounts can be claimed. However, some procedure has to be followed for this. The Union Minister of State said that this amount lying in inactive accounts will be returned to the concerned beneficiaries.

What is an inactive account?

Some part of the salary of the employed people is deposited in the PF account. Some part is also deposited in the PF account of the employee by the company. As long as the person is working, the amount is deposited in the PF account.

If no amount is deposited in a PF account for three years, then that account is considered inactive. In such a case, EPFO ​​​​returns that amount by contacting the account holder.

Several reasons for being inactive

There can be many reasons for a PF account becoming inactive i.e. no money is deposited for three years. These include the employee changing his job, leaving the job, death etc.

Must know these things

• If you have a PF account and no money has been deposited in it for more than three years, then get it closed.
• Check whether there is a nominee's name in your PF account or not. If not, add it immediately and inform the nominee and other family members about it.
• Make sure to share your PF account details with your family members, like UAN, PAN, company name etc.
• If a member of a family who had a PF account dies, the nominee can claim the amount.
• If a person who is employed passes away, then you must get information about the PF account. This information can be obtained from the company where he used to work.

Keep your account up-to-date

Always keep your PF account up-to-date. Get its KYC completed. Keep checking every two to three months whether the company is depositing the PF amount in your PF account or not. If it is not deposited, then complain to the company about it. For more information about this, visit the official website epfindia.gov.in .

PC:Asianetnews