The Employees' Provident Fund Organization is making major preparations to recover unclaimed money lying in inactive accounts from customers. EPFO will transfer the money of long-inactive account holders to their accounts without any action. According to information, EPFO is developing an auto-settlement facility, through which unclaimed money lying in deactivated accounts for years will be transferred directly to the customers' bank accounts.
Auto-settlement facility may be started.
With the development of auto-settlement facility, account holders will not have to make any paper claim, account holders will be able to receive unclaimed amount in their bank accounts without making any claim.
How much money does the EPFO have?
The primary objective of the auto-settlement facility being launched by the EPFO is to settle approximately 8.1 million deactivated Aadhaar-verified accounts, totaling ₹5,200 crore. Of these, approximately 14,000 accounts have outstanding balances of more than ₹5 lakh.
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