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EPFO New Rules: New rules of EPFO, if you also have an account then read in detail

CNBCTV18 | July 9, 2024 10:39 AM CST

The Employees Provident Fund Organisation (EPFO) constantly makes changes to improve its facilities.

EPFO has prepared a standard operating procedure (SOP) for freezing and de-freezing accounts. Under this, accounts from which fake transactions or fraud are expected to take place will have to go through several steps of verification for MID, UAN and institutions as part of the SOP. Through this process, it will be ensured that the money in these accounts is safe. According to the information, a limit of 30 days has been set by the EPFO to stop the verification of the account of any person or foundation. While it can be extended by 14 days.

What does it mean to freeze EPFO accounts?
According to the information given by EPFO, freezing EPF accounts means deactivating several categories. These include-

1. Login to the unified portal.

2. Developing a new UAN or linking MID to existing UAN.

3. Any changes made in member profile and KYC/employer DSC.

4. Any deposit in MID through Appendix E, VDR Special or VDR Transfer-in.

5. Any claim settlement, fund transfer or withdrawal. 6. Registration of new foundation on the same PAN or GSTN. This includes Aadhaar/PAN/DSC of the employer.

What is EPFO Accounts Defreeze? De-freezing is the restoration of all those categories. Which were frozen by the officers during verification. According to EPF, the categories created are for distribution of MIDs, UANs or foundations to a group or an individual. This requires verification. This helps in securing the money. Category-A MIDs/UANs/foundations that are identified and contacted by the head office.

Category-B Foundations that are vulnerable to any fraudulent withdrawal by way of transfer or settlement to a person other than the verified member. This also includes any change in the member's profile or KYC.

Category-C If any MID or UAN is submitted through Appendix E, VDR Special, Special 10D, VDR Transfer-in etc. without authority approval. Or the instructions issued are not followed.