The Employees Provident Fund Organization (EPFO) recently released the data on EPFO's inoperative accounts. According to this data, 21.55 lakh accounts were inoperative in EPFO till March 2024. This means that the owner of these accounts did not claim for withdrawal. A total of Rs 8505.23 crore is deposited in these accounts.
In such a situation, the question arises of when an account becomes inactive and if the account is inactive, then how to activate it again. We will answer all these questions.
When is the account considered inactive?
According to the rules of EPFO, if no amount is deposited in the EPF account for three consecutive years, then it is considered inoperative. Apart from this, when the age of the EPFO member reaches 58 years, even then the account is considered inoperative.
According to the data of EPFO, the number of inactive accounts of EPFO has seen a rise in the last five years. In the financial year 2018-19, the number of inoperative accounts of EPFO was 6.91 lakh. This data clearly shows that the number of inoperative accounts of EPFO is continuously increasing.
What to do with an inoperative account?
According to EPFO, closed or inoperative accounts can be restarted. Once the account is activated, the member gets access to the amount deposited in the account. Now the question arises, how to activate the account again? To activate the account, you have to go to the office of EPFO. Here you have to apply to activate the account. After getting the UAN number, your inoperative account will be activated again. However, the account will be fully active only after the KYC process is completed.
UAN is not linked to the EPF account
Many times the UAN number is not linked to the EPF account. In this situation also you will have to go to the office of EPFO. Here you have to apply to link the AN number with the account. However, for this also you will have to get your e-KYC done. Once the e-KYC and UAN numbers are linked to the account, you will get access to the funds deposited in the account. With this access, you can also claim for withdrawal.
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