EPFO: Many times, employees don’t withdraw their EPF funds even after leaving, changing jobs, or retiring. They assume their money will continue to earn interest until they withdraw. However, this isn’t the case.
EPFO: Many times, employees don’t withdraw their EPF funds even after leaving, changing jobs, or retiring. They assume that their money will continue to earn interest until they withdraw. This isn’t true. The EPFO only pays interest on EPF for a limited period. After that, your account becomes inactive. Find out how long the EPFO pays interest on EPF and whether you receive the money after it becomes inactive.
Does the account become inactive and lose its money?
No. Deactivating the account doesn’t mean your money will be lost. The only difference is that you will stop earning interest on the funds in the account. This means your basic balance will remain safe, but interest will stop accruing.
For how many years after retirement does one receive interest?
The EPFO recently clarified that if a person retires at the age of 58, their PF account will continue to accrue interest for three years. This means that they will continue to receive interest until the age of 61. If you have left your job or changed companies and have not added the money to the new company’s PF account, the account becomes inactive after a few years and interest stops accruing.
How to withdraw EPF funds?
The EPFO has simplified the withdrawal process. If your account is linked to a UAN (Universal Account Number) and your KYC is complete, you can easily withdraw funds.
Offline Method
- Go to the nearest EPFO office.
- Fill out Form 19, Form 10C, or Form 31 (depending on the claim).
- Attach a copy of your identity card and bank passbook.
- Have the company sign and stamp the form if necessary.
- After submitting the form, the funds are usually credited to your bank account within 7–10 days.
Online Method
- Go to the EPFO website and login to your UAN.
- Update your KYC.
- Go to Online Services and select Claim (Form-31, 19, 10C).
- Verify your bank account and select your withdrawal reason (retirement, medical, home purchase, etc.).
- Enter the OTP and submit your claim.
- The money will be credited to your account within 7-8 days.
Add informalnewz.com as a Preferred Source
DISCLAIMER
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at informalnewz@gmail.com
