What happens to the money in your PF account when it is inactive? Do you know what the rules are?
Today we will tell you when the PF account will be inactive and what will be the amount deposited in the inactive account.
New Delhi: If you work anywhere, you have an EPF account and your PF is deposited every month. But many times but this account is inactive for many reasons, then the account holder may run into trouble. Today we will tell you when the PF account will be inactive and what will be the amount deposited in the inactive account.
Account Transfer on Company Change
After changing jobs, a person has to transfer his PF Account from the old company to the new one. If the employees do not do this, the old company can bundle the PF account. But for 36 months the EPFO will be bundled when there is no transaction in the account.
For these reasons, the account is bundled
Apart from this, there are still some reasons to pund the PF account. See here
The PF account becomes inactive when the account holder resides abroad.
– When the PF (PF) holder dies, the account becomes inactive.
– Furthermore, the account becomes inactive even when the employee withdraws all his retirement money.
What happens to the money deposited in a passive account?
– Even after inactivity, you will receive interest on the money deposited in the account. This money can also be withdrawn.
– These accounts may not have received interest before, but in 2016 the rules are being amended and are beginning to pay interest.
– Interest will be deposited in a PF account until you reach the age of 58 years.
– If the account has been inactive for seven years, the unclaimed balance is transferred to the Senior Citizen Welfare Fund (SCWF).
– In SCWF, this amount is for 25 years. You can claim the amount at this time. The government also pays interest on this fund.
