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If the company is closed, how to withdraw money from your PF, know the easy way

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This can be deactivated if the company is shut down or the old PF account is not transferred. In such a situation, you have to follow some procedures to take the old account claim.

Pf balance

In order to secure the future of employees, some part of salary is deposited as provident fund i.e. PF during their job. Which the employee can remove if needed. Good interest is also received on this. You can also transfer a PF account on job change. But many times, these accounts can be closed due to not transferring the old account and there is no transaction in it for a long time. The problem comes when the company is closed, in which case your money may get stuck.

Many people faced such problems during the lockdown. Suddenly, the closure of companies trapped their PF money. Because some paperwork has to be done from the HR of the company to get it removed. If you are also one of these, then do not worry, we will tell you some ways through which you can easily withdraw your money even after the company is closed.

Get Bank KYC updated

If your old company is closed and your PF account is deactivated, then you can take help of the bank to withdraw PF money. For this, your KYC process will have to be completed. After this, the claim will be certified by the bank on the basis of KYC documents. You will get money from this.

These documents will be needed

According to the EPFO, KYC verification is necessary to get claims related to inactive accounts. Therefore, for KYC, you have to show photocopy and original of your PAN Card, Voter Identity Card, Passport, Ration Card, ESI Identity Card, Driving License and Aadhar Card etc.

EPFO officer will have to contact

The PF money can be received only after obtaining approval of withdrawal or transfer from the Assistant Provident Fund Commissioner or other officer. Therefore, you will have to contact EPFO ​​officials. How old is your claim and for which reasons the account could not be activated, etc. After verifying the things and looking at the documents, the officials will approve it. After this, your money will come to the bank account in a few days.

In how many days does the account close

If the account of the old company is not transferred to the new company or there is no transaction in the PF account for 36 months, then the account becomes deactivated. EPFO puts such accounts in the inoperative category. If this happens, you will not be able to do any transaction in it. Also, if someone does not claim such PF account for seven years, then the fund is put into Senior Citizen Welfare Fund. However, you can activate the account again. For this, you have to apply in EPFO.

Also read: If work has been lost in the Corona era, then earn millions from the business of honey

These 4 Schemes are more beneficial than FD, you will get many facilities with better returns, learn how to invest

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Bhagyashree Soni
Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.
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