EPFO Inactive Account Auto-Refund Process: If you have an old PF account gathering dust, the Ministry of Labor has brought you some great news. The Indian government has provided significant relief to millions of employees whose accounts with small balances have been inactive for years. Now, funds from accounts with deposits up to ₹1,000 will be credited directly to your bank account.
The most remarkable thing is that you don’t need to visit any office or complete any lengthy paperwork to receive this money. The Ministry has identified over 600,000 such inactive accounts and has initiated the refund process. In this article, we’ll explore who will receive this money and how you can check your status from home.
Money will be credited directly to your bank account
The Ministry of Labor and Employment has fully automated this entire refund process. This means you won’t need to fill out any online applications or offline forms to receive this money. The government has leveraged modern technology to create a robust system that identifies your Aadhaar-linked bank account and transfers the funds directly to it. This move is a boon for those who forgot to withdraw their small PF balances after leaving their previous companies or abandoned them due to the complex procedures.
The government’s primary goal is to safely transfer this unclaimed money stuck in the EPFO system to its rightful beneficiaries. However, an important condition is that this facility is currently only available for accounts with a balance of ₹1,000 or less. If you have a balance greater than this amount, you must complete an online claim form and withdraw it as per existing rules. This automatic refund is a relief for millions of workers whose small funds were stuck for years.
When is a PF account considered ‘inoperative’?
According to EPFO rules, if your PF account does not receive any new contributions or deposits for three consecutive years (36 months), it is technically declared inactive. This often occurs when you change jobs or your old company closes down. However, the good news for account holders is that even after the account becomes inactive, interest never stops. According to government regulations, even such accounts continue to earn interest at the prescribed rate, allowing your balance to grow slightly over time.
How to Check Your PF Balance from Home
If you don’t remember exactly how much money is left in your old PF account, you can quickly check it using the simple digital methods described below. These days, accessing PF information has become very easy, and you can even view your entire passbook from your mobile phone. First, you can visit the EPFO’s official website and log in to the ‘View Passbook’ section with your UAN and password, where you’ll find complete details of your contributions.
The UMANG app is proving to be the simplest tool for PF account holders today. By selecting the EPFO option in the app, you can view your passbook and claim status in no time. If you don’t want to use the internet, you can also receive your latest balance via SMS by simply giving a missed call to 011-22901406 from your registered mobile number.
