EPFO Retirement Rules: If you’re retiring at age 58 and are an EPFO holder, this news could prove very useful. According to EPFO (Employees Provident Fund Organization) rules, your account is rendered inoperative after a certain number of years of retirement.
Does the account become inactive and the money gets lost?
If you don’t withdraw money from your PF account within three years of retirement , the EPFO deactivates the account. Deactivating the account doesn’t mean your money will be lost, but rather that interest on that money will stop accruing.
For how many years after retirement is interest earned?
The EPFO recently stated on its official website that if someone retires at age 58, their EPFO account will continue to earn interest for the next three years, until age 61. After age 61, interest on the EPFO account will stop and the account will be deactivated. Withdrawing money from the EPFO is now easier than ever, especially if your account is linked to a UAN (Universal Account Number) and your KYC is complete. Today, we’ll explain both online and offline methods.
What is the offline method?
First of all you have to go to the nearest EPFO office
After that, Form-19, Form-10C or Form-31 will have to be filled (as per your claim).
After this, attach a copy of your identity card and bank passbook.
Get it signed and stamped by the company if required
After that submit the form
Usually, the money will be credited to your bank account within 7–10 working days
What is the Online Method?
First of all go to the EPFO website and login to UAN.
Update KYC
After login, go to Online Services
Click on Claim (Form-31, 19, 10C)
Verify your bank account
Select EPF Withdrawal Reason (like Retirement, Medical, Home Purchase etc.)
Verify with OTP
Enter OTP and submit the claim
After this, the money will be credited to your bank account within 7-8 days.