The EPFO recently disclosed information about inactive EPF accounts under its purview. Based on the data provided, there were 21.55 lakh inactive accounts in EPFO until March 2024. This implies that the individual who owns these accounts did not request a withdrawal. An amount of Rs 8505.23 crore has been put into these accounts.
The query that arises is when an account becomes inactive and how to reactivate it if it is inactive. We will provide you with answers to all of these questions. As per EPFO regulations, lack of any deposits in the EPF account for three continuous years results in it being classified as inactive. Moreover, if the EPFO member turns 58, their account is also classified as inactive. In the past five years, there has been a significant growth in the number of inactive EPFO accounts as per EPFO data. During the fiscal year 2018-19, EPFO had 691,000 inactive accounts.
This data clearly indicates a continuous rise in the number of inactive EPFO accounts. EPFO states that a closed or inactive account is able to be reopened. After activating the account, the member can then access the deposited amount in the account.
How to active an account?
In order to activate the account, you must visit the EPFO office. You must apply in order to activate your account. Once you receive the UAN number, your inactive account will be reactivated. Yet, the account will only become fully active once the KYC process is finished. Often, the UAN number is not connected to the EPF account. You will also need to visit the EPFO office in this instance. Nevertheless, you will still need to complete your e-KYC.
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Sweta Mitra
Working in the media for last 7 years. The journey started in the year 2018. For the past few years, my working experience has been in Bengali media. Currently working at Timesbull.com. Here I write like Business, National, and Utility News. My favorite hobbies are listening to music, traveling, food,...
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