EPFO will soon release ₹30,500cr to inoperative PF accounts: Details
EPFO is about to send out ₹30.5 crore; Aadhaar-seeded accounts will be credited immediately, while transfers to other eligible inoperative accounts will be processed in phases, covering roughly six to seven lakh eligible inoperative PF accounts (with up to ₹1,000 each).
No forms, no hassle, just a direct credit. If the account holder isn't around anymore, their nominee or legal heir gets the money.
How to check if your account is inoperative
If your PF account hasn't seen any action for 36 months after it's eligible for withdrawal, like after you turn 58, move abroad for good, or pass away, it's marked as inoperative.
Just switching jobs doesn't count.
Why this matters
There are about 31.86 lakh such inactive accounts holding a whopping ₹10,903 crore.
This pilot project (recently approved) could make it way easier for people, or their families, to reclaim forgotten savings.
So if you've ever had a PF account lying idle, now's a great time to check if some cash is coming your way!