EPFO Account Latest Update: Many employees in the country have a provident fund account. A part of their salary is deducted every month and deposited in their PF account. The money deposited in the PF account works to secure the future of the employees.
When the employee turns 60 years old. Meanwhile, a huge amount gets deposited in his PF account. With the help of this money, the employee can financially secure his post-retirement life. If you also have a PF account, then you should be aware of some rules related to EPFO. If you do not know these rules then your EPFO account can be closed.
In this episode, let us know about the mistakes due to which your provident fund account can be closed. Apart from this, we will also learn how to reactivate a PF account after it has been closed. If there is no transaction in your PF account for 36 months. In this case your PF account can be closed.
Except if the account holder permanently settles abroad. In such a situation, the PF account also becomes inactive. Apart from this, if the PF account holder unfortunately dies. In such a situation, the PF account of the account holder also becomes inactive. While the PF account holder withdraws all the retirement amount from his provident fund, his account also becomes inactive. After deactivating the PF account, you can activate it again.
To reactivate the PF account, you have to apply to the Employees’ Provident Fund Organization. After submitting the application, your dormant PF account can be revived. Interest money keeps coming in inactive PF account also.
