EPFO: Big relief for EPFO ​​account holders, now Rs 10,000 crore will reach lakhs of accounts without any paperwork, know how..

The Ministry of Labor has taken a major decision regarding the Employees' Provident Fund (EPFO). This decision will alleviate the problems of millions of account holders. According to sources, inactive accounts with deposits of ₹1,000 or less can be returned without any paperwork. Account holders will not need to submit any application to withdraw this money. The EPFO ​​will automatically transfer the money to their bank accounts.

Amount will reach the accounts without any paperwork.
It should be noted that out of the total 3.1 million inactive accounts, 600,000 accounts are linked to Aadhaar and have deposits of less than ₹1,000. The EPFO ​​will immediately deposit funds into these accounts. The remaining accounts will also be transferred gradually. This is a pilot project. If it is successful, the remaining 2.5 million inactive accounts will also be transferred similarly.

Approximately ₹10,000 crore in 3.1 million inactive accounts
An EPFO ​​account is considered inactive if there is no activity in it for three years. All 3.1 million inactive accounts have deposits totaling approximately ₹10,000 crore, while these six lakh accounts have deposits totaling approximately ₹600 crore. This significant decision by the Labor Ministry will benefit approximately 3.1 million people associated with the EPFO. They will now be able to easily access their funds without any paperwork or office visits.

Account is inactive if there is no activity for 3 years.
A total of ₹10,903 crore is deposited in 3.186 million active accounts. Approximately 7.11 lakh accounts have deposits totaling ₹30.52 crore, with deposits of up to ₹1,000. The tenure of these accounts ranges from 3 to 20 years. Meaning, if there has been no activity on these accounts for the past three years, they will be considered inactive.

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