₹10,900 Crore Has No Heir! Unclaimed Wealth Lies Dormant in PF Accounts—Could This Money Be Yours?

Unclaimed EPF: Throughout their careers, people often switch jobs in search of better opportunities and higher salaries; however, after securing a new position, do you keep track of their old PF accounts? A new study reveals that a significant number of people are completely unaware of the status of their old PF accounts—despite these accounts holding substantial sums of money.

According to a report by *1 Finance Magazine*, there are currently over 31.87 lakh EPF accounts in India that are no longer active, containing deposits amounting to approximately ₹10,915 crore. Even more concerning is the fact that, despite the existence of systems designed to simplify these processes, this number has risen rapidly over the last few years.

The Employees' Provident Fund (EPF) serves as a long-term savings vehicle designed to provide individuals with financial security after retirement. However, if an account remains inactive for three consecutive years, it is classified as 'inoperative.' A study indicates that the number of such accounts surged from 9.8 lakh in 2020 to approximately 31.9 lakh in 2025—marking a threefold increase in just five years.

Why Are Unclaimed Accounts on the Rise?

Often, when switching jobs, individuals fail to merge their old PF accounts with their new Universal Account Number (UAN). Consequently, these old accounts fall off the radar and are no longer tracked.
Millions of accounts predating the introduction of the UAN system in 2014 remain unlinked. As a result, accessing these accounts has become a difficult task. There are also numerous accounts where bank details, Aadhaar, or PAN information have not been updated. Consequently, this leads to difficulties when attempting online withdrawals.
Approximately 7.11 lakh accounts hold a balance of less than ₹1,000. Often, people prefer to avoid the hassle of complex paperwork for such small amounts.
Funds also frequently remain stuck due to the absence of a designated nominee.

What happens next?

To address this issue, the government has launched a pilot project titled 'Auto-Refund.' Under this initiative, account holders with inoperative accounts containing a balance of ₹1,000 or less are not required to file a separate application. The EPFO ​​will identify such accounts and directly transfer the funds to your bank account. For larger amounts, you can visit the UAN portal to file an online claim.

In the event that you do not possess a UAN or encounter difficulties while filing an online claim, you can download and fill out Form 19/10C, ​​and then submit it to your nearest EPFO ​​office.