Many of salaried, especially the private sector employees usually change their job frequently. There are instances where employees change jobs within few months too. During such frequent changes, they usually forget either not withdraw or forget it to transfer. Such inoperative accounts now can be tracked online with a newly launched EPFO Service.
What is INOPERATIVE Account?
Latest news-Now from 1st April, 2016 you will get interest on even INOPERATIVE account. Refer the source of this news- Economic Times
Any EPFO Account which fails to make contributions for 36 continues months (3 Yrs) is called INOPERATIVE Account. Addition to this, if you applied for a withdrawal but due to wrong address, bank details or some other reasons you fail to claim the amount and laying with EPFO since 36 months (3 Yrs) from the date of it become payable are also classified as INOPERATIVE Accounts.
From April 2011, EPFO stopped paying interest to such inoperative accounts. However, such accounts can be either withdrawn or transferred to their existing EPF Accounts. According to information Rs.26, 496.61 Cr is lying in the inoperative EPF Accounts as on March 31st, 2014.
What is the reason for such huge amount pending?
Major reason is EPFO itself. All because of not adopting the online platform. Cumbersome process and lethargic attitude of officials made employees to forget about what they invested. In other cases, employees intentionally forget to either withdraw or transfer. Reasons are either frequent job change or considering the accumulated corpus as less. But it is advisable to either withdraw it or transfer all your old accounts to new existing account. You can use recently launched OTCP (Online Transfer Claim Portal) facility. Also recently EPFO started allotting UAN (Universal Account Number), through which you can track your accounts easily. This UAN combines all the Member Identification Numbers (Member ID) allotted to an individual during their earlier jobs. Once this UAN allotted to an employee then from now onward he just needs to quote this UAN whenever he changes job. The earlier EPF account will follow.
How to track such INOPERATIVE Accounts ONLINE?
Recently EPFO started online help desk to track such inoperative accounts. This help desk is provided to track your inoperative accounts by providing the minimum information of accounts. Below is the process to initiate the process.
1) Visit EPFO Home Page. Click on below shown link
2) This will bring you to another window of EPFO. Here you need to click on the tab which I showed in below image.
3) You land into a new window which is as below. You need to provide problem details like why and for what purpose your account lying idle. Then click on tab NEXT.
4) You will get below the screen. Here you need to provide as much information as possible. More information means more easy to find out the account. Notice that none of the fields are mandatory. But to be precise provide as much information as you know. Click on tab NEXT to proceed further.
5) In the next step you have to provide your personal details like Name, Mobile Number, Date of Birth (these three fields are mandatory), mail id, contact address and language of preference. Along with that you have to provide Aadhar No, PAN No, Bank Account No or IFSC code for KYC purpose. The screen looks like below. Click on Generate PIN to receive the PIN on your mobile.
6) You receive a PIN on your mobile and enter that number in the next step. The screen for entering PIN looks like below. Once this is done, then you receive an acknowledgement reference number to your mobile or it will display on an acknowledgement screen.
7) Then next step is to visit to login page of this helpdesk and login to it by providing reference just generated and your mobile number. The screen looks like below. This will bring to you to EPFO Helpdesk Dashboard.
What will be the next step?
Your query will be directed to the concerned field officer in Regional EPFO. They will assist you in locating the account. But if you don’t know the Establishment Code or PF number, then queries will be transferred to centralized helpdesk. They will call you to get further information and providing inputs to field officers. There is no time limit set for tracking account. But more information from the employee side makes it faster to locate.
You can check your status by visiting HERE.
Hope this information will solve many more problems.