EPFO Retirement Rules: If you are retiring at the age of 58 and are an EPFO holder, this news may prove very useful for you. According to EPFO (Employees Provident Fund Organization) rules, your account is made inoperative after a certain number of years of retirement.
Does an account become inoperative and your money is lost?
If you don’t withdraw money from your PF account within three years of retirement, the EPFO deactivates the account. Deactivation of the account doesn’t mean your money will be lost, but rather that interest on that money will stop.
How long after retirement does interest accrue?
The EPFO recently announced on its X Account that if someone retires at the age of 58, their EPFO account will continue to earn interest for the next three years, until the age of 61. After 61, interest on the EPFO account will stop and the account will be deactivated.
Withdrawing money from the EPFO is now easier than ever, especially if your account is linked to a UAN (Universal Account Number) and your KYC is complete. Today, we’ll explain both online and offline methods.
What is the offline method?
- First, you need to visit the nearest EPFO office.
- Then fill out Form 19, Form 10C, or Form 31 (depending on your claim).
- Follow this process by attaching a copy of your identity card and bank passbook.
- If necessary, have the company sign and stamp it.Then submit the form.
- The money will usually be credited to your bank account within 7–10 working days.
Learn the online method as well.
- First, visit the EPFO website and login to your UAN.
- Update your KYC.
- After logging in, go to Online Services.
- Click on Claim (Form-31, 19, 10C).
- Verify your bank account.
- Select your EPF withdrawal reason (e.g., retirement, medical, home purchase, etc.).
Verify with an OTP. - Enter the OTP and submit your claim.
- The money will be credited to your bank account within 7-8 days.
