Provident Fund or PF is an important part of our savings that is actually used in dire need or in old age. However, many people are bothered with one question that what happens to your PF account if the company you work in suddenly shuts operation. How will your account be verified and how will you withdraw your money?
The solution to your problem is right here:
Bank KYC
If you haven't transferred your PF after you have switched companies, while the company has now shut down, your account remains operative for 36 months. You even get interest on your PF for the said period. However, after the expiry of 36 months, your PF account becomes inactive. Your claim, in order to proceed, requires your company to certify it. In the absence of the certification, your BANK KYC will come to your rescue. For such cases where the company has closed down and there is no one to certify, bank KYC is used for certification.
Documents needed:
PAN card, voter identity card, passport, ration card, ESI identity card, driving licence. In addition, Aadhaar can also be used for any other identity card issued by the government.
Approvals:
Once you have the required documents for KYC, the Assistant Provident Fund Commissioner or other officer (according to the amount) can take approval of withdrawal or transfer. If the amount exceeds Rs. 50,000, the money will be transferred after the approval of the Assistant Provident Fund Commissioner. Similarly, if you are more than Rs. 25,000 and less than Rs. 50,000, the fund transfer or withdrawal will be approved by the account officer. If the amount is less than Rs 25,000, the dealing assistant will be allowed.
