Do you know Government may forfeit your old inactive EPF account? Many of us just keep the account idle without withdrawing it. However, do remember that inactive EPF accounts may be forfeited if you don’t know the exact rules.
As many of us know, EPF currently providing the tax-free 8.5% rate of interest. This is one of the best debt products which is offering such high returns with utmost safety. Hence, many salaried usually not withdraw and keep it as it is. However, there are certain rules to it. Don’t blindly believe that you can keep your EPF account as long as possible.
What is the meaning of Inactive EPF Account?
Before jumping into the recent changes, let us first understand what is the meaning of inactive EPF accounts. Many confused here to understand the difference between non-contributory accounts and inactive accounts. Here, two points to understand and they are as below.
# Earlier, when EPFO announced that for any non-contributory EPF accounts, they will…