New Delhi: Provident funds are an important part of your life savings. The PF accounts can easily transfer when the company in which you are working is changed. The transfer of the PF account can be done easily without any com and if you have a UAN number, this transfer gets even more seamless.
Although, in some cases it has been seen that the company one had left is winded up, while the employee could not withdraw the PF from that particular account. This is because once the company is closed no one is authorized to certify your PF account. What is to be done in such cases? How can you withdraw your hard earned money that gets stuck in a company which has now shut down. The answer lies in while applying for the PF.
Bank KYC
A PF account remains active for 36 months thereafter it becomes inoperative. However the interest is paid continuously for the 36 months. 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.
The following documents are required for the bank KYC-
· PAN Card
· Voter Identity Card
· Passport
· Ration Card
· ESI Identity Card
· Driving License
· Aadhaar card can also be used for this purpose.
The Assistant Provident Fund Commissioner or other officer (according to the amount) can take approval of withdrawal or transfer once all the required documents for KYC are provided. Assistant Provident Fund Commissioner’s approval is required for funds above Rs 50,000. For amounts above Rs 25,000 upto Rs 50,000, accounts officers can give approval. For funds below Rs 25,000, the dealings assistant will give approval.