EPFO launches drive to help activate inoperative accounts
NEW DELHI: The Employees’ Provident Fund Organization (EPFO) has launched a special drive to help over eight crore account holders withdraw funds lying in “inoperative accounts”, which are estimated to have a combined balance of at least Rs 20,000 crore.
A few years ago, EPFO had stopped paying interest on inoperative accounts, or those accounts where no transaction – either deposit or withdrawal – had taken place for three years. The retirement fund manager has stopped paying interest on the funds lying in these accounts.
Central provident fund commissioner K K Jalan said the estimates for the amount lying in the inoperative accounts vary from Rs 20,000 crore to close to Rs 40,000 crore, although the audited number put the estimate at around Rs 27,000 crore.
Read more at: http://timesofindia.indiatimes.com/