New SOP for Transaction-less and Inoperative Accounts in EPFO

Introduction

The Employees’ Provident Fund Organization (EPFO) has released a new Standard Operating Procedure (SOP) vide Notification No. WSU/20243/12/'InoperativeAccountsinEPF'(300140/3978) to address the issues related to transaction-less and inoperative accounts. This SOP aims to ensure proper verification and management of accounts that have not seen any transactions for a significant period. The initiative, outlined in SOP No: 01/2024 (Version 2), is part of EPFO's ongoing efforts to enhance the security and integrity of the provident fund management system.

Purpose of the SOP

The primary goal of this SOP is to establish a clear and systematic procedure for handling accounts with no transactions. This includes steps for generating Universal Account Numbers (UAN), seeding Know Your Customer (KYC) information, unblocking accounts, and settling claims. By doing so, EPFO aims to prevent fraud and ensure that the rightful claimants receive their due benefits without unnecessary delays.

Key Features of the SOP

1. UAN Generation and KYC Seeding: The SOP provides detailed guidelines for generating UAN for transaction-less accounts and seeding KYC information. This ensures that all member details are up-to-date and verified.

2. Account Blocking and Unblocking: Transaction-less and inoperative accounts will be temporarily blocked to prevent unauthorized access. These accounts can only be unblocked after thorough verification by EPFO officials.

3. Claim Settlement: Special procedures are in place for settling claims related to inoperative accounts, ensuring that beneficiaries receive their funds promptly and securely.

4. Monitoring and Verification: The SOP includes a robust monitoring mechanism to track the status of accounts and ensure compliance with the guidelines.

Roles and Responsibilities

The SOP clearly defines the roles and responsibilities of EPFO officials at various levels, ensuring accountability and transparency in the process. Specific timelines are established for each step to ensure timely action and resolution.

Conclusion

The implementation of SOP No: 01/2024 (Version 2) by EPFO marks a significant step towards safeguarding the interests of its members. By introducing stringent verification processes and systematic account management, EPFO aims to enhance the efficiency and security of the provident fund system, ensuring that the benefits reach the rightful claimants without any hindrance.

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Circular_Regarding_SOP_for_Transaction-less_and_Inoperative_Accounts_in_EPFO.pdf