With most of the jobs created in the private sector, employees are frequently changing their jobs from one place to another. When you move from one company to another firm, you need to transfer your Employee Provident Fund (EPF) as well. It is always a good idea to close the old PF account and open the new one to transfer the old PF account balance. Earlier, people use to transfer pf amount using some paperwork, like submitting the required forms from the old company to the new one, but now it is very easy and hassle process with the launch of an online self-service portal by EPFO.
At the same time, it was cumbersome and time consuming for an employee to get the Form 13 signed by his previous employer and submit to the current employer. Also, it is important that the form should be sent via post and could get misplaced or lost. There was a lot of dissatisfaction among employees and therefore it explained the dormant accounts lying with EPFO.
Step-By-Step Guide for Online Transfer of PF Funds:
If you have the UAN number, then it is very easy to transfer the PF funds easily. If you don't know your UAN, then contact your employer and get it.
Here is the Step-By-Step Guide to Transfer PF Funds Online from one employer to another using EPFO Portal.
- Go to the EPFO Official Website, (http://members.epfoservices.in/home.php ) and create your UAN based login ID
- This will direct you to a landing page, where you need to enter your registered mobile number and UAN and other details of present employer like state, account number and establishment number..
- Afterward, you need to verify that whether your account is eligible for PF funds transfer on the EPFO site. You have to fill in the state where your current employer was located. Use search by name or establishment number from the drop-down menu.
- Once you filled all the details then click on "Click Eligibility"
- After that the site itself tells you whether your account is eligible or not. If it is eligible, then you can register on the EPFO website.
- Then you have to submit your valid ID proof such as PAN card, driving license or Aadhaar card. After submitting you will receive the PIN to your registered mobile number which you have to verify.
- Submit the PIN which you received in your mobile in order to get the confirmation message. Once you get, Click on Continue further.
- The moment you click on continue further option then the website will take you to EPFO Member Claims Portal page. In order to login into this page, you have to provide document ID and phone number. After you logged in, you can see all the available options.
- On the top menu section, Click on Request for transfer of account
- Now you can start filling the PF transfer form. This particular form has three parts.
- In the First part, you have to enter your personal information such as name, email, IFSC, salary account number etc..
- In the Second part, you have to fill in all the details of your old PF account
- In part three, you need to fill the current PF account details
The claim can be attested by your previous or current employer. It takes some time for their end to do it.
11. Once you fill the form, then you can click preview option to check whether the entered details are correct or not.
12. After ensuring all the information is correct, enter the captcha and get PIN. Also, click "I Agree".
13. Once you entered the PIN, the claim transfer is initiated.
You can also check the status of your funds' transfer through the portal. In case of any queries then contact your previous or current employer or write to EPFO directly.
Advantages of EPF Transfer:
If you close the old account before 5 years, the amount becomes taxable, whereas if you transfer the funds from PF account to another then you will get the full money without any taxation.
If you want to purchase a house, planning for medical treatment or marriage then you can avail partial withdrawal on your PF funds.
You will earn prevailing rate of interest from EPFO. Due to the power of compounding, it becomes a substantial sum in the long run.