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How To Transfer PF Online?

IndianMoney.com Research Team | Updated On Friday, December 14,2018, 05:00 PM

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How To Transfer PF Online?

 

 

Why transfer your PF?

In case an employee changes his/her job from one organization to another, he has two options. Either transfer the provident fund balance to the current PF account, or withdraw the contribution along with the interest. However, Employee Provident Fund is taxable on withdrawals made before 5 years of continuous service. So, it would be wise for the employee to transfer the funds from the old account to a new one. Previously, transferring funds from one PF account to another involved paperwork and submission of documents. EPFO has now launched an online transfer portal that makes the process swift and easy.

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How to use UAN to transfer PF online?

To simplify the operations of the PF accounts, the Employees’ Provident Fund Organisation (EPFO) has launched an online transfer portal for users. Using the latest technology, EPFO is trying to simplify processes related to EPF. Previously, the transfer and withdrawal of PF was a tedious and time-consuming task. Individuals had to physically visit their old employers and submit transfer documents to get the job done.

With the introduction of Universal Account Number (UAN), an employee can link all his PF accounts together.  This facility enables the user to link multiple EPF Accounts allotted by employers. The services offered by UAN are –

  • Update PF passbook including all transfers in detail.
  • Facility to link previous members’ ID with present ID,
  • Monthly SMS regarding the credit of contribution in the PF account  
  • Facility for auto-triggering transfer request on change of employment.

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Documents to keep ready before transferring the PF online:

The transfer of provident fund can be made under the ‘unified portal’. In order to make PF transfer online, make sure to submit the following information:

  • The user must have an active UAN in the UAN online portal.
  • The mobile number registered under the UAN must be active
  • Bank account number and IFSC code of the employee.
  • E-KYC approved by the employer
  • Employees PF account number from previous and current employer
  • Accurate personal information
  • Accurate PF account related information

Steps to transfer PF online:

Given below is the step by step method of transferring the PF online from one employer to another:

  • Log in to the EPF online portal using your user ID and password

  • Go to the 'Online Services' tab on the home page and click on 'Transfer Request' to generate an online transfer request.

 

  • A page will open displaying all your personal details. Verify the personal details like EPF number; date of birth and date of joining. The claim will not be processed if there is any discrepancy in the information.

  • After verifying your personal details, go to the next step where you need to provide the details of the previous employer. Before this you must select the option - previous employer or present employer - through which you want to do the claim form attestation.
  • Fill in the details of previous employer and submit
  • An OTP will be generated and sent to your registered mobile number.
  • Authenticate your identity by entering the OTP and submit the request
  • An online filled-in form would be generated.
  • Sign the form and send it to your present or previous employer.
  • The employer will also get an online notification on the EPF transfer request
  • The employer will verify the employment details
  • The employer will then digitally forward the claim to the EPFO office, which will process the claim
  • You can check the status of your EPF transfer claim under the 'Track Claim Status' menu, which is under the 'Online Services' menu.

SEE ALSO: Check Credit Score Online

Advantages of EPF Transfer:

Listed below are the advantages of employee provident fund transfer:

  • The funds in the EPF account become taxable in case the employee wants to withdraw before rendering 5 years of continuous service. However, if you transfer the balance from the old account to the new one, then you get to enjoy your hard earned money.
  • The EPFO has made provisions for employees to partially withdraw their PF funds for reasons like purchasing/constructing a house, medical treatment, marriage, higher education and so on.
  • You earn the prevailing rate of interest from EPFO; In the long run this becomes a substantial sum, due to the power of compounding.

SEE ALSO: EPFO Aadhaar Link

Here is what you will gain by linking Aadhaar number with UAN:

The EPFO has made it mandatory for employees to link their Aadhaar with the UAN. The process of linking Aadhaar with UAN can be carried out both online and offline. Discussed below are some of the benefits of linking Aadhaar number with the universal account number:

  • The UAN acts as a primary account that links multiple PF IDs allotted to an individual by different employers. This helps in easy handling of all the PF accounts.
  • Linking the Aadhaar card to the UAN will also prevent creation of duplicate PF accounts. As the Aadhaar contains individual’s accurate biometric and demographic details, it means an employee can only have a single EPF or UAN account.
  • If in any case the EPFO requires identity or address proof, the Aadhaar card details seeded in the member portal would suffice.
  • Transferring funds from the old PF accounts to the new ones does not require the digital signature of the employer.
  • One can also make PF withdrawals without the attestation of employer just by linking the Aadhaar card to the UAN. The process is completely online and hassle free.
  • Linking Aadhaar Card with the EPF account makes the process of verification easy and simple. Linking the Aadhaar card with the UAN brings about transparency in the system and reduces the chances of errors.

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IndianMoney.com Research Team

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