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.
Want to know more on Investment Planning? We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice/education to ensure that you are not misguided while buying any kind of financial products.
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 –
SEE ALSO: Why You Need A Term Insurance Plan?
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:
Given below is the step by step method of transferring the PF online from one employer to another:
SEE ALSO: Check Credit Score Online
Listed below are the advantages of employee provident fund transfer:
SEE ALSO: EPFO Aadhaar Link
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:
Have a complaint against any company? IndianMoney.com's complaint portal IamCheated.com can help resolve the issue. Just visit IamCheated.com and lodge your complaint. If you want to post a review on any company you can post it on IndianMoney review and complaint portal IamCheated.com.
You May Also Watch:
Keep your Financial Cognizance up to date with IndianMoney App. Download NOW for simple tips & solutions for your financial wellbeing.
Be Wise, Get Rich.
The research team at IndianMoney.com comprises of certified and experienced professionals who share the company's vision to make every Indian financially literate by equipping every Indian with right and unbiased advice. IndianMoney.com research team provides newsletters, articles, videos and FAQs on various financial products and concepts only to help you make wise financial decisions.
Subscribe to our Youtube Channel
This is to inform that Suvision Holdings Pvt Ltd ("IndianMoney.com") do not charge any fees/security deposit/advances towards outsourcing any of its activities. All stake holders are cautioned against any such fraud.