EPFO has made provisions on its online portal which enables the members to transfer their old EPF accounts to a new account in just a few steps. The online way to transfer EPF saves a lot of time and allows the user to transfer his provident fund from his home or office. The process also involves uploading documents online, saving employees the hassle of physically getting the documents verified by the employer. In order to transfer your EPF from an Old Account to a new one, you need to fulfill some requirements as mentioned below here.
How to Transfer EPF Online
Once a person starts his/her career by starting employment in a PF registered organization, an employee will be registered for PF purpose and both employee and employer contributions to the employee’s PF and earns interest till the fund withdrawal. In addition, it is not uncommon to change jobs for various reasons, with or without breaks, especially in the early or middle years of a career. In such a scenario, what happens to the PF account of the employee already maintained with the previous employer? the employee will have two options.
As already mentioned, to make it ideal savings for retirement, it is always better to transfer the PF balance instead of withdrawing. This is also fair from a tax point of view as withdrawal of PF within 5 years of continuous service is taxable. For more information, you can read this page till the end and get the available data from here, under which you can get more information about your PF account. Our one small step might be useful to give you information. So stay with us for information and keep reading our blogs.
Also Check Open PPF Account
Important Point to be Noted Before Transferring EPF Online
- The member should activate his/her UAN in the UAN portal and the mobile number used for activation should also be activated.
- Bank account and employee’s bank IFSC code should be linked with UAN seeding Aadhar number and PAN against UAN is not mandatory for raising transfer claims.
- The employer has to approve the e-KYC.
- The previous/present employer should be an authorized signatory digitally registered with EPFO.
- The PF account number of both the past and present employees of the employee should be entered in the EPFO database.
- Only one transfer request can be accepted against the previous member ID.
- The personal information shown in EPFO and related to the PF account must be correct.
Also Check PF Balance Check
What is PF Account and How to Convert Old to New
Employees’ Provident Fund (EPF) is a scheme in which retirement benefits are accumulated. Under this scheme, an employee has to make a certain contribution towards the scheme and the same contribution is paid by the employer. As per EPF rules, 12 percent of your salary should go to your provident fund. It also requires a company to contribute. EPF is a scheme in which you can build wealth throughout your working years as an employee in a government or private organization.
The Government of India pays the employer and employee contributions in the EPF account of the employees for another three months from June to August. This benefit is for establishments with up to 100 employees and where 90% of those employees draw a salary of less than 15,000 per month. Contribution to EPF has been reduced from 12% for NGOs to 10% now. For example, 8.33 percent of the 12 percent salary is directed towards the Employees’ Pension Scheme. The remaining 3.67 percent is put in your EPF.
Also Check HRMS Odisha Payslip
Step by Step Process to Transfer EPF Online at EPFO Portal
- Here login to your EPF account using your UAN and Password.
- In the ‘Online Services’ section, click on the option ‘One Member – One EPF Account (Transfer Request)’.
- Verify personal information and current PF account details carefully
- Click on ‘Get Details’ to view PF account details of previous employment
- Select your previous employer or current employer to authenticate the claim form based on the availability of the authorized signatory holding the DSC. Choose one of the employers and provide your Member ID or UAN in the required fields.
- Click on the ‘Get OTP’ button to receive OTP on your registered mobile number. Enter the OTP in the space provided and click on the ‘Submit’ button to authenticate your identity.
- Thereafter, an online filled PF transfer request form will be generated which needs to be self-attested and submitted in PDF format to your selected employer. The employer will also receive an online notification regarding the EPF transfer request.
- The employer then accepts the PF transfer request digitally. Once approved, the PF is transferred to the new account of the existing employer. A Tracking ID is also generated which can be used to track the application online.
Also Check Intra Haryana e Salary Slip
Documents Required for EPF Transfer
While the PF transfer was possible online earlier under ‘Online Transfer Claim Portal’, with the introduction of UAN, the process of transfer is revised and shifted under ‘unified portal’. However, in order to make online PF transfer, please ensure the following:
- Revised Form 13
- Valid identity proof (PAN, Aadhaar, or driving license)
- Current employer details
- installation number
- Account Number
- Salary Account Bank Account Details
- Old and current PF account details.
Also Check BSF Pay Slip
Transfer PF is a process that you can use to transfer your PF money online. You will have to fill in the details like User ID, Password, and Bank Account Number. After filling up the details you will get an OTP on your mobile number. You will have to enter the OTP in the given box and press submit button. This step might take some time so be patient for this process. You can also follow us on our social media pages Facebook or Twitter for latest updates about PF transfers. Do let us know if you need any help with this process or if there are any other useful information related to this topic which we will share on this page.