Transferring your Employee Provident Fund (EPF) online is a simple and convenient process. By following the steps, you can efficiently manage and complete your EPF account transfers. This guide helps you with the necessary information to navigate the process effortlessly, ensuring a smooth experience in handling your EPF transfer.
What is Provident Fund (PF)?
Provident Fund (PF) is a savings scheme in which both employees and employers contribute a certain percentage of the employee's salary to employees PF account. PF is managed by a Ministry of Labour and Employment, government of India. The purpose of the provident fund is to provide financial security and stability to employees during their retirement.
How to transfer EPF online
- Log in to the EPFO using your UAN and password.
- After logging in, select 'One Member – One EPF Account (Transfer Request)' under Online Services.
- Verify personal information and PF account details for your current employment.
- Click 'Get details' to view PF account details of previous employment.
- Choose either your previous or current employer for attesting the claim form, based on DSC availability.
- Click 'Get OTP,' you will receive OTP on the registered mobile number, enter it, and click submit.
- After clicking 'Submit', you can see the tracking ID and PF account details. Print and sign 'Form 13,' and submit it to the employer within 10 days.
- Your previous employer will review, approve the claim, forward it to EPFO for approval, and transfer of PF accounts.
- Activate your UAN on the EPF portal with your registered mobile number.
- Enter your bank details, including the account number and verified IFSC code.
- Ensure that Aadhaar is linked to your UAN account.
- Provide the date of joining and date of exit on the portal, along with the reason for exit.
- EPFO accepts only one transfer request per member ID.
Documents required for EPF transfer
- Revised Form 13
- Valid identity proof (PAN, Aadhar card, or Driving license)
- UAN (Universal Account Number)
- Details of the current employer
- Establishment number
- Account number
- Bank account details of the salary account
- Details of both old and current PF accounts
What is the use of UAN for online transfer of EPF?
- Check and update your PF passbook, including transfer-in details.
- Receive SMS updates about monthly credits in the PF account.
- Facilitate seamless account transfer when changing employers.
- Easily link your previous member's ID with the current one using UAN.
How to check the status of EPF transfer?
To track the status of your PF transfer, follow these simple steps:
- Visit the EPFO member portal.
- Log in using your UAN and password.
- Navigate to the 'Online Services' tab.
- Click on 'Track Claim Status.' under 'Online Service'.
- The status of your PF transfer can be viewed under 'Transfer Claim Status.'
Benefits of transferring EPF online
- TDS is applicable if you withdraw you PF amount in less than 5 years of account opening. However, transferring your PF account and keeping it for 5 years makes it eligible for tax-free withdrawals.
- EPFO provides compound interest on savings. Closing your current PF account and opening a new one reduces the interest earned compared to the transferred account.
- Employees with the same EPF account for over 10 years qualify for a pension at age of 58. This eligibility is lost if an employee closes the account and open a new PF account with every job switch.
Transferring EPF online is a straightforward process that helps manage PF account more efficiently. By following the steps, individuals can easily transfer their EPF from an old account to a new one, making withdrawals and tracking retirement savings more convenient.