Procedure on Transfer PF amount or Provident Fund from One PF Account to another New PF account online at members.epfoservices.in or unifiedportal-mem.epfindia.gov.in….
With the increase in job opportunities employees keep on moving from one job to another. Changing jobs requires lots of paper work to get relieved by your current employer to join a new one. It is important that when an employee changes jobs, he or she must not forget to open a new provident account fund. There is lot of EPF Balance Amount in the old pf account. At this stage, the employee has two option either to close the old provident account or transfer pf amount to a new account. However, it is wiser for an employee to transfer provident fund amount from the old account to a new one.
Why should one transfer his or her funds to the new account? The first reason is that if you close an account that is less than five years old the whole amount of the funds becomes taxable, but if you transfer pf amount to a new account, the money is not taxed. The other reason is that you will be able to earn the prevailing rate of interest from EPFO. This is very important in the long run as it becomes a substantial sum due to the power of compounding. The last reason is that you can withdraw your funds partially for reasons like school marriage and medical treatment, which is far much better than withdrawing the whole sum of money that you might end up wasting.
The process of transferring funds from one PF account to another Provident fund account has been made easier by the launch of an online self-service portal by the EPFO which has ensured the process becomes hassle-free. Back in the days, the transfer process was tiresomely involved a lot of paperwork which had to be physically submitted to the relevant EPFO offices. The online platform has been successful this is because since its inception in 2013 more than 1.15 lakh employees have used it to transfer pf amount from one account to another.
How to Transfer PF amount from One PF Account to New Provident Fund account
Before one begins the process of transferring funds from one account to another, you must ensure you have the Universal Account Number. If you don’t have the number, you can reach out to your employer to help you get the Number. If you have the number, you can now follow these steps.
- The first step is to visit the EPFO website. To go to the website you use this link http://members.epfoservices.in/
- After clicking on the link, a page will open titled the Employees Provident Fund Organization.
- On this page, you will be required to enter some details which include your UAN, your mobile Number, and details of your employer like where he or she is located.
- After filling on the details check if you are eligible for the transfer by clicking on the ‘check for eligibility’ tab.
- The site will let you know if you are eligible or not. If you are eligible for the transfer, you will continue with registration on the EPFO website.
- The next step involves submitting your details such as a valid photo identification (PAN card, Aadhaar or Driving license.
- After submitting the above items, the website will send you a pin on your mobile phone which you must verify.
- Once you have verified the pin by submitting it, you will receive a confirmation message on your mobile phone.
- Anew page will open. This is the EPFO members’ claims portal.
- To log in on this portal, you will provide the document Identification and phone number.
- After signing in on this portal, you will see various options but go to the top tabs and click on the Request for Transfer pf amount of account.
- You will now be able to access and fill the PF forms. This form is divided into three parts.
- The first part is where you enter your details
- The second part you fill in your old PF account details
- The last part you fill the details of your current PF account details.
- After filling out the forms ensure you click on preview. This will allow you to check whether all the information you have filled is correct.
- If everything is correct, enter the captcha and get the PIN. After getting the pin click on the ‘I agree’ option.
- The last step involves entering the received PIN, and by that, the transfer process will have been initiated.
As you can see the process is so easy to undertake and it does not take long. After submitting the request, it will take two to three weeks for the transfer to be done. You can also check the status of your request often by logging into the site and clicking on the online services then Track Claim.