HOW TO TRANSFER EMPLOYEES PROVIDENT FUND (EPF) AMOUNT FROM OLD ACCOUNT TO NEW PF ACCOUNT ONLINE
TRANSFERRING PROVIDENT FUND AMOUNT FROM OLD ACCOUNT TO NEW PF ACCOUNT ONLINE: EPF is a recognized statutory body and highly recommended to all employees in India. The scheme accommodates millions of workers both in the private and public sector. Employees are given the official EPF account where they act as personal managers. One can check their balance, make withdraws and also check out the interest gained. These being just a tip of the iceberg, EPF scheme under the higher body EPFO workers to ensure employees retire happily and can maneuver through life.
However, sticking to a particular job for long mightn’t happen for all workers. We all tend to search for greener and pocket friendly fields. After this realization the EPFO come up with strategies where one can transfer their savings to new PF account.
How to Transfer EPF Funds Old Account to another New PF Account?
Question being what will happen to the old funds in the PF account? Transferring won’t necessarily compel close the old account. With the strategies set by the EPF one can move their money from old account and open a new account. These giving employees the freedom to move from one job with regards of the pay. This comes with paper work and activation process to ensure the EPF account is funded by both employer and employee.
What are the Basic Reason of PF and not closing it permanently?
Employees have all options open nonetheless each choice has the consequences. One can close completely and also open new as they get new job. It’s more advisable for employees to transfer rather than close. The paperwork complicates the issues further thus leading to the complete closure.
With this the EPFO has introduced an official website where employees can fill details online. It’s fast easy and reliable method. The portal contains all employees’ details and easier process of the transfer.
What is the Advantages of EPF transfer?
- A prior closure of an account before 5 years leads to taxation of the amount gained. This is the opposite of when the funds are transferred. One gets to enjoy the whole amount tax free.
- Transferred amounts boost the account as one can get loans for construction, health and other matters.
- The account gains interest rate currently given by the EPFO.
- You don’t have to start again losing all what you had saved up.
Employees who don’t get employment with six month or leave employment permanently should seek to withdraw their funds. Reports from the EPFO show more than RS 22,000 pending amount which is yet to be collected. These accounts are rendered dormant thus gain no interest. Employees should follow upon the accounts and use the official website. Access the PF account one requires the password to login.
Process of transferring from one PF account to new account
The transfer method took a lot of one’s time and energy. A form 13 was the key to get the new account. Employee had to visit their former employer for a signature. This never went down well thus causing the high number of dormant accounts. However, with the help of online platform one doesn’t require the paperwork or the post office to send and receive the approval of transfer.
EPFO UAN LOGIN Online
EPF Funds Transfer Online – This is the Procedure for EPF Transfer through EPFO Portal ( https://unifiedportal-mem.epfindia.gov.in/memberinterface/ ). An official launch from the EPFO has come in handy for all employees. Established in the year 2013 October 2. EPFO online has been to existence and coming through for many. Given the duration we have a number higher than 1.15 lakh employee who have used and still using the portal. Taking the number of rejected claims to be 8,900 out of 90,000.
EPFO has gone a notch higher by revising the form 13. The form can be signed by either the new employer or the old employer. EPFO has also introduced the UAN (universal account number). The number unifies all the employees’ details to one account. Employees also have to link their accounts with the Aadhaar number. This helps EPF to have all the e-KYC details of employees.
EPFO Online Transfer Process
Before commencing one requires the UAN number which can only be offered by the employer. It has to be activated ad after this one can follow the below steps.
- Visit the official EPFO website using the link:
- On the homepage a UAN login page will show, where you are to enter the UAN login details.
- Enter the UAN ID, registered mobile number and all details of the current employer. The state, establishment number and your account number.
- On opening the page first check whether the account is eligible for transfer.
- To get this check for the former employer state using the name and account number.
- Click on the option “check eligibility” give the site sometime. After this the site will give information of whether the account is eligible.
- Now issue a recent and valid photo ID like the Aadhaar card, DL or PAN card.
- The system will generate an OTP which will be sent to the registered mobile number. use the OTP to proceed.
- A new page will appear showing EPFO member claim portal. Enter the document ID and the registered mobile number.
- On the new page check on the menu bar for “request for transfer of new account”
- The form will appear; here you can enter all details required.
- The form has three part as follows:
- Key in all the personal details: names, state, mobile number, email address etc. You also have to enter the IFSC code of the bank you transact from and the account number.
- Here you need to enter information about the old PF account.
- Key in the correct details of the new/ current PF account.
With this done the process can be attested by the new employer or the former employer.
- Now recheck all the details make corrections where need.
- Enter the captcha code on the space provided a pin will also be generated.
- Click on the check box “ I agree”
- Now submit the document to start on the transfer process.
The document will take some time however, after approval one will receive the transfer. One can check the status of the transfer from the same website page.
Benefits of linking the Aadhaar card to the UAN
Aadhaar card contains all details of the card holder. One has to link all card to the Aadhaar which happens for all citizens in India. The card also works best for the employees using the EPF account in different ways. One has to seed the cards ensuring the information from one card doesn’t differ.
- Linking of the cards helps in the networking of the cards and information given cannot be duplicated. The accounts one holds will have the same details and act as one account.
- Employee doesn’t have to produce their details anytime in the EPFO once seeded the details remain permanent.
- The seeding comes in handy as you don’t require the employer signature to transfer funds.
- You have the right to transfer funds without the consent of the employer.
- The system is transparent for all employees.
How to submit EPF Account Nomination details online?
How to Nominate in EPF beneficiary online:
One of the requirements for opening an EPF account is to have a beneficiary. He/she should be a family member. The beneficiary will access the funds in case of death, or when one is rendered incapable of working.
Employees have the right to change the beneficiary according to whom they trust. The amount will be granted to the beneficiary without the issues of funds maturity. One needs to fill a form 2 which gives more information about the beneficiary. EPFO web portal also have the facility which can be filled through the following steps:
- Navigate to the UAN website portal, key in the UAN login credentials.
- On the menu bar check for “profile” proceed to click on “edit nomination details”.
- The system will give different information about you from: name, DOB, member ID the establishment ID, gender, father name or spouse etc. select the update button to continue.
- Key in credentials of family members where they will show on the EPF part. Check if correct if not make changes again.
- After this given out of 100% a portion of what they will benefit. Enter the beneficiary if applicable. Employees with no family member should click on the non-family nominee.
- Check and make the decree by clicking on the check box.
- Confirm the information then send the information of the beneficiary to the employer.
- Make a print copy of the form sign and take it for approval by the employer.
- The signing will take place through an OTPC portal where the employer will sign the form. Employers also have the right to reject the nominated beneficiary.