Looking to transfer PF ? Here is all you need to know
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Did you just switch to the new job? Are you planning to transfer the PF account and have no clue about the process? Luckily, you are in the right spot.
A few years back, transfer of PF account seemed to be impossible. But today, EPFO is making the sincere effort to make PF system useful and convenient for the employees. Transfer of PF account is the most prominent feature offered by EPFO.
In past, you had to make PF withdrawal when you get the new job. This situation was not healthy; you would receive taxable PF corpus. Today, you have complete freedom regarding PF account transfer. Not only you can forward the previous balance to a new account, but you can also continue the pension scheme for future benefit. Isn't commendable!
Still, people don't opt for the transfer. It is not profitable to close old account and get the new one. When you have the option to carry a previous balance, why don't you go for it!
Benefits Of Online PF Transfer
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If you still don't want to do the transfer, please check out its benefits right here:
- The online transfer system ensures transparency in the processing. With one click, you can track the status of your application. While in past, you have to go from desk to desk to get the information.
- The Delhi office of EPFO monitors the regionals PF offices. This way, regional PF are more accountable towards their operations.
- The online transfer is faster than traditional offline transfer. Within three weeks, you can expect the transfer of PF account.
In online transfer system, there are fewer chances of errors.
- You should avoid closure of an account. If you make the withdrawal before 5 years of opening account, the interest earned becomes taxable. That's why online transfer is a preferred choice.
Step-By-Step Guide For Online Transfer Of PF Account
Online system may haunt some people. Honestly, due to online access, the transfer system has become easier like never before.
Pre-Requisites For Online Transfer
The following conditions should be met to transfer account online:
- The employee should be registered member at EPFO portal to claim transfer online.
- Your previous and current Member IDs should be present in EPFO database.
- The employer must own a registered digital signature certificate with EPFO.
For your convenience, we have explained step-by-step transfer process as below:
- First of all, visit the official website of EPFO at http://members.epfoservices.in/home.php. Here, you need to create a login ID using UAN details.
- You will be directed to the page, where you need to submit details like UAN, mobile number and employer's details, the number of establishment and account number.
- Once you have provided all the details, click on "Check Eligibility".
- Eligible account holders can register on EPFO web portal for online transfer.
- Submit the proof of photo ID, such as PAN card, Aadhaar card or driving license.
- Next, you will receive the PIN on your registered number. You have to verify that PIN.
- Once you have verified the PIN, you will get the confirmation message.
- Now you be directed to EPFO Member Claims Portal. Enter Document ID and phone number to log in.
- On the top, you will see the option for transfer of PF account.
- Now you have to fill a form for PF transfer. It has three sub-parts. In a first part, your personal details are required. The second one asks for old PF account details. In a third part, submit the new PF account details.
- Once you are satisfied with the details, enter the captcha to get PIN. Click on "I Agree". Once you have entered the PIN, the transfer will be initiated.
- Now you can download the form for print out. You may submit this form to the new or past employer. It verifies that real employee is making the transfer.
- One copy will be forwarded to the respective employer and regional PF office.
- After the verification is finished by an employer, your old PF account balance will be transferred to the new account.
Undeniably, EPFO has made the system extremely flexible. Instead of withdrawal, employees can make a transfer to save for their retirement. We made a sincere effort to provide all necessary information about online PF transfer.
If you have any query or information, feel free to share with us!