EPF Transfer: Provident Fund Transfer Online Process using EPFO Portal
The Employees’ Provident Fund (EPF) is a crucial social security scheme that ensures financial security and stability for millions of employees in India. Traditionally, managing EPF accounts involved a considerable amount of paperwork, long waiting periods, and numerous visits to government offices. However, with the advent of online employees provident fund transfer service, the entire process has been revolutionized, making it more efficient and convenient than ever before.
In this blog, we will explore the importance of EPF online and how it can transform the task of managing your Provident Fund into a hassle-free experience.
What is an Employee Provident Fund (EPF)?
The Employee Provident Fund (EPF) is a social security scheme introduced by the Government of India to provide financial security and stability to employees after their retirement. Under this scheme, both the employee and the employer contribute a portion of the employee’s salary to a dedicated fund. The EPF is managed and regulated by the Employees’ Provident Fund Organization (EPFO), a statutory body under the Ministry of Labour and Employment.
Employees can access EPF funds upon retirement, ensuring a steady stream of income and a comfortable life after retirement. One of the significant benefits of the EPF is its portability, which allows employees to transfer their EPF balance seamlessly when changing jobs. This process is known as “Employees Provident Fund transfer,” online.
However, you can also have a look at the different provident schemes available – EPF vs PPF vs VPF to know which one suits you the best.
Why Transfer Your EPF?
When an individual begins their career in a PF registered organization, they get enrolled for PF purposes, and both the employee and employer contribute to the PF account, which earns interest until withdrawal. Job changes are common, especially in the early or mid-years of one’s career, with or without a break. A common question you might ask in this situation is- how to transfer PF account from one company to another? What happens to the employee’s PF account from the previous employer in such cases? There are two options:
- Withdraw the employee’s contribution with interest if the break is up to 60 days.
- Transfer the balance to the current employer.
To ensure optimal retirement savings and for tax benefits, it’s advisable to transfer the PF balance rather than withdrawing it. Withdrawal of PF within 5 years of continuous service may incur taxes. Thus, transfer from your previous employer and you won’t need to go through such a hassle.
Why Online EPF Transfer is Crucial When Changing Jobs or Relocating?
Transferring your Provident Fund (PF) becomes crucial when you change jobs or relocate to a new place, and the need for a new PF account may arise. Think of your PF as your hard-earned savings that you’ve diligently contributed to during your employment. Leaving your PF behind is like abandoning your savings in an old account.
Through the EPF transfer online process, you ensure that all your accumulated funds stay with you and continue to grow. It’s like carrying your financial safety net with you wherever you go. So, don’t miss the opportunity to safeguard your future and enjoy a seamless transition by taking the simple and essential step of transferring your PF. Your financial well-being will thank you later!
Eligibility Criteria for Employees Provident Fund Transfer
To transfer your EPF, ensure you meet these criteria:
- You must work for an organization under EPFO.
- Have an activated UAN for your EPF account.
- Verify your bank account with your employer.
- Provide DoJ, DoE, and reason for leaving on the portal.
Note that only one transfer request is accepted per previous member ID.
Get Ready to Transfer PF Online: Here are the Documents You’ll Need
The introduction of UAN has shifted the process of PF transfer online from the ‘Online Transfer Claim Portal’ to the ‘unified portal.’Therefore, keep the following documents ready to execute an EPFO fund transfer online!
- Updated PF Transfer Form (PF Form 13)
- Acceptable Identity Proof (PAN, Aadhar, or Driving License)
- Universal Account Number (UAN)
- Current Employer’s Information
- Establishment Number
- Account Number (Old and Current PF accounts)
- Bank Account Details for Salary Deposits
- Old and Current PF details
- PF Transfer Form
Lastly, when you have all your documents in check, verify your transfer claim status.
How to utilize your UAN for online PF transfer?
The Employees’ Provident Fund Organisation (EPFO) has streamlined and modernized EPF account operations for both employers and employees. Embracing technological advancements, EPFO aims to digitize all EPF-related processes, especially the often cumbersome and time-consuming tasks of PF transfer and withdrawal. To achieve this, EPFO introduced the Universal Account Number (UAN), serving as a central hub for consolidating multiple Member IDs issued to an individual by different employers. UAN offers a range of benefits, including a dynamically updated UAN card, an updated PF passbook with transfer-in details, the ability to link previous Member IDs to the current one, monthly SMS notifications about PF contribution credits, and automated transfer request initiation upon changing jobs.
How to Transfer EPF Online? – A Step-To-Step Guide
Follow this concise step-by-step guide for an EPF transfer online:
- Activate your UAN and link it to Aadhar, PAN, and bank account.
- Log in to the EPF Member Portal using your UAN and password.
- Go to ‘Online Services’ and click ‘One Member – One EPF Account (Transfer Request)’.
- Check eligibility for online application. If not eligible, submit PF Form 13 physically to the employer.
- Verify personal and employment details, including your current employer’s information.
- Retrieve previous employment account information by entering member ID or UAN.
- Choose full or partial transfer, as needed.
- Authorize the transfer with an Aadhar-based OTP.
- Note the generated tracking ID for status tracking.
- Print and sign the form, submitting it to the employer within 10 days.
- Inform your current employer for verification and processing.
How to Check the Status of Employees Provident Fund Transfer Online?
Check your EPF transfer status online by following the steps below:
- Visit the official EPF Member Portal.
- Perform PF transfer online login using your UAN and password (ensure your UAN is activated).
- In the main menu, go to ‘Online Services.’
- Under ‘Online Services,’ select ‘Track Claim Status.’
- On the next page, view your transfer request status, including submission date, processing date, and approval status. Check transfer status.
- Keep monitoring the status of PF transfer until the transfer is complete. Once approved, check your UAN passbook for the updated balance.
How to Initiate PF Transfer Online From One Company to Another?
To transfer your PF from one company to another, follow these steps:
- Ensure your UAN is active and linked to your KYC details.
- Verify your eligibility for PF transfer based on your employment tenure.
- Log in to the EPF Member Portal using your UAN and password.
- Access the ‘Online Services’ tab and select ‘One Member – One EPF Account (Transfer Request).’
- Complete PF Form 13 with the necessary transfer details and authorize the request using an Aadhar-based OTP.
- Inform your current employer about the transfer and submit the signed PF Form 13 to them.
- Keep track of the transfer status through the EPF Member Portal.
Procedure to Transfer PF Online From One Account to Another
Transferring your PF from one account to another is an easy and convenient process. Log in to the EPF Member Portal with your UAN and password. Go to ‘Online Services’ and select ‘One Member – One EPF Account (Transfer Request).’ Fill in the transfer details in PF Form 13, choose the transfer mode, and authorize the request using your Aadhar-based OTP. Finally, inform your current employer, submit the signed form, and track the transfer status online. That’s it! Your PF will be smoothly transferred, ensuring the continuity of your savings.
What are the Things to Consider While Transferring PF Online?
Here are a few things to consider before making an EPF Transfer:
- Verify your active UAN with updated KYC (Aadhar, PAN, bank account).
- Double-check transfer information, including previous employer details and PF account.
- Confirm old PF account eligibility (usually, three years of service required).
- Choose between online and offline transfers, considering convenience.
- Check for online transfer charges.
- Monitor transfer status via EPF Member Portal.
- Inform your current employer and provide required documents.
- Keep copies of all related documents and correspondence.
Ensure a seamless EPF transfer for consolidated savings.
Benefits of Shifting from EPF to NPS Transfer
EPS and NPS are government-backed retirement savings schemes that provide pensions after retirement. Some reasons why individuals consider transferring their EPF accounts to NPS include:
- Public sector employees are required to have an NPS account, whereas private sector employees withdraw their EPF when transitioning to a government job.
- While EPF offers low risk and fixed returns, NPS provides potentially higher returns with a moderate level of risk.
- NPS offers greater transparency by allowing you to track your investments.
- NPS enables portfolio adjustments and better return opportunities through asset allocation changes.
- NPS provides enhanced tax benefits, offering an additional deduction of up to Rs. 50,000 for NPS investments.
EPF to NPS Transfer Process
The process of transferring funds from Employees’ Provident Fund (EPF) to the National Pension System (NPS) is known as the Superannuation/Provident Fund to NPS transfer. This allows individuals to move their EPF savings into an NPS account for retirement planning.
Here’s a concise step-by-step guide for transferring EPF to NPS:
- Check Eligibility: Ensure you’re aged between 18 to 60 years, meeting the transfer criteria.
- Open NPS Account: If you don’t have one, open an NPS account via PoP or eNPS.
- Obtain Form G: Get Form G from your employer or EPFO office for EPF to NPS transfer.
- Fill the Form: Complete Form G with personal and account details, transfer amount, and NPS info.
- Submit the Form: Hand the form to your employer, who will attest it and forward it to EPFO.
- Verification and Processing: EPFO verifies the form and processes the transfer request.
- Contribution Split: For partial transfers, your EPF balance remains, and regular contributions continue.
- Fund Transfer: Upon approval, EPF funds move to your NPS account for investment.
- NPS Account Management: Manage your NPS account through the NPS portal or fund managers.
This streamlined process ensures a smooth EPF to NPS transfer.
What are the Advantages of Transferring PF Online?
Employees’ Provident Fund transfer offers several advantages that make the EPF transfer process online more convenient and efficient for employees. Here are the key benefits of EPF transfer online:
- Time-Saving: Online PF transfer eliminates the need for physical paperwork and multiple visits to government offices, saving considerable time and effort for employees.
- Easy Accessibility: Employees can initiate the transfer request from anywhere at any time, as long as they have access to the internet and the EPF Member Portal.
- Transparency: The online employees’ provident fund transfer process provides real-time updates on the status of the transfer, allowing employees to track the progress and stay informed throughout the process.
- Reduced Errors: The digital nature of online transfers reduces the chances of errors, ensuring that the information provided is accurate and minimizing the possibility of delays or rejections.
- Faster Processing: Online transfers are generally processed faster compared to manual transfers, allowing employees to access their accumulated PF funds sooner.
What is the Importance & Use of Linking UAN with Aadhar Cards?
Linking Aadhar Card is essential, especially in the context of employees’ provident fund transfer. Here are the compelling reasons to link your UAN with Aadhar:
- Aadhar contains crucial personal information, making it a vital document for verification.
- Linking UAN with Aadhar guarantees accurate and consistent information.
- Mandatory UAN-Aadhar linkage enhances the safety of EPF transactions, enabling hassle-free withdrawals and payments.
- It also ensures exclusive access to the account holder.
To Wrap It Up…
In conclusion, the online EPF transfer process has revolutionized the way employees manage their provident fund accounts. With its seamless and efficient features, it offers numerous benefits, including time-saving, transparency, reduced errors, and easy accessibility. By taking advantage of the digital platform, employees can initiate and track their PF transfers conveniently from anywhere, ensuring a smooth consolidation of their funds.
The online EPF transfer empowers individuals to take control of their financial future and make informed decisions about their retirement savings. As technology continues to evolve, the online PF transfer process for employees is expected to become even more user-friendly, making it an indispensable tool for employees seeking a hassle-free and secure way to manage their provident fund accounts.
FAQs
You can withdraw employee provident fund transfer up to 3 times, but each time must be after a minimum interval of 5 years.
You can submit PF Form 13 for PF transfer online to the EPFO office under which your previous or present account is maintained, depending upon which employer has attested the claim.
If you withdraw your EPF before 5 years of service, the entire amount will be taxable. The tax rate will depend on your income slab. If you withdraw after 5 years of service, the amount will be tax-free.
No, you cannot withdraw employees provident fund transfer whenever you wish. There are certain conditions under which you can withdraw EPF, such as retirement, unemployment, medical emergency, etc. You can check the EPF withdrawal rules for more information.
Yes, it is possible to opt for employees provident fund transfer without the company’s approval if you have a valid reason and follow the required procedures. Additionally, you should meet the EPF transfer eligibility criteria.
You can make up to three emergency withdrawals from your PF account.
Only one transfer request against the previous member ID can be accepted.
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