If you have a PF account and you are wondering of how to transfer your PF than this article would help you. There are many scenarios when you need to transfer your PF fund from one account to another. You can transfer the fund after 5 years of PF period. Here is the full detail of PF transfer.
Occasions when you need to transfer PF
There are many such occasion when you need to transfer your PF. When you start a job, you can start contributing to your PF funds. Both employer and employees contribute to the same fund. In the case of your job change, you may need to transfer your funds for two reasons.
- Your contribution to your PF fund will be withdrawn if you are on break for more than 60 days.
- In that case, you can transfer your PF to your new employer
Documents or information needed to transfer PF
When you want to transfer your PF, you need to gather all the information and document. This will make the transfer of PF process much simple. Here is the list of document you need to transfer your PF.
- You need your bank account number and bank IFCS code
- Bank detail should be in the UAN you have registered
- Pan card and Aadhar card is not mandatory in some case
- You need to activate your UAN number by registering to the portal before transferring your PF
- Your employer should have approved the E-KYC process for your PF account
- Your previous and the current employer should have digitally registered authorized signatories in EPFO
- You need both PF account number of previous and current employment
- Only one transfer request of previous member ID is accepted
- You need your personal detail and PF account detail
How to transfer PF online to another PF account
Here is the step by step guide on PF transfer
- You need to log in here, https://unifiedportal-mem.epfindia.gov.in/memberinterface/ with your UAN number and password.
- Once you log in, you need to find the online service and then find the one member one EPF account transfer request
- Then you have to check if you are eligible for the PF transfer
- In some case, you need to fill out the physical form and submit it
- After that, verify all the detail of current employment
- After you click on more detail, you will find all the information about your previous employment
- You can choose either your previous employer or current employer for attesting the claim form based on the availability of authorized signatory holding DSC. Choose either of the employers and provide member id/UAN
- After that, you will get the OTP on your registered mobile number, you need to enter the OTP and submit it
- Once your request is complete, your employer will digitally accept the transfer request by accessing the database on the unified portal
- After that, you need to fill out the form 13 and then submit it to get your PF transfer.
The advantage of PF transfer
- If you close your old PF account and open a new one before 5 years, the PF amount would be taxable, but if you just simply transfer your PF fund from one to another, they won’t be taxed.
- You can also get your PF early if you need to use that fund for buying a new house, the marriage of yourself or the children or the illness
- You can earn interest from EPFO
Before the unified portal and online services, it would be a tiresome task to transfer your PF account. You need to fill out forms and you need a sign of your previous employer and then you need a sign of your current employer as well. This process would take lots of time and that correspondence would be in form of postal. So there are many time those post would go missing.
In some case, the previous employer refuses to sign and also doesn’t acknowledge receiving any form to sign. That is why in 2013, the government launched the unified portal to settle all the claim. Because of this, more employees would rather forget about the old PF then go through all this trouble. EPF has estimated that in 2013, more than 22,000crs rupees are lying dormant in those accounts.
So it’s always better to get your hard earned PF back into your fund under UAN number. With help of this portal and online service, once can easily transfer their funds. We hope that this article would help you understand the method and process of PF transfer. If you have any question about PF transfer, do let us know in the comments.