How to Transfer PF Online? A Complete Overview
In India, the Employees' Provident Funds Organisation administers the Employee Provident Fund (EPF), a retirement benefit plan. Employees can save for their retirement with the support of this government-backed savings program. A monthly contribution to the EPF account is made by the employee under this plan, often equal to 12% of their base pay plus dearness allowance. The employer contributes the same amount. The government periodically declares a fixed interest rate on the contributions paid to the EPF account. Since EPF is a source of long-term savings that can help ensure an employee's financial future, it is an essential part of their financial planning. Online access to your PF account and money transfers are quite simple. The various phases in this procedure will be covered in this article to ensure a seamless transition for your hard-earned savings.
Table of content
Why Should You Transfer Your PF?
One may think about shifting their PF account for the following two main reasons:
Change of Employment: Employees may be able to move their PF account balance from their old employer's account to their new employer's account when they shift employment. By doing this, they can avoid creating a new PF account and consolidate their savings.
Accounts Consolidation: A person who changes employment frequently may have more than one PF account. For convenience, they might think about consolidating their balances into a single account. They will be able to monitor any past savings thanks to this.
Employees are enrolled for PF purposes once they begin working for any PF-registered organisation. Both the employer and the employee contribute to the employee's PF, which accrues interest until it is withdrawn. Furthermore, changing jobs for a variety of reasons, with or without a hiatus, is not unusual, particularly in the early or mid-years of a career. If the employee's PF account was already established with the prior employer in such circumstances, the worker will have two choices.
If an employee is on leave for more than 60 days, their contribution, plus interest, may be refunded
Give the remaining amount to your present employer
It is always preferable to transfer the PF balance rather than withdraw it in order to make it an appropriate retirement savings option. From a tax perspective, this is also advised because withdrawals from PF made within five years of continuous service are subject to taxes.
How to Utilise UAN to Transfer PF Online
To make EPF account management easier for both employers and employees, the Employees' Provident Fund Organisation (EPFO) has been implementing a number of initiatives. In keeping with the technological revolution, EPFO is working to make all EPF-related procedures electronic, particularly the time-consuming and laborious PF transfer and withdrawal processes. The Universal Account Number (UAN), which was developed by EPFO, serves as a catch-all for the many Member IDs that are assigned to a person by various employers. Multiple EPF Accounts (Member IDs) assigned to a single member can be linked thanks to UAN. A variety of services are provided by UAN, including a dynamically updated UAN card, an updated PF passbook that includes all transfer-in details, the ability to link the IDs of past members with current IDs, monthly SMS notifications about the credit of contributions in PF accounts, and the ability to automatically initiate transfer requests upon changing jobs.
Benefits of UAN
The following factors make the UAN significant:
Online PF Services: To access online PF services including transfers, withdrawals, and PF balance checks, the UAN is required.
Transparency: The Provident Fund transfer procedure is made transparent by UAN. It offers a distinct identification number that can be used to monitor the transfer request's progress.
Security: Because the employee's PF account is connected to their Aadhaar number and can only be accessed with the UAN password, UAN guarantees the security of the account.
Information Needed to Transfer PF Online
Although the PF transfer was previously feasible online through the "Online Transfer Claim Portal," the transfer procedure has been updated and moved under the "unified portal" after the advent of UAN. However, make sure of the following in order to make an online PF transfer:
The member's UAN should have been activated using the UAN site, and the activation mobile number should be active as well.
The employee's bank account and bank IFSC code must be seeded against the UAN. It is not required to seed your Aadhar number and PAN against your UAN in order to file a transfer claim.
The e-KYC should have been authorised by the employer.
The EPFO database should contain the authorised signatories for the employee's digitally registered PF account number from both their past and present employers.
Transfer requests can only be approved once using the prior member ID.
The personal data and PF account-related data displayed in EPFO should be accurate.
Documents Required for PF Transfer Online
The necessary paperwork, including your UAN, is required in order to make an online Provident Fund (PF) transfer:
Form 13: To move your PF account balance from your former employer's account to your present employer's account, you must complete and submit a transfer request form to the EPFO. Remember to fill out this form completely and accurately.
Aadhaar Card: The Indian government issues your Aadhaar card, a unique form of identification. Linking your PF account to your Aadhaar information and verifying your identification are prerequisites.
PAN card: The Income Tax Department issues the ten-digit Permanent Account Number (PAN) card, which is a unique identifying number. Verification of your tax-related information is necessary.
Bank Account Information: The bank account information of the account to which you wish to transfer the funds must be provided.
Past Employer Information: You must submit your former employer's information, including the employer's name, establishment code, and PF account number.
Benefits of Transferring PF
Transferring the old PF corpus to a new PF account established by the current employer is preferable when an employee switches jobs. EPF is a government-backed long-term investment. Therefore, in an emergency, it can be discontinued. The following advantages come with moving the PF account balance from the old to the new one:
TDS is due when an employee withdraws their EPF within five years after starting work. However, the PF corpus is tax-free if it is transferred within five years.
Compound interest on PF contributions is offered by EPFO. Therefore, the interest would be lower if the PF amount was taken out rather than transferred.
Steps to Transfer PF Online
We now know that the aforementioned requirements must be met in order to make a PF transfer online. Let's use screenshots to help us comprehend the process step-by-step:
Step 1: Enter your login information, such as your UAN number and password, to access the Unified portal (member interface).
Step 2: Select "One Member – One EPF Account (Transfer Request)" under Online Services after logging in.
Step 3: Confirm the PF account and personal data for the current job.
Step 4: By selecting "Get details" below, the PF account information from a prior job will be displayed.
Step 5: Depending on the availability of an authorised signature with a DSC, you can choose to have the claim form attested by your present employer or your former employer. Select an employer and provide your member ID and UAN.
Step 6: Click "Get OTP" on the following step to have an OTP sent to the UAN-registered mobile number. Then, enter the OTP and press "Submit."
Step 7: The Tracking ID and PF account information are displayed after you click "Submit." Sign "Form 13" after taking a hardcopy of it. Once you have this form, you have ten days to turn it in to the employer.
Step 8: After reviewing and approving the claim, your former employer will send it to the EPFO for approval and PF account transfer. When the transfer claim is approved by EPFO and your employer, you will receive an SMS.
Steps to Check the Status of Transfer of PF Online
It can take a long time to move your Employees' Provident Fund (EPF) from one account to another. To make sure your PF transfer is going well, it's critical to periodically check its status.
Step 1: Visit the member portal for EPFO.
Step 2: Enter the password and UAN to log in.
Step 3: Select "Track Claim Status" from the "Online Services" option.
Step 4: The "Transfer Claim Status" section will show the PF transfer status.
Conclusion
It is possible to move the EPF account from one employer to another. A Universal Account Number (UAN), a special member-identifying number that can be used to identify your EPF account, is given to you when you join the EPF. Each employee has a unique UAN number that is used to identify their EPF account. You can easily move your EPF account from your previous employer to your new one when you shift employment. As a result, when an employee changes jobs, their existing EPF account is simply transferred rather than a new one being formed.
FAQ
Q1. What is PF transfer?
When you change jobs, a PF transfer is the process of moving your previous EPF account to your new one.
Q2. Is PF transfer mandatory when changing jobs?
No, transferring your PF when you move jobs is not required. You can, however, increase the return you receive on your savings by moving or combining your previous PF account with the most recent one.
Q3. Can I transfer PF without UAN?
No, in order to transfer your PF account, you must have an active UAN.
Q4. Can PF transfer be done offline?
There isn't yet a way to move your PF offline.
Q5. How to transfer the PF amount to a bank account?
The PF amount cannot be transferred straight to your bank account. If you meet the requirements for withdrawal eligibility, you must either make a full or partial withdrawal to do this.
Q6. Can I transfer PF if I am unemployed for a period of time?
Only after you find a new job can you move your PF to a different account. However, you have the option to withdraw your full EPF corpus if you are unemployed for longer than two months.
Q7. Can I transfer PF online if my prior employer does not verify the claim?
By electing to have your present employer validate the claim, you can transfer your PF online.
Q8. Can I edit details such as the father’s name, DOB, date of joining, and date of exit as available in EPFO database?
No, you are unable to change information that is available in the EPFO database, such as the father's name, DOB, joining date, and exit date.
Q9. Do I have to take a printout of the claim submitted and give it to the employer after signing it?
Yes, after signing the claim, you must take a printout of it and present it to the employer.
Q10. How many PF transfer requests can one make?
Only one PF transfer request may be made using a member ID from a prior job.
Q11. How many times can I withdraw my PF amount?
For emergency situations, you are permitted to take out your PF balance up to three times.
Q12. How can I know the status of the claim which was submitted online?
By logging into your UAN account on the EPFO site and selecting the "Track Claim Status" option under the "Online Services" menu, you may see the progress of your online claim.
Q13. Can EPF be withdrawn while working?
No, you cannot withdraw funds from your PF account while you are still employed. If you want to request a partial withdrawal of your PF corpus, you must have been unemployed for at least two months. However, there are several circumstances in which you can request a partial withdrawal of your EPF, including a family member's or account holder's medical emergency, a child's or your own wedding, or the purchase or construction of a home.
Q14. Can EPF be withdrawn anytime?
No, EPF cannot be withdrawn at any time. To be qualified for a PF withdrawal, a number of requirements must be fulfilled, including the account holder's age, cause for withdrawal, and length of work.
Q15. Is EPF withdrawal taxable?
Only withdrawals made from an EPF within five years of work are subject to taxes. However, EPF is tax-free if it is withdrawn after five years of employment.
Q16. Are there conditions for withdrawing EPF?
Yes. EPF cannot be withdrawn at any point in time. To be qualified for a PF withdrawal, a number of requirements must be met, including the account holder's age, employment history, and the reason for the withdrawal.
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