nowadays pf transfer is getting popular than pf withdrawal because of uan number. with uan number portal. the employee has to inform the employer to link present uan with new pf account. all pf accounts up to 10 links with uan number. we can transfer from to one pf account close remaining account. here UAN number is the key for all your pf accounts.
Provident fund is a retirement saving platform provided by the government of India. It is considered as one of the most beneficial as well as popular investment for salaried people. In this scheme, the employer contributes 12% of employee’s basic salary into his PF account. All the transactions of PF accounts are controlled by EPFO and also it is made sure that an interest in included to the amount every year.
The rates of annual interest are determined by central government. At the time of retirement, all your deposited funds and credited interest are provided to you. The best part about investing in provident funds is you can also take a loan on your PF account balance. You can ask for a PF loan at any point of your service. This money is always a great help in the emergency situations. These are the reasons why provident funds have become such a popular concept.
How to transfer PF funds to another PF account
Today the days have completely changed. There are hardly few people l spend all their life working for the same organization. But in today’s generation, people tend to change multiple jobs throughout their career. You can transfer your PF funds at any point of time. In such cases people find transferring their PF funds becomes a tricky situation.
When a person changes his job there may be a change in city or work area. Changing places for a job has become extremely common for people working in private industries. When you change a job you have to go through a lot of paperwork, collect dues, finish with all the formalities and so on. Besides all these things one of the most important steps you should take is to transfer your PF funds to another account. PF is a mandatory contribution made by the employer as well as the employee. This can be transferred from one employer’s account to new one.
Why transferring PF is better than closing it?
At the point of changing job, many individuals prefer to close their old PF account which is not right. Closing and opening a fresh account is a hectic and tiresome decision. Whereas transferring your PF account from one employer to other is always a wise decision. Transferring your PF account from one employer to other is the comparatively easier task. In earlier days the process of transferring PF funds included some paperwork and formalities. But the best part is today all this process can be done online. The online self-service portal has made it extremely easy.
Benefits of PF transfer
There are a number of benefits offered by transferring your PF funds. Many people are unaware of the fact that closing your PF account before 5 years is a taxable affair. In this can, the withdrawal amount will be taxable and you will have to bear the loss. Whereas transferring your PF funds is always a beneficial option as you will get your whole money without any deductions. In this case, you will also be able to earn the prevailing rate of interest from PFO. This can offer you some long term benefits as the amount becomes substantial due to the power of compounding. You can also withdraw these funds any time for the financial emergencies.
How to check PF transfer eligibility
Transferring PF funds is always permitted by PFO. In the earlier days making the PF transfer was time-consuming as the employee had to take a signature of his ex-employer on form 13 and submit it to the current employer. Another issue was the form used to be posted by post and often used to be delayed or misplaced. However, the online portal has changed the things radically. Now people can easily transfer their PF account easily. Using online portal is time-saving and less stressful. To make the PF transfers through the online portal you just need to have a universal account number. This account number remains a permanent identity.
Guide for online PF transfer
Transferring your PF funds online is quite easy. You just need to have your UAN number which can be received from your employer. Following are the steps to make the PF transfers.
- the very initial step one must follow is to visit the UAN login website and log in to it. Once you enter your UAN details to the page you will land on a page where you will find all the details about your UAN account such as pan number, account number, and current status.
- once you fill all the details you have to check whether you are eligible for the PF transfer or not. You can search for your employer’s establishment number by entering location and name of the employer. You can find this in the drop-down menu.
- after entering the details the website will let you know if you are eligible for the transfer or not.
- If you are eligible for the transfer then you will be able to register to the PF portal.
- after this, you will have to submit your legal documents such as Photo ID, Pan Card, Aadhaar card or a driving license. You will also get an OTP message on your mobile so that they can verify you.
- once you receive the message enter the pin number and continue with the process.
After signing into the UAN portal you will never have to enter the details again. You can easily login to the portal by using your UAN ID.
- once you land to the homepage check the top tabs and ask for PF transfer of account. Here you will get an access to the transfer form. You can fill all the details into it.
- enter your personal information and the details of your salary bank.
- after this add the details of your previous PF account.
- followed by this add the information of current PF account.
After this, your transfer claim will be settled once your ex and current employer. Once this is done press, i agree button and your transfer will be initiated.
Epfo member claims portal OTCP to initiate a transfer request. http://memberclaims.epfoservices.in/