11/12/2016 How to Transfer PF Funds Easily to another PF Account

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How to Transfer PF Funds Easily to another PF Account

How to Transfer PF Funds Easily to another

PF Account

Gone are the days when an individual spent most of his working years with a single employer and retired from
the same company. With most of the jobs being created in the private sector, job changes have become the
norm than an exception. And with job changes, change of workplace from one city to another is also fairly
common.

While changing jobs means enough paperwork to get relieved, collect dues and join elsewhere, employees
should not also forget an important component of their benefits package. This is the mandatory contribution
into the Employees Provident Fund. This can be transferred from the old employers account to the new one.

Why transfer PF and not close it?

While changing jobs and joining a new employer, an employee has an option to close the old PF account and
open a fresh one. But it is wiser to transfer the old PF account funds to the new one. Earlier, the transfer
involved some paperwork, like submitting the transfer form from an old employer to the new one, but with
launch of an online self-service portal by EPFO this has become easier and hassle-free.

Advantages of EPF Transfer:

While closing an old account before 5 years, the amount becomes taxable. But if you simply transfer
the funds, you get to enjoy your hard earned money in full.
You can avail partial withdrawal on your PF funds for reasons like purchasing/constructing a house,
medical treatment, marriage of own or daughter etc.
You earn the prevailing rate of interest from EPFO, in the long run this becomes a substantial sum due
to the power of compounding.

EPFO estimates say Rs.22,000 crores were lying with the organization as of March 2013. Since these
accounts were dormant for three years, they were not earning any interest too.

How to go about PF Transfer?

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11/12/2016 How to Transfer PF Funds Easily to another PF Account

The EPFO had always allowed fund transfers. But it was time consuming and cumbersome since an
employee had to get a Form 13 signed by his ex-employer and submit to the present employer. Also the form
had to be sent by post and could get lost or misplaced. There was lot of discontent among employees and
therefore it explained the dormant accounts lying with EPFO.

EPFO Online:

However, things have started changing radically after EPFO launched an online, self-service portal on 2
October 2013 for online transfer of funds. Already, over 1.15 lakh employees have applied on the portal to
transfer their PF funds. While, 90,000 claims out of this has been settled, about 8,900 have been rejected.
Hence, the success of online PF transfer is very high. For ease in transferring funds online, EPFO in July
2013, introduced a revised Form 13 . This can be submitted to either the present or to your previous
employer. Earlier, the employee had to submit it only to the previous employer. But, if the present employer
falls under the exempted category (that is maintains a trust), then the form can be submitted only to present
employer. They have also launched a Universal Account Number that links a particular member to a
particular account and facilitates its portability when the member changes employers.

Explore all available Tax Saving Schemes

Step-By-Step Guide for Online Transfer of PF Funds

Here is a step-by-step guide to how you can log into the EPFO portal and facilitate the transfer of your PF
funds from one employer to another.

If you have already been assigned a Universal Account Number, you can transfer funds easily. Ask your
employer for UAN, if you havent got it.

1. Go to the EPFO website at http://members.epfoservices.in/home.php and create your UAN based

login ID.
2. This will take you to a page where you have to enter your UAN, mobile number and details of current
employer like state, establishment number and account number.
3. Then you need to check if account is eligible for a transfer on the EPFO site. You need to fill in the
state where the employer was located and search by name or establishment number from a dropdown
menu.
4. After you have filled in the details, click on Check Eligibility.
5. The site will then let you know if your account is eligible, or not. If it is, then you can register on the
EPFO website.
6. You have to submit a valid photo ID such PAN card, Aadhaar or driving licence. The website will also
send a PIN to your mobile which you have to verify.
7. Submitting the PIN successfully will give you a confirmation message. Continue further.
8. This will take you to the EPFO Member Claims Portal, To log in you have to provide the document ID
and phone number. After signing in, you can see all options.
9. Go to the top tabs and click on Request for transfer of account.
10. You can now access and fill in PF transfer form. It has three broad parts:
First, you have to enter personal information in the first part. Other than your name and email
you have to enter IFSC code of the bank and your salary account number.
In second part, fill in details of your old PF account
In part three, fill in details of current PF account.

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11/12/2016 How to Transfer PF Funds Easily to another PF Account

The claim can be attested by your previous or current employer. It takes some time for their end
to do it.

11. After the form is correctly filled in, you can click preview to see if the information is correct. Or else
modify.
12. After ensuring all the information is correct, enter the captcha and get PIN. Also click I Agree.
13. After entering the PIN, the claim transfer is initiated.

You can also check the status of your funds transfer through the portal. In case of any hitches you may
enquire at the previous/ current employer end or write to EPFO directly.

This is how easy, the funds transfer of PF has become through the online portal.

Read more on EPF Related Pages

EPF
EPFO
PF Withdrawal
PF Status Online
UAN
How to login to EPFO Member Portal
EPF Form 5
Employee Provident Fund Scheme 1952
How to Check EPF Balance Through SMS
EPF Contribution
EPF Form 11
EPF Form 31
EPF Limit
EPF Nomination Form
How to Transfer EPF Online
Online EPF Registration for Employer
PF Claim Form
PF Settlement Form Online
PF Transfer Form
PF Withdrawal Rules
PF Interest Calculator
EPF e-Sewa
EPF Statement Online
EPFO Universal Account Number
EPF Form 2
Name Change in the EPF
Employee PF Account Number
EPF Challan
PF Withdrawal Forms
NDLM
NREGA
IAY
NSDL

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