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Procedure to transfer the EPF amount by using the EPFO portal

For salaried individuals, the Employees’ Provident Fund (EPF) acts as a great investment option because of its tax benefits and high rate of interest. All operations of the EPF is handled by the Employees’ Provident Fund Organisation (EPFO) and the rate of interest is also determined by the EPFO on a yearly basis. 

The employer and employee each contribute 12% of the employee’s dearness allowance and basic salary towards EPF. The contributions made towards EPF earn interest until they are withdrawn. However, many individuals change their jobs throughout the course of their employment. Once an employee changes jobs, the new employer will start depositing the PF contributions to a new account. However, the Universal Account Number (UAN) will remain the same. Under such circumstances, the employee has the below-mentioned options: 

  • Transfer the PF amount from the old account to the new account. 

  • In case the employee remains unemployed for 2 months or more, the PF amount can be withdrawn. 

However, because of the interest that the PF amount generates, the better option would be for the employee to transfer the PF balance from the old account to the new one. Employees must also pay tax in case the PF amount is withdrawn within 5 years of service. 

Method to use the UAN 

The EPFO allots every member who contributes towards EPF a Universal Account Number (UAN). The UAN is a 12-digit number and does not change throughout an individual’s employment life. The introduction of the UAN has made the withdrawal process, transfer of PF, and the process of updating Know Your Customer (KYC) details very simple. 

In case individuals change their jobs, the new employer will assign them different Member ID. However, the UAN will remain the same. With the help of the UAN, employees will be able to transfer the PF balance from the old employer to the current one. Apart from transferring PF, checking and downloading the PF passbook, withdrawing PF, and updating of UAN card is possible with the help of the UAN.  

Prerequisites for EPF transfer on the EPFO portal 

Before transferring the PF balance from one account to another, employees must keep the below-mentioned points in mind: 

  • All PF account details and personal information that is present on the EPFO portal must be entered without any errors. 

  • Transfer is possible only once and from a previous Member ID. 

  • PF details of the current and previous employers must be mentioned on the EPFO portal. 

  • Digitally registered authorised signatories must be present with the current and previous employers with the EPFO. 

  • All the KYC details of the employee must be e-approved by the employer. 

  • All banks details of the employee must be linked with the UAN. However, in regards to the transfer of PF amount, it is not mandatory for the Permanent Account Number (PAN) and Aadhaar number to be linked with the UAN. 

  • The employee must activate his/her UAN and the mobile number of the employee must be linked with the UAN. Activation of the UAN is very simple and can be done on the EPFO portal. 

Step-by-step procedure for transfer of PF amount 

Mentioned below is the detailed procedure on how to transfer the PF amount from the old account to the current one: 

  • Initially, you must visit https://www.epfindia.gov.in/site_en/index.php. 

  • Next, you must click on ‘For Employees’, which can be found in the ‘Our Services’ tab. 

  • On the next page, click on ‘Member UAN/Online Service (OCS/OTCP)’. The link can be found under ‘Services’ 

  • You must sign in to the account by using the UAN, captcha, and password details. 

  • Once you have logged in to your account, under ‘Online Services’ you will find ‘One Member – One EPF Account (Transfer Request)’, click on it. 

  • On the next page, you will find all your personal details of your current employment. It is vital that you check through the details to ensure there are no errors. 

  • The PF details of your previous employment will appear after you click on ‘Get Details’ that is present below. 

  • The option will be provided to you where you can choose your current employer or your old employer from where you want to get the attestation. Choose the relevant option and enter the Member ID. 

  • On clicking on ‘Get OTP’, you will get an OTP on the mobile number that has been registered on the portal. Enter the OTP and hit on ‘Submit’. 

The transfer of EPF will be approved by the employer by using the digital signature certificate. It can take up to 10 days for the transfer of the PF to be completed. 

Conclusion 

The EPFO has introduced several new measures to help members ensure that EPF withdrawals and transfers are done quickly. The launch of the UAN has also helped employees update various EPF details on the EPFO portal from the comfort of their homes. Bankbazaar provides more information about PF withdrawals rules.

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EPFO, EPFO, EPF, EPF, UAN, UAN, PF, PF, EPFO portal, EPFO portal, EPF Account, EPF Account,

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