Latest News
-
1:1 Bonus Issue: Engineering Stock Turned Ex-Bonus On April 23, Hits New 52-Week High; Gives 268% Returns -
Vodafone Idea Shares Soar 7% Following Strong FPO Subscription; GMP Hints Premium Shares; Details -
Karnataka, Gujarat Lead India's Clean Energy Transition Race, Report Shows -
Gold Price India: 24K Of 100 Grams Gold Falls By Rs 15,300 Today, Biggest Dip In April -
JNK India IPO: Public Issue Opens Today; GMP Hints Premium Listing; Check Subscription Status -
Fraud Worth Rs 150 Crore Detected at M&M Financial Services Branch; Board Meeting Deferred -
40% Of India's Silver Now Imported From UAE, Thanks To CEPA -
US Hedge Fund Jane Street & Millenium Management's $1 Bn Trade Puts Spotlight On Indian Options Market -
Day Trading Picks: Chandan Taparia of Motilal Oswal Recommends 3 Stocks To Buy Today - Tuesday -
Trade Setup: Nifty Bounces Back From Friday Lows As Geopolitical Tensions Ease; Focus On Q4 Earnings
How To Merge Two EPF Accounts Into One EPF Account With UAN Online?
The idea is to link multiple Member Identification Numbers (EPF Accounts) allotted to a single PF member under single Universal Account Number.
Many professionals these days change jobs frequently in pursuit of better salaries and opportunities. However, such changes also accompany the change of and merger of old and new PF accounts of the employee. To rectify these problems the government introduced (UAN) Universal Account Number which is a unique 12-digit account number provided to the EPF members.
This UAN number allows linking all your PF accounts under one account thus making tracking of the same easier. There are some more advantages of UAN number that employee can transfer funds from one PF account to another quickly and easily using UAN number. One can also link your Aadhaar number to UAN which reduces the need for a signature for transfer or withdrawal of PF funds. If you have two PPF accounts you need to merge them into one account.
Merging two EPF accounts into one is not that difficult and employees need to follow some steps.
1. He must complete the KYC which involves verification of PAN, Bank Account, etc.
2.Must have a UAN, and it must be linked to your current EPF account.
3.Must wait for three days after activating UAN before merging EPF accounts.
The process to merge two EPF accounts into one EPF account using UAN online:
1.Go to EPFO website.
2. Then click services.
3.Select One Employee and One Epf Account link.
4.After selecting One EPF account link, we will get one window On the screen where the employee needs to fill the details like UAN, phone number, etc.
5. After entering details click Generate OTP which will send an OTP to your registered mobile number.
6. Enter the OTP and click verify OTP.
7. You will move to another window where you can enter the details of the previous EPF accounts that you want to join.
8. Mark the declaration and click "submit".
Merging two EPF accounts is simple and ensures that you have one consolidated account. This makes it very easy and you get a lumpsum when you want to withdraw your employees provident fund. With the enactment of Aadhaar Act, 2016 (26th March 2016), EPFO is now seeking to make Aadhaar, the primary identifier. Members having Aadhaar seeded UAN, saves the inconvenience of claims forms attestation by the employers.
Several job changes generally result in the opening of several Employee Provident Fund (EPF) accounts, one for each employer. With the introduction of the Universal Account Number (UAN), it is possible to consolidate several accounts into one account for each EPFO member. The employee retirement fund organization EPFO provides to its members a facility which allows the consolidation or merger of their multiple PF accounts with the current universal account number (UAN).
UAN activation
Each member of EPFO is assigned a UAN which is generally specified on the salary slip. To activate UAN, the user must visit the unified portal of EPFO at https://unifiedportal-mem.epfindia.gov.in/memberinterface/ and click on the "Activate UAN" tab. By entering the details like UAN, name, date of birth and mobile number, an authorization pin is generated. The UAN is activated once this pin is entered and authenticated.
Merging of accounts
To merge two existing EPFO accounts, the member must visit the EPFO website and under the "Services" tab, click on the "One employee - One EPF account" button.
Details
By clicking on the link, a form will open to consolidating several EPF accounts. The member needs to enter his mobile number which is registered on the UAN portal. Then the UAN and the current member ID must be entered. Upon presentation of this information, an OTP will be sent to the registered mobile number for authentication.
Merging of accounts
Upon entering the OTP, the page for entering the old PF account details for the merger will be displayed. Once your old PF account number is submitted and the declaration is accepted and submitted, the request to merge this account with the existing PF account will be sent to EPFO.
Points to note
The account merging function is available three days after activation of the UAN.
To benefit from this service, the member must have their KYC and Aadhaar contact details updated and registered with EPFO
How An Aadhar Card Number Benefits Through UAN?
You may now have understood why it is necessary to merge two EPF accounts into one EPF account. While doing so, it is also important to understand that you must link your Aadhar Card. One is that the settlement of dues become easy, when you do so. Secondly, there is more transparency.
If you have not submitted your Aadhaar card as yet, you should do so at the earliest.
How To Transfer EPF Account Online?
Individuals can even transfer EPF account online as the transfer process is transparent, efficient and comfortable. A member has an option to submit the claim either through his present employer or previous employer.
