Because of its E-E-E (exempt-exempt-exempt) status, the Employee Provident Fund (EPF) is an excellent investment choice for any salaried person. This implies that contributions to EPF, interest earned from EPF (which is currently kept at 8.5% for FY 2020-21), and withdrawals from EPF after 5 years are all tax-free. EPFO has made arrangements on its web platform for subscribers to transfer their current or old PF account to a new one. Transferring EPF account is purely a digital process and a member or employee can transfer his or her provident fund from the convenience of his home or workplace.
Why and when you need to transfer your PF account?
As an employee, if you are going to switch your job you have two options to take into account i.e. either withdraw your PF amount or transfer the account or balance to your new employer. You should not withdraw your PF corpus while you are already employed and want to continue doing so. PF is a government-backed scheme that is a long-term investment vehicle in nature. As a result, it is recommended that you only withdraw your PF in an emergency. Instead of withdrawing your EPF amount, you can transfer it to your new employer. Employees can benefit from the PF transfer alternative in a variety of ways which are as follows:
- If the account is less than 5 years old, TDS is levied on PF withdrawals. If you transfer your PF account and keep it open for 5 years, you will be able to withdraw your funds tax-free.
- Employees who have the same EPF account for more than 10 years are eligible for a pension until they reach the age of 58, which is not likely if the account is closed every time the employee switches his or her job.
- When you switch your job, you don't have to withdraw your provident fund because you can simply transfer it to a new account through an online mechanism.
Prerequisites you need to consider while transferring EPF account
Please keep the following in mind while making an online PF transfer.
- On the Member e-SEWA portal, EPF account holders must ensure that their UAN (Universal Account Number) is activated.
- After logging in, individuals must double-check that their personal details, such as name, contact details, and marital status, are correctly expressed on the Member e-SEWA portal.
- Employees should also double-check that their bank account number, IFSC, and Aadhaar details on the Member e-SEWA portal are accurate. Make sure that the employer and UIDAI have digitally authorised the bank account details and Aadhaar.
- An OTP will be sent to the registered mobile number via SMS when the transfer form is submitted online. As a result, make sure that your mobile number is registered on the EPF portal/UAN and is active.
- While filing the transfer form electronically, the member must choose whether the form will be attested by the current or former employer. Employees can make their choice with the assurance that the employer will be asked to certify the form using a DSC (Digital Signature Certificate) of an approved signatory that must be registered on the portal. As a result, it is a requirement that at least one of the employer's DSC should be registered on the portal, whether former or current.
- Only one transfer application can be approved against the previous member ID.
Steps to transfer PF account online
To transfer your PF account online, follow the steps listed below:
- Visit the EPFO portal and sign in to your account using UAN number and password
- Under 'Online Services' section, click on 'One Member - One EPF Account (Transfer Request)'
- On the next screen, you will see the details of your personal information and present account info which transfer will be affected.
- Now click on 'Get Details' to get PF account details of previous employment.
- Depending on the availability of an approved signatory with a DSC, you can choose either your former or current employer to attest the claim form. Select one of the employers and enter the member ID or UAN.
- Now click on 'Get OTP' to get an OTP on your UAN-linked mobile number
- Verify the OTP and click on 'Submit'
- A tracking ID will appear on your device screen once the form has been successfully submitted.
- By using the employer interface of the unified portal, the employer will electronically accept your EPF transfer request. Fill out Form 13 with your details, including your previous and current employer's PF number, and then download the transfer claim (PDF format). Within 10 days, submit the physically authorized copy of the online PF transfer claim form to the chosen employer.
Steps to check the status of EPF transfer request
- Visit EPFO portal and sign in to your account using the required credentials i.e. UAN and Password.
- Once signed in, head to the 'Online Services' section and click on 'Track Claim Status'
- On the next screen, click on 'Transfer Claim Status' and you are done.
Steps to track the status of EPF transfer via UMANG app
Using the UMANG app you can also check your EPF transfer status online. As a result, make sure that your mobile number is linked with UAN. Follow the steps below to know the status of your EPF transfer request.
- Open the UMANG app and tap on EPFO
- Now tap on "Employee Centric Services" from the available options.
- Now tap on "Track Claim" and enter your UAN
- Now click on 'Get OTP' and enter the OTP in the required space.
- Click on 'Login' and the claims taken on behalf of your UAN will be displayed on your device screen.
How to check EPF transfer status via SMS and toll-free number?
Members can also call the EPFO's 24-hour customer service number, 1800 118 005, to verify the status of their EPF withdrawal/transfer claims. Please ensure you have your PF Account Number or UAN handy for the same. You can verify the status of your EPF claim by sending an SMS from your registered number to 7738299899 with the message EPFOHO UAN LAN, where LAN represents the Language, such as HIN for Hindi and ENG for English. You can also give a missed call at 011-22901406 from your registered mobile number. The claim specifics will be sent to the registered mobile number via SMS.