How to transfer PF Account? Know the process here

PF Transfer Process: If you have recently changed jobs, it is very important to transfer the balance from the Employee Provident Fund (EPF) account of the old employer to the account of the new employer. This will ensure that your retirement savings continue to grow without any interruption. The Employees’ Provident Fund Organization (EPFO) has provided the online facility of PF balance transfer. This has now made this process easier for millions of employees.

Why is PF transfer necessary?

According to the EPFO, transferring PF keeps your retirement fund in one place and gives you the full benefit of compounding. It also keeps your total service period intact, which is essential for pension eligibility and benefits like tax-free withdrawal after five years.

Process of online PF transfer

EPFO has provided a simple online system for PF transfer. Let us know its step by step process.

Activate UAN: First of all activate your Universal Account Number (UAN) on the EPFO ​​member portal. Your Aadhaar, bank account and mobile number should be linked to it.

Login: Login to the portal using UAN and password.

Submit transfer request: Go to ‘One Member-One EPF Account (Transfer Request)’ option and apply for transfer.

Check details: Check PF details of your old and new employer. Choose one employer to certify the claim based on the availability of digital signature.

Verification by OTP: Receive OTP on the mobile number linked with your UAN and enter the same to complete the process.

What conditions to keep in mind

For PF transfer, it is necessary that the old employer has entered your date of exit on the portal. If this has not happened, then it can be updated from the ‘Manage > Mark Exit’ option. A transfer request can be given only once on the same old PF account.

Claim Status and Offline Option

After applying, the status of the transfer can be checked by going to the ‘Track Claim Status’ section. If the process is done online, then there is no need to submit physical Form-13.

However, if you have two UANs or have worked in an Exempted Establishment (different PF trust), then it will be necessary to follow the offline process. For this, Form-13 will have to be filled, signed by the employer and submitted to the regional office.

Benefits of transferring PF

According to EPFO, by transferring PF, the benefit of compounding remains and the corpus for retirement grows faster. The organization has also clarified that withdrawal can cause long term financial loss as compared to PF transfer.