PF Transfer Online: Learn the Step-by-Step Process
Are you planning to switch your job in the near future and wondering how to transfer your PF from one company to another? Thankfully, the Employees’ Provident Fund Organisation (EPFO) has made the process of EPF transfer simpler than ever before. You can access many of EPFO’s services via its online portal from the comfort of your home. Through EPFO’s unified common interface portal, you can transfer your EPF online and save time as you need not get your documents verified physically.
Why Should You Transfer Your PF?
When you change your job, your new employer opens a new EPF account in your name, although the UAN (Universal Account Number) remains the same. However, you can easily transfer the funds from your old account to your new account. You also get the option to withdraw your PF funds two months after your last working day with your previous employer. Transferring your PF instead of withdrawing is ideal for building a significant retirement corpus. Besides, if you opt out of your PF account within five years of continuous service, the amount shall be subject to taxation.
EPF transfer used to be a complex process because of the extensive paperwork involved. However, with the launch of the online portal, the process has become easy and seamless.
How to Transfer PF Online?
Step 1: Visit EPFO’s unified portal (member interface) and log in with your UAN and password.
Step 2: Select the ‘One Member – One EPF Account (Transfer Request)’ option in the ‘Online Services’ section.
Step 3: A page with your personal information will open; ensure that the information regarding your current employer and PF account details are accurate.
Step 4: Click on ‘Get details’ to check the PF account details of previous employment.
Step 5: After that, you can choose either your previous or current employer to attest the claim form. You can consider selecting one based on the availability of an authorised signatory holding a Digital Signature Certificate (DSC). After choosing one, provide your member ID/UAN to proceed.
Step 6: Click on the ‘Get OTP’ button to receive the OTP to your registered mobile number. Enter the OTP and click on the ‘Submit’ button to authenticate your identity.
Step 7: Self-attest the PF transfer request form generated online and submit it in a PDF format to your selected employer. Once submitted, the employer will receive an online notification about the EPF transfer request.
Step 8: Your employer will approve your EPF transfer digitally.
Step 9: Download Form 13 and submit it to the new or previous employer (depending on who you selected for the attestation). You must submit this form within 10 days of requesting a PF transfer online.
Eligibility for PF Transfer Online
When opting for PF transfer online, you should consider the following:
- The UAN must be activated in the UAN portal.
- After logging in, make sure your personal information is correct on the UAN portal
- Ensure that your bank account number and bank’s IFSC code are correct on the portal.
- Ensure that your employer and the UIDAI have digitally approved your bank account and Aadhaar details. You can find these details in the ‘KYC’ option under the ‘Manage’ tab.
- While submitting the transfer form online, you can choose either your previous employer or current employer for attesting the claim form. You should select it according to the availability of an authorised signatory holding DSC. At least one of the employers should have DSC registered on the portal to process the PF transfer online request.
- You can make only one transfer request at a time.
- On the portal, the date of joining and exit, along with the reason for exit, should be mentioned.
- Since the online submission of the transfer form requires SMS OTP verification, ensure that your registered mobile number is active.
Documents Required for PF transfer
You need the following documents for PF transfer online:
- Activated UAN on the UAN portal
- Revised Form 13
- Valid identity proof (PAN, Aadhaar, Driving Licence)
- Current employer’s details
- Establishment number
- Bank account details of the salary account
- Old and current PF account details
- Active registered phone number
Use of UAN for Online Transfer of PF
The Universal Account Number (UAN) is a 12-digit number assigned to each employee. The EPFO issues this unique number which acts as a link for the different member IDs allotted by different employers.
UAN comes with the following benefits:
- UAN does not change
- You can easily transfer the funds on changing the employer.
- You can update the PF passbook with transfer details.
- Using UAN, you can track monthly deposits.
- You get SMS updates for monthly credits.
- Using UAN, you can link a previous member ID with the current one.
Advantages of EPF Transfer
- You do not have to start a new PF account from scratch when you change jobs or employers. By transferring your PF account to your new employer, you can continue contributing to your PF.
- Instead of withdrawing your PF, you should transfer it for optimum retirement savings.
- The consequences of withdrawal within five years of continuous service renders the amounts in your PF taxable. EPF transfer capability prevents that from happening.
- Long-term contributors can partially withdraw their PF in exceptional circumstances, such as medical emergencies, house purchases, marriage, etc.
- EPFO offers relatively higher interest rates compared to other saving schemes. Therefore, if you continue contributing without withdrawing, your PF can become a substantial sum for your retirement.
How to Check the Status of PF Transfer?
Here are three ways to check the status of your PF transfer:
Check using the EPFO portal:
- Step 1: Visit the EPFO portal.
- Step 2: Look for ‘Know Your Claim Status’ and click on it.
- Step 3: Enter UAN and password to log in.
- Step 4: Next, enter the member ID associated with the account you want to check.
- Step 5: Select ‘View Your Claim Status’ to see the status.
Check using the UAN portal:
- Step 1: Visit the UAN portal.
- Step 2: Enter the UAN and password to log in.
- Step 3: Go to ‘Online Services’ and select “Track Claim Status”. Your status will appear on the next screen.
Check using the UMANG app:
- Step 1: Find the EPFO option in the app.
- Step 2: Select ‘Employee-centric Services’.
- Step 3: Select ‘Track Claim’.
- Step 4: Enter UAN and click on the ‘Get OTP’ button.
- Step 5: Enter OTP to view the PF transfer status.
How to transfer EPF to NPS?
You can transfer your EPF account to NPS by following these steps:
- You will first need to open an NPS Tier-1 account.
- Upon opening the NPS account, submit the transfer form to your employer. The employer will send it to the EPFO nodal branch responsible for transferring the balance from EPF to NPS.
- Once submitted, the EPFO will initiate the process.
- In case you are a government employee, EPFO will issue a draft or cheque in the name of the NPS nodal office
- If you work with a private company, EPFO will issue a draft or cheque in the name of the Point of Presence (PoP) collection account, which is your NPS service provider registered with the Pension Fund Regulatory Authority of India.
- You will receive a letter stating that your EPF account has been transferred to NPS
PF is a long-term retirement saving scheme that provides relatively high interest rates. Hence, when you change jobs, consider transferring your PF into the new account instead of withdrawing it. Maintaining a PF account for a long time is beneficial since EPFO offers compound interest. If you commit to contributing for a long time, you can accumulate substantial savings for your retirement. EPFO has made it easier to transfer PF online and check your PF transfer status.
Is it possible to withdraw EPF while working?
No, you cannot withdraw money from your PF account while you are still working. However, depending on your eligibility, you can partially withdraw from your PF in case of a medical emergency, marriage, house purchase, etc.
Why should I transfer PF and not close it?
When you change jobs and employers, you can transfer your existing account to your new employer instead of closing it. Contributing continuously to your PF account will ensure substantial savings for your retirement.
How many days does it take to transfer PF online?
EPF transfers usually take 30 to 45 days. You will receive an SMS notification once the transfer is complete.
How can I show EPF withdrawal in ITR?
Withdrawals from EPF should be reported under the ‘Income from Salary’ section. When filing your ITR, select ‘Section 10(12) Recognized Provident Fund’ to indicate the withdrawal.