If you have moved from one company to another and have two Employee Provident Fund (EPF) accounts, you might want to transfer funds from your previous employer’s EPF account to your new EPF account. An individual should not have more than one EPF account or UAN. It is best to maintain all the EPF member accounts under the umbrella of one UAN. Universal Account Number (UAN) was introduced for the sole purpose of EPF members maintaining all their member accounts under one UAN.
When an employee moves from one employer to another, a new EPF member login is created by the new employer. Any number of member logins created for an employee can be maintained under one UAN. But, sometimes, new employer may create a new EPF account. In such a case, you can transfer funds from your previous EPF account to your new EPF account.
Benefits of transferring your PF monies from old to existing PF account
- When an employee has maintained a PF account for more than 5 years, Income Tax (IT) is not levied. So, when you transfer your PF account from old to existing, it will help in crossing the 5-year mark, thus reducing the IT burden.
- When monies are transferred from previous PF account to existing PF account, the interest on the funds in PF account compounds. Employee Provident Fund Organization (EPFO) offers an interest rate of 8.5% p.a. which is more than the interest offered by any bank or non-banking Financial Companies (NBFC) for savings account, recurring deposits or even fixed deposits. Interest rate has been around 8% p.a. with EPF through the years. With this high interest rate and a lump sum in an EPF account, the interest amount will also be high. As the funds in EPF account increase, the interest amounts for it would also increase.
- If an EPFO member has an active EPF account for 10 years, the member becomes eligible for benefit of pension. Transferring EPF account ensures continuity in employment and the EPF account of the member, thereby past services do not get lapsed and continues to get added in the employment history.
Steps to transfer claim online for Provident Fund
In order to claim online transfer of Provident Fund account, follow these steps:
Step 1 – Click on the official website of EPFO here –
https://unifiedportal-mem.epfindia.gov.in/memberinterface/
Step 2 – Use your login credentials – Universal Account Number (UAN) and password to login to your EPF account.
Step 3 – Under ‘online services’ tab, click on ‘One member – one EPF account (Transfer request)’.
Step 4 – Verify your details – personal information and new PF account number that is displayed on your screen.
Step 5 – Either your previous employer or your existing employer has to attest on your claim form. So, select an employer after confirming the authorized signatory from the chosen employer.
Step 6 – Enter your UAN in the pop-up presented.
Step 7 – Click on ‘Get OTP’. An OTP will be generated and sent to your registered mobile number. Enter the OTP and submit.
Step 8 – Enter a duly filled ‘Revised Form 13’ The Employee Provident Fund Scheme (1952). You can download it from here –
Step 9 – After you fill and submit this online form, a tracking ID will be generated by the system. Keep a note of it as you can check the status of your online claim using this tracking ID.
Step 10 – Take a print out of the ‘Revised Form 13’ that you have filled and submitted. Sign on it and submit it to your previous and current employers within 10 days from the date of submission online.
Step 11 – The form will be verified by both of your employers. Your signature and other details will be verified by the employers and approved on the EPFO portal.
Step 12 – Funds will be credited once the approval of both the employers is submitted on the portal.
Tracking your online transfer claim:
Post submission of your transfer claim online, you can track your transfer claim from the EPFO website.
Step 1 – Click on the official website of EPFO here –
https://unifiedportal-mem.epfindia.gov.in/memberinterface/
Step 2 – Use your login credentials – Universal Account Number (UAN) and password to login to your EPF account.
Step 3 – Under ‘online services’ tab, click on ‘Track claim status’. When the claim is submitted, the status would be ‘pending with employer’. After it is approved by both the employers, the status changes to ‘Accepted by the employer, pending at field office’.