Pushing the agenda of achieving high performance and high accountability, Employees’ Provident Fund Organisation [EPFO] has now automated Pension Funds [PF] transfer digitally. Earlier the process of transferring PF money from one account to another account was much difficult and often led to duplication of work. With the enlightenment of Universal Account Number [UAN], it is easy for EPFO as well as the employee to easily transfer PF money while the employees have the flexibility in shifting their jobs.
Provident Fund (EPF) Withdrawal
On retirement, the same UAN number can be used to transfer all the accumulated PF money to your bank account. Nonetheless, you can transfer the PF money anytime as per your convenience.
However, if the employee chooses to close the EPF account before five years, the amount shall be taxable. Beyond the period of five years, your PF money can be transferred anywhere without getting taxed. The basic mantra is longer the PF money stays in your account, the better interest rate returns you get and better the savings.
Step-by-step Guidelines For PF Transfer
First and foremost things is to know your Universal Account Number [UAN], without which transfer of PF money is not possible. Also, keep ID number of PAN ready. Contact your company or refer to your salary slip for UAN. Now follow the below steps:
- Visit the official EPFO page: http://www.epfindia.com/ and navigate yourself to create UAN login ID.
- Details such as UAN, Mobile number, the login ID must require on the redirected page.
- You will again redirect to eligibility page where you need fill the required details.
- Your request shall verify by OTP sent to your mobile number.
Member Claim Portal
- Click on request for transfer of account on the Home page and fill the PF transfer form.
- Furnish the required personal details and IFSC, salary account number in the first part.
- The second part is for furnishing details of your old PF account.
- Now, fill the current pf account. Next fill the form correctly, and take a preview to check if you enter correctly. Click on ‘agree’ tab after entering the PIN number, the PF money is transferred.
Pension Fund is a noble concept in formal work organization and India, EPFO is doing a commendable job in managing the PF money and facilitating easy PF transfer from one account to another.