The Employees Provident Fund Organisation (EPFO) is an autonomous organization under the Central Government for the welfare of employees. It was established as a statutory body to provide retirement, provident fund schemes, and other social security benefits. EPF transfer is the process of transferring your EPF balance to another person or entity.
What is EPF Transfer?
EPF Transfer is a process of transferring the amount from one’s current fund to another. The EPF Transfer can be done only in the following cases :
- In case of an employee change of city/state/country.
- EPF Transfer for Education Loans, etc.
To apply for an EPF transfer, the applicant will have to fill up a form called Transfer of PF Account Form. This form can be obtained from your current PF office or can also be downloaded from their website. The form should be filled in with all the relevant details such as your name, father’s name, date of birth, and other information which is necessary for verification purposes.
Also read EPF – Employees’ Provident Fund, EPFO Benefits & Process.
EPF transfer can be done only in the following cases :
- In case of an employee change of city/state/country.
- In case of an employee changing their job.
- In case of an employee change of employer.
EPF transfer rules in case of an employee change of city/state/country :
In case of an employee change of city/state/country, you can transfer your EPF online up to 30 days after the withdrawal request has been submitted. To do this, you will need to provide proof that you have changed your residence status with the EPF and submit a valid ID proof along with it. You can also send a fax or email requesting a transfer request in case you don’t have any documents related to this matter handy at hand.
The following are some common reasons why employees opt for an online transfer:
- They want their retirement savings to plan transferred into another employer’s account so that they can access it easily after retiring from their present company;
- They want their old EPF account credited with accrued interest so that they can get back some money when they retire;
The process of requesting an online EPF transfer via the official website:
- You need to go to the official website of EPFO and log on as a member.
- After entering your unique username/password and proceeding further, you will be redirected to the “My Account” page where you can see all records related to your account including those of your previous employers.
- Now click on the “Online Subscription” link which will take you directly onto their internet banking portal where there is one more option called “Payroll Subscription with EPFO Online Banking Solution”. You need not apply any other fees separately; all charges are already included in the subscription fee payable through net banking or debit card payment methods at Rs 100/- per year (in case of employees above 60 years).
The process of requesting an online EPF transfer via the UAN portal :
To request an online EPF transfer, you need to log in to the UAN portal with your username and password. You can find the EPF transfer section on the left side of your screen by clicking on “Accounts” in the main menu.
Once logged in, click on “EPF Transfer” from this page and fill out all required details correctly as shown below:
- Enter your UAN number, password, and confirmation code. -Select the bank where you want your EPF account to be transferred.
- Choose a bank from the dropdown list and enter your account number and IFSC code. If your EPF account is with Canara Bank or Federal Bank, you need to enter your UAN number first before proceeding with the transfer.
- Once you’ve entered all the details correctly, click on “Submit” to start your EPF transfer.
Requesting for an online EPF transfer via the UMANG (Unified Mobile Application for New-age Governance) Application :
To request an online EPF transfer, you need to follow this simple procedure:
- Go to the Google Play Store and download the UMANG (Unified Mobile Application for New-age Governance) Application from here.
- Open the application, enter your mobile number and UAN number in it and then click on Submit Request button at the bottom of the screen to initiate an online EPF transfer process
- Fill in all required details such as name, DOB, address, etc., submit them successfully and wait for approval from your employer who will receive a message via mail confirming receipt of the request within 24 hours.
- The benefit of EPF transfer through the UMANG application is that you can save time by initiating the online transfer. You can track the status of your request at any time using the application and get instant updates about it.
Checking Your EPF Transfer Status Online :
After you have registered with the EPF, you can visit the website of your employer. You will be asked to enter your UAN, password, and captcha code. Once you have submitted this information, your transfer status will be displayed on the screen.
We hope that this article has helped you understand the EPF transfer process.
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How to Transfer EPF Online -Step By Step Online EPF Transfer Procedure FAQs
Can EPF withdrawal be done without PAN?
If you withdraw your EPF without a PAN, TDS would be deducted at the highest marginal rate of 34%. However, if the value of your claim is under Rs. 50,000, no TDS would be deducted.
When is EPF withdrawal taxable?
If an EPF withdrawal is done before 5 years of continuous work, it is taxed.