How to Transfer Your PF from One Company to Another?

Are you planning to move to a new company? If it’s a yes, then you must consider an important aspect, which involves transferring your Provident Fund (PF) from your old company to your new one. PF is a long-term savings scheme that can help secure your financial future. In this blog, we’ll discuss how to transfer PF from one company to another online.

Why Transfer Your PF?

Transferring your PF from one company to another is crucial for several reasons:
    • Continuity of Benefits: Transferring your PF ensures that your years of service and contributions are not lost. You can continue to build your retirement corpus.
    • Tax Benefits: PF contributions are eligible for tax benefits under Section 80C. Transferring your PF ensures you can avail of these benefits even in your new company.
    • Simplified Management: Having your PF in one account makes it easier to manage your retirement savings and keep track of your contributions.
    • Avoid Withdrawal Penalties: Withdrawing your PF prematurely can lead to penalties and tax implications. Transferring it avoids these issues.

Required Documents to Submit an EPF Transfer Online

Once you've got an idea about how to transfer PF account from one company to another, make sure to consider these documents required:
    • Universal Account Number (UAN): Ensure your UAN is active and linked to your Aadhar and bank details.
    • Aadhar Card: Make sure your Aadhar details are current in your EPF account.
    • Bank Account Details: Your bank account number, IFSC code, and branch details will be needed.
    • PAN Card: Your PAN card should be linked to your UAN.
    • Old PF Account Details: Keep your old PF account number and Establishment ID handy.
    • Form 13: You must fill out Form 13 for PF transfer. This form is available on the EPFO portal.
 

How to Transfer EPF Online/Step-by-Step Process at EPFO Portal

Here are the steps on how to transfer PF online from one company to another:
    1. Visit the EPFO Portal: Go to the EPFO official website and log in using your UAN and password.
    2. Click on 'Online Services': Navigate to the 'Online Services' tab once logged in.
    3. Select 'One Member – One EPF Account (Transfer Request)': Click on this option to initiate the transfer process.
    4. Verify Personal Information: Ensure your personal information and PF account details are accurate.
    5. Fill Form 13: You need to fill Form 13. Include information on your old and new PF account numbers, previous and current employers, and other necessary details.
    6. Submit the Form: After filling all the details in the form, submit it online.
    7. Authorization: Your previous and current employers must verify and authorize the transfer request online. You can also check the status of approval on the EPFO portal.
    8. Transfer Confirmation: Once both employers authorize the transfer, your PF amount will be transferred to your new account.
 

Forms Required for EPF Transfer

    • EPF Form 13: This is the primary form for transferring your EPF from one employer to another. You must complete Form 13 with details of your old and new employer and your PF account details. The form is available on the official EPFO (Employees' Provident Fund Organisation) website.
    • Form 5: Form 5 is the document you need to avail the benefits from the Employees' Pension Scheme (EPS), which is part of the EPF scheme. EPS is there to give employees a pension once they retire or if they face disability.
    • Form 10C: Form 10C is the form you need if you want to withdraw your pension benefits from the Employees' Pension Scheme (EPS) but haven't completed 10 years of service or aren't eligible for a pension yet.

Eligibility Conditions

Here are the eligibility conditions you need to meet to transfer your Employee Provident Fund (EPF) online from one company to another:
    • Active Universal Account Number (UAN): To initiate an online EPF transfer, you must have an active UAN. Your UAN is a unique identification number that links all your EPF accounts, making transfers seamless.
    • KYC Details: Ensure your Know Your Customer (KYC) details such as Aadhaar, bank account number, and PAN are linked and verified with your UAN. These details are crucial for the transfer process.
    • Service Duration: You can transfer your EPF account online if you have worked for your current employer for at least three months. This requirement ensures that the transfer is initiated after a reasonable period of employment.
    • Employer's Approval: Your current employer should approve the transfer request online. They play a crucial role in verifying and facilitating the transfer.
    • Existing EPF Account: You should have an existing EPF account with your current employer. If you're switching jobs, your new employer will create a new account linked to your UAN, and you can transfer funds from your old account to the new one.
    • No Disputed Claims: The EPF account should not have any disputed claims or issues. If there are disputes, they should be resolved before initiating the transfer.
    • Valid Reasons: You should have valid reasons for transferring your EPF, such as changing jobs or relocating to a new location where the current employer's EPF jurisdiction doesn't apply.

How To Check The Status Of PF Transfer?

Here's how to do it in simple terms:
1. Visit the Official EPFO Portal
Go to the official website of the Employees' Provident Fund Organisation (EPFO).

2. Navigate to 'Our Services' for Employees
Look for the 'Our Services' section on the EPFO portal's homepage. Click on it to access the services offered to employees.

3. Click on 'Know Your Claim Status'
Within the 'Our Services' section, find and click on the option labeled 'Know Your Claim Status.' This will take you to the page where you can check your PF transfer status.

4. Provide Required Details
You will be prompted to fill in certain details on the 'Know Your Claim Status' page. Typically, you must provide your Universal Account Number (UAN), a unique identifier linked to your PF account.

5. Submit and Check Status
After entering your UAN and other required details, submit the information. The portal will then display the status of your PF transfer.

6. SMS and Call Options
Alternatively, you can check your PF transfer status by sending an SMS from the mobile number linked to your UAN. The specific format for the SMS can often be found on the EPFO website.You can call the EPFO customer care number (e.g., 1800 118 005) to inquire about your PF transfer status.

7. Umang App (Optional)
You can use the Umang app to check your PF claim status if you prefer a mobile app. Download the Umang app, navigate to the EPFO section, and follow the instructions to check your status.

Benefits of Transferring PF Online

Here are the key advantages of transferring your PF online:
   1. Ease of Process: Online PF transfer simplifies the entire process. You can initiate the transfer from the comfort of your home or office without visiting any EPFO office. This eliminates paperwork and reduces the hassle associated with manual transfers.

    2. Speedy Transfer: Online transfers are generally faster than traditional methods. The digital process ensures that your PF funds are moved efficiently from your old employer's account to the new one, reducing waiting times.

    3. Consolidation of Funds: Online transfers help consolidate your EPF savings. When you switch jobs, your new employer typically opens a new PF account for you. Transferring your old account online ensures that all your retirement savings are in one place, making it easier to manage and track.

    4. Continuous Service: Transferring your PF online allows for continuous service years calculation. This is crucial for determining your eligibility for various EPF benefits like pensions and withdrawals.

    5. Interest Continuity: Your PF balance earns interest over time. Transferring your account online ensures that your funds continue earning interest without interruptions.

    6. Transparent Tracking: Online transfers come with an online tracking system. You can check on the status of your transfer, ensuring transparency and peace of mind.

    7. Reduced Dependency on Employers: In the past, the employer played a significant role in the PF transfer process. Online transfers give you more control over your PF funds, reducing dependency on your employer.

    8. Avoiding Unclaimed Accounts: Many individuals must remember to withdraw their PF funds after leaving a job. Online transfers reduce the chances of your PF account becoming unclaimed, as your funds are automatically transferred to your new account.
 

Things to Consider While Transferring PF Online

When transferring your Employee Provident Fund (EPF) online, there are several important considerations to ensure a smooth and successful process. Here's a detailed explanation of the key factors to keep in mind:
    • Active UAN: Your Universal Account Number (UAN) should be active and linked to your EPFO portal account. Ensure that your UAN is in working condition, as it is essential for initiating the online transfer.

    • Active Aadhaar-Linked Mobile Number: Make sure that the mobile number connected to your Aadhaar card is active and accessible. EPFO may use this number for authentication purposes during the transfer process.

    • Active Bank Account: You must have an active and operational bank account. This account will be used to facilitate the transfer of your EPF funds. Ensure that it is linked to your UAN for a seamless transfer process.

    • Documentation: Be prepared with the necessary documentation, including your UAN, Aadhaar number, and bank account details. Having these documents readily available will expedite the process.

    • Previous Employer's PF Code: While submitting the transfer form online, you must enter your previous employer's PF (code) number instead of mentioning the UAN. Ensure you have this information to identify your previous PF account correctly.

    • Eligibility Check: Before initiating the transfer, check your eligibility. You should meet certain criteria to transfer your EPF online. Ensure you qualify based on the EPFO's guidelines.

    • Login to Unified Member Portal: Access the EPFO's Unified Member Portal using your UAN and password. This portal is where you can initiate the online transfer process.

    • Online Transfer Claim Portal: Navigate to the Online Transfer Claim Portal within the Unified Member Portal. This is the specific section where you can start the transfer process.

Conclusion

Transferring your PF from one company to another is a smart financial move. It safeguards your retirement savings, ensures tax benefits, and simplifies fund management. With the online transfer process provided by the EPFO, the procedure has become more convenient and efficient than ever before. 
Remember to gather the necessary documents, follow the steps outlined here, and monitor the transfer status. Doing so allows you to seamlessly move your hard-earned money to your new job and continue building your financial future.