Online Provident Fund | PF Withdrawal and Transfer Online. In the previous article, we have given How to Check EPF Balance through Online, Missed Call or SMS without any Charges. Today we are providing the complete details of How to transfer and withdrawal EPF online. Online EPF Transfer and Withdrawal facility have become almost a reality. This small initiative can increase the retirement saving considerably. The hassle of EPF transfer forces people to withdraw it or just leave the amount in the account. This hassle is the main cause of the multiple EPF accounts. However, things have changed. Now you can easily transfer the EPF balance through the UAN.
Advantages of EPF Transfer:
- While closing an old account before 5 years, the amount becomes taxable. But if you simply transfer the funds, you get to enjoy your hard earned money in full.
- You can avail partial withdrawal on your PF funds for reasons like purchasing/constructing a house, medical treatment, marriage of own or daughter etc.
- You earn the prevailing rate of interest from EPFO, in the long run this becomes a substantial sum due to the power of compounding.
EPFO estimates say Rs.22,000 crores were lying with the organization as of March 2013. Since these accounts were dormant for three years, they were not earning any interest too.
Ways To Transfer the EPF Balance
1) Online Method of EPF Transfer
This is the preferred mode of EPF transfer. In this mode, no physical form travels from employer to EPFO or vice versa. The EPF transfer mandate transmits electronically. The authentication by the employer also takes place online. This system takes less time.
To minimise the effort involved, the government has introduced online EPF transfer, ensuring your time is used for the important things in life. Individuals who wish to transfer their EPF need to follow these basic steps.
- Log onto the official website of the Employees Provident Fund Organisation. One then needs to choose the section titled “Online transfer claim portal”
- Check eligibility – are you eligible to apply online? In certain cases a physical copy of Form 13 should be submitted to the previous or current employer
- Log in with the necessary details. For this a member ID is required and an employer should be registered on the portal
- One needs to choose the “request for transfer of funds” tab under the claims section
- Fill Form 13 with details including PF numbers from both previous and current organisation. Details will appear on the screen on pressing the “click here to get details” tab
- Verify details like date of joining/leaving work, father/spouse’s name to ensure that amount will be transferred to the right account
- Choose between getting the claim attested by the current or previous employer
- Choose the tab which says “Get Pin” and agree to the terms in the declaration
- A PIN will be sent to the registered mobile number and the application will be submitted
- A tracking ID will be generated. This can be used to keep a track of the process
- One needs to take the printout of the form and sign it. This form needs to be submitted to the employer within 15 days of obtaining it
- Contact details of authorised signatories will be shown. These details should be taken down for future reference
- The previous and present employer will verify the details mentioned in the form
- Approval of both the employers is needed before funds are credited to the account number
- Employer is expected to verify authenticity and signature of employee.
Benefits Of Online EPF Transfer And Withdrawal :
- This service makes transfer and withdrawal of the EPF transparent. The employee can track its application just by one click. They are not required to go from one desk to another.
- All the Applications of Online EPF Transfer and Withdrawal will be tracked centrally from the Delhi office. This makes regional PF officials more accountable.
- Application processing is faster. Now you can expect your PF transfer in 2 weeks. Now EPFO Employees are required to data feed the physical application. This saves time.
- Now it is the responsibility of EPFO to get the response from the employers. Usually, after the resignation of the employee, the employer becomes reluctant to do paperwork for him. Now he has to only attest the application form just by one click.
- Also, because of online application, there would be less error. This also makes application processing faster.
2) The Easiest EPF Transfer Method
The One employee,One PF account is new drive by the EPFO. In this drive EPFO working overtime to transfer EPF balance from one account to another. In this method of EPF transfer, you can apply for more than one EPF transfer simultaneously. EPFO is terming this as EPF account consolidation. It is an online process and requires less effort. However, you have to fulfill these criteria.
- You have linked your Adhaar number with UAN.
- You employer have authenticated the Adhaar.
- Your personal detail matches with Adhaar data.
- You have given your bank account number and PAN to the EPFO.
- The name, DOB, Father’s name is same in all the EPF account.
If you fulfill the above criteria then you can transfer your EPF balance through the One employee,One PF account facility.
3) The Automatic EPF Balance Transfer
In this method of EPF transfer, you are not required to take any step, The EPF balance gets transferred to new EPF Account itself. To be eligible for automatic EPF transfer, you must fulfill following conditions.
- You should have UAN before joining a new employment.
- You must give UAN to the new employer at the time of joining.
- All the personal details should match in this transfer.
- This method of EPF transfer should be used only for the EPF transfer from one account to another.
This method of EPF transfer is useful for the employee who want to transfer PF balance from relatively new EPF account. All the existing EPF account has the UAN. Keep check of all the personal details to get the balance transferred automatically. Also, never forget to give the UAN to your new employer.
4) Physical EPF Transfer Claim
This is the traditional method of PF transfer. You have to fill the Form 13 You have to submit this form with the present or previous employer. After the verification, the employer forwards this form to the EPFO. The EPFO verifies the details and gets it authenticated by the previous employer (if the form is forwarded through the present employer). After the authentication, the EPFO Transfers the EPF balance from the previous account to present account.
- In this mode of EPF transfer, the UAN and Adhaar number are not required.
- You can apply for EPF transfer even if there is some mismatch in personal details.
- In such cases, you have to attach the personal details rectification form.
- The form should be attested by the employer.
- Note the employer should be the same who has created the EPF account which carries some error.
Click Here to download EPF Transfer Form
Form 13 is used for EPF transfer . In this form, you have to give the personal details. You have to enter the previous employment details and EPF account number. Along with this, you have to tell about the present employment. Take care and give details correctly.
Online EPF Withdrawal process
Earlier EPFO announced that it will start the online EPF transfer and withdrawal process simultaneously. But it could not start any service on time. Earlier, the whole initiative was stuck due to the unavailability of digital signatures. Then EPFO was waiting for the universal account number. Now this number has been given to the 4 crore employees.
But, mere UAN could not make online EPF Withdrawal process a reality. Indeed, EPFO does not want to take any risk. It is wary of the fraud.
Therefore, EPFO wanted to link the KYC of the member with the UAN. In this regard, employers are not cooperating, they are not verifying KYC of its employees.
The Aadhar can be very helpful for online EPF withdrawal. It has the biometric information. But, members and employers are slow to link their Adhaar number with UAN.
Because of the supreme court’s decision EPFO can’t make Aadhar mandatory. Hence, it can only wait. Also, EPFO does not want to introduce the online EPF withdrawal in a hurry.
However, we can hope that online EPF withdrawal would be implemented soon. Lately, EPFO has rapidly endorsed the online facilities. Now you can download your UAN Passbook and check your pf balance online. The EPFO also launched a mobile application. The UAN member portal has made the employee’s life very easy.
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