Sunday, August 14, 2016

EPF Transfer Process and Rules-Latest Rules

EPF Transfer Process and Rules- Latest and Most Comprehensive Information Guide to Transfer Your EPF 

EPF Transfer Process and Rules- Latest and Most Comprehensive Information

One of the most obvious work after either you leave  your Job you  want to transfer all of your EPF balance into one Account. Of course, you want the easy process, preferably online.
The transfer of EPF should happen as soon as you switch the job. Sometimes, delay results into the loss of money.

Cases : When you will require to transfer EPF Balance –

Case -1- Ravi Is a private sector employee. He worked in the company ‘A’ for 5 years. He left the company after 5 years and joined in Company ‘B’. Here he did not stay for long in company ‘B’ and again joined another company ‘C’. He was skilled and switching the job was very easy to him. But, Meanwhile, he did not transfer his EPF balance from company A to Company ‘B’. Now Ravi  wants to transfer all his PF balance to the PF account of Company ‘C’. He wants to know the easy and correct process of EPF transfer in this case.

Like, Ravi  there are many employees who want to transfer their EPF balance from one EPF account to another. They want to know the EPF transfer procedure which is easy.
Fortunately, EPFO has done a nice job since last three years. Now, the EPF transfer process is relatively easy. The universal Account Number and OnlinePF transfer methods have reduced much of the hassle. On the other hand, EPF withdrawal has also become very easy. You can withdraw EPF balance without going to the employer.
EPF Transfer Rules

•             You can transfer EPF balance from one EPF account to another.
•             There is no time restriction to transfer the EPF balance.
•             You can transfer EPF balance only to your account. You can’t transfer EPF amount to any third person account.
•             With the transfer of EPF, the pension amount of employee pension scheme also gets transferred.
•             You can’t transfer partial amount from an EPF account to another account.
•             The authentication is necessary for EPF transfer.
•             To transfer the EPF from one account to another, the name, father’s name, date of birth, should be same in the both accounts.

Ways To Transfer the EPF Balance
EPFO has given new methods of EPF transfer but it did not close the existing ways. Therefore, now you can choose any of the available methods of EPF transfer. If you are a computer savvy person, you can go ahead with theonline process of EPF transfer. Otherwise, there is the existing offline EPF transfer.

Offline Method Of EPF Transfer

In the offline EPF transfer process, you are required to fill the printed form. Your current employer forwards this form to the EPFO. The EPFO then forwards the form to your previous employer. After the authentication by the previous employer, The EPFO transfers the money from the previous account to current EPF account. Because of the physical movement of EPF documents, the offline EPF transfer takes more time.

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.
How To Choose the EPF Transfer Option

It is obvious that you want to transfer EPF through the easiest method. But easiest method may not be available to everyone. You have to fulfill certain requirement to go through the easier method of EPF transfer. You should check the requirements of each method before choosing the suitable method.

Should I Choose Online / Offline Mode of EPF Transfer

The One employee, one EPF 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 anonline process and requires less effort. However, you have to fulfill these criteria.

1.            You have linked your Adhaar number with UAN.
2.            You employer have authenticated the Adhaar.
3.            Your personal detail matches with Adhaar data.
4.            You have given your bank account number and PAN to the EPFO.
5.            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 EPF account facility.
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.

1.            You should have UAN before joining a new employment.
2.            You must give UAN to the new employer at the time of joining.
3.            All the personal details should match in this transfer.
4.            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.

It is also the easy method of EPF transfer. It does not require the UAN or Adhaar number. You can use the OTCP portal to get your EPF transferredonline. In this method of PF transfer, you have to apply for provident fund transfer at the OTCP portal. You are not required to give any document for this. However, In this method one of your employer (previous or present) authenticates your application. This authentication happens online. You have to also give the printout of the application to the concerned employer.
1.            To use this facility, your personal details must match with both the employer.
2.            There should not be any anomaly in any of the accounts.
3.            If the employer doesn’t have any grudge then this method works fine.

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.

  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.
EPF Transfer Status
The EPF transfer takes less than one month. But, if require, you can check the status as well. If you have applied for online PF transfer, you can check the status from the beginning . The status of Physical EPF transfer can bechecked once your application reaches to the regional EPF office.
The status of Physical EPF transfer can be checked once your applicationreaches to the regional EPF office.

To check the PF transfer status you can go to online transfer claim portal (OTCP). Login into the portal. 

# These are authors own view , before taking any investment do your own research , author will no way responsible for damage aroused due to above suggestions .

You May also  Post Your Problem In Comment Box/ Discuss about the Same in order to benefit  other members 

No comments:

Post a Comment

My title page contents