EPF Balance Transfer Online For Employees
Employees Provident Fund Organization (EPFO) has made it possible for the Subscribers to transfer their respective EPF Balance (contributions & interest) online through their previous or present employer. Currently, Subscribers need to manually submit the Transfer claim request. However, starting next financial year EPFO is planning to do away with the manual process and introduce automated balance transfer for the Subscribers. This would benefit Employees during job switch. The system automation would allow EPFO to transfer the balance to the active EPF account of the Employee. The EPFO will automatically transfer EPF balance from the previous employer to the current EPF account, as the new employer files the monthly return. The option of EPF Balance Transfer Online is available on the EPFO Unified Members portal. EPFO plans to turn completely into a paperless organization. The new system is expected to be fully operational within the first half of 2019-20.
Presently, In order to apply for claim transfer online, Subscribers need to activate their UAN. Subscribers need to forward the request online or offline through Composite Declaration Form (F-11). Following which the EPF Balance Transfer is processed. Earlier, EPF Balance transfer online was possible through the “Online Transfer Claim Portal (OTCP)”. Now the option to apply for transfer is available via the EPFO Unified Members portal.
Applying for EPF Balance Transfer Online
#EPF Subscribers require an active UAN (Unique Account Number) and Aadhaar seeded with the respective EPF account to facilitate the transfer.
#All the EPF Account of the Subscriber to reflect under the UAN respectively.
#Subscriber may initiate the transfer request via the Unified Members portal.
#Know Your Client (KYC) along with Aadhaar details should be verified and Bank details updated on the EPFO Unified portal.
#One Transfer Request against multiple previous accounts is admissible. Multiple EPF accounts may be consolidated into one EPF account using the “One Employee-One EPF Account” facility.
Following steps needs to be followed for EPF Balance Transfer Online.
Step 1: Activate UAN and Register on Unified Self Service Portal
Subscribers need to activate their UAN and Register on the Unified Members Portal.
Step 2: Complete the KYC Formalities, Bank Details and Upload the Documents on the Portal for completion of the verification process.
Upon Signing in using the UAN and Password, Members Interface will be accessible by the Subscriber. Therein, Subscriber may check the status of e-KYC, Bank details and other documents. In case, the details are missing, the same needs to be uploaded for approval.
Step 3: Click on Transfer Request under the “Online Services” tab option. (One Member – One EPF Account)
Post completion of e-KYC. Select and Provide details of the previous EPF account/s which needs to be transferred.
Transfer Request needs to be submitted for attestation to the Current or Previous Employer. Subscriber has to choose any one of the available option.
Step 4: Request for Generation of One Time Password (OTP) to Submit the Transfer Claim
OTP needs to be generated to authenticate the Transfer Claim. The OTP will be sent to the Registered Mobile number. The same needs to be provided before submitting the application.
Step 5: Submission of the Transfer Claim Request to the Selected Employer
On successful submission of the request, the signed copy of the Transfer Claim (PDF File) request needs to be submitted to the selected employer within 10 days for approval. Following which the Balance will be updated in the active EPF account.
Automatic EPF Balance Transfer Online
EPFO has decided to simplify the process of transfer claims for the employees from the next financial year. Thus automatic transfer of EPF is being tested as pilot project and same will be introduced in the Financial Year 2019-20 for the benefit of the Employees. Post the implementation of the automated system, on switching of job by an Employee the existing EPF Balance will be automatically be transferred to the new EPF account under the same UAN. This will not only save time but also help Employees to easily track their funds.
This article is for informational purpose only. Readers are advised to research further to have detailed knowledge on the topic. It is very important to do your own analysis and consult your Financial Advisor before arriving at any conclusion.