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. The transfer claim may be requested on online. EPFO intends to become a paperless organization and all the services will be available via EPF Members platform. This would benefit the EPFO Subscribers in hassle free settlement of claims. The online member’s portal would enable EPF Subscriber to transfer the balance to the active EPF account. The Members may apply for balance transfer online from the previous employer to the current EPF account, after the new employer files the monthly return. The option of EPF Online Balance Transfer is available on the EPFO Unified Members portal.
In order to apply for balance transfer online, Subscribers need to activate their UAN. Subscribers may forward the request online or offline through Composite Declaration Form (F-11). Following which the EPF Balance Transfer is processed. Earlier, EPF Balance transfer 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 will need an active UAN (Unique Account Number) and Aadhaar seeded with the respective EPF account to facilitate the transfer.
#All the EPF Accounts of the Subscriber is linked to the existing UAN for the member.
#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 Online Balance Transfer.
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 logging onto Member’s portal using UAN and Password, Members need to update their credentials. Subscriber need to complete e-KYC, update Bank details and Aadhaar ID online. 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 the update of credentials. Member needs to provide the details of the previous EPF account/s which needs to be transferred.
Transfer Request needs to be submitted for digital 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 is 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.
Online EPF Balance Transfer Online
EPF Balance will be automatically transferred to the new EPF account under the same UAN. The process not only saves time efficient but also removes the hassles related to balance transfer faced by the Subscribers.
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.