Changed your job? Here is how to transfer your EPF balance online

Changed your job? Here is how to transfer your EPF balance online

Employees provident fund (EPF) is one of the major part of retirement savings for most of us. If continued till retirement, EPF savings could grow to become a substantial amount as it provides fixed returns at compounding rates every year. So it is important for us to transfer our EPF balance when we change our jobs.

Personal finance experts say EPF balance should not be prematurely withdrawn rather that should be transferred to the new company as soon as you change your job. The employees’ provident fund organisation (EPFO), has introduced an online facility using which you can transfer your EPF balance to the new company sitting at the convenience of home. However, to use the facility, members must have activated their UAN and have linked their Aadhar, bank account details with IFSC code and mobile number with it.

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How to transfer EPF balance online 

For online transfer of EPF, one has the option to get his claim attested either by the current employer or the previous employer. Both can validate and correct your member details, approve the request and effect the transfer online. Here are the steps to transfer EPF online:

1) Open the EPFO’s member’s portal and log in using your UAN and password.

2)On the home page of the members portal, click on the “online services” tab and select “transfer request” from the drop down menu.

3) You can see all your personal details like EPF number, UAN, date of birth, date of joining of present company etc. Verify whether your details are correct, otherwise, the claim will not be processed.

4) Once you are confirm that all your personal details are correct, go to the Step 1 and select whether you want your claim form attestation to be done by present employer or by the previous employer. Then fill the details of previous employer.

5) After you fill the previous employer details, an OTP will be sent on your registered mobile number. Once you enter the OTP and press “submit”, the EPF transfer request will be submitted online.

6) The employer (previous or present depending on what you choose) will get an online notification about the EPF transfer request. After verification of your employment details, the employer can digitally forward the claim to the office, which will process the claim.

7) After you submit your EPF transfer request, you can track the status of that request online from the “online Services” tab on the home page.

Source by timesnownews..

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