Online PF Transfer, Eligibility, Process, OTPC Portal Login, Member Claims

Last updated on June 13th, 2018 at 04:29 am

In earlier days there was no process to transfer the provident fund from one employer to another. The only possible scenario in such a case was to withdraw the money in the provident fund. Later, the department enabled it to process the transfer by visiting the office. The process was time-consuming and it required a lot of paperwork. A very few people used to get the PF transfer done during those days.

With the increasing dependency on technology, the government decided to make the process available online. Now, it is not possible to open a new account for PF if you already have a PF account as all the process is governed by the UAN – Unique Identification Number. This makes it possible to transfer the PF when the employee is changing job or city. However, it is still possible to close the PF account and withdraw funds but it should also be noted that withdrawing the money before 5 years makes it taxable. If you do not withdraw money for 5 years then you can use the money for purchase or construction of new house, medical treatment, and marriage of children.

Process for PF Transfer

The Process of transferring PF is very simple. You can do it either through online mediums or offline mediums. Let us explore both the options so you can choose from:

How to Transfer PF Funds?

3 ways to transfer PF funds Easily to another PF Account

  1. Transfer through Online
  2. Transfer through Offline
  3. OTCP Portal Login

Step By Step Guide for Online Transfer of PF Funds

Complete procedure of PF transfer through online mediums is as under:

  • The process is relatively simple. The first step of the process starts with the EPFO homepage. Once you navigate to the homepage of the portal, you can simply go ahead and create the UAN Login. You can click here to be redirected to the login page.

UAN-Login

 

  • To start the registration process, click on Activate UAN on the left-hand side of the page. You can click here to be redirected to the page. On this page, you would have to enter your UAN Number, Name, Date of Birth and Mobile Number. You can then request an OTP and complete the registration by setting a process.
  • In the next step, you can log in with the UAN Number and the password you created in the last step. Once that is done, you can go to the home page and from the options, click on the Request for Transfer of Account.
  • Once you click on the option to transfer the account, you will have to fill in the details in the form. In this form, you will have to enter your bank account details of the salary account, the details of old PF Account and the details of the present PF account.
  • After filling in the details, you can verify the details once again and validate the submission of the form with help of the Pin Number.
  • After the process is complete, your PF money will be transferred to your new PF Account.

Another point to be noted is that if you already have your UAN from the previous employer then you can give the same UAN to the new employer and that would actually eliminate the need of following the whole process.

Step By Step Guide for Offline Transfer PF Funds

If the details of your previous and new account don’t match then you can opt for Offline Transfer. Here is the process for Offline PF Transfer

  • You can start the process by downloading the Form No 13 from the EPF India Portal. You can download the form by simply clicking here.
  • Once the form has been downloaded then you can simply fill the form and submit the form to your employer.
  • The employer will forward the form to EPFO and the documents will then be processed. The transfer is subjected to the approval from the previous employer.

This was the process to transfer the PF from one account to another. In addition to this, you can also download the passbook, change the password and enter various another request with help of the EPF portal. As per our recommendation, it is always beneficial to transfer the PF and it is surely a better option than withdrawing the PF money.

In case of any issues, you can contact the EPFO Help Desk and they will surely resolve the query in the given time.

Step By Step Guide for PF Transfer through OTCP (Online Transfer Claim Portal) Portal Login

OTCP means Online Transfer Claim Portal. This is a new system launched by the government for the employers which facilitates online submission of transfer claims and makes the process of PF Claim transfer, very efficient and transparent. This is the new facility and therefore all the employers are urged by the government to educate their employees to make use of this scheme. This is available on the member portal of the EPFO. The members can submit their claims either through the present or the previous employer.

The main highlights of this process are:

  • The employer can view the transfer requests from members.
  • They can easily verify the details from their records.
  • The forms can then be approved and attested using the digital signature.
  • This process can be used to along with the paper claim process.
  • The claim requests can be verified and approved by multiple authorized signatories.

Let us now look at the advantages of PF Transfer

Advantages of PF Transfer

  • When you do not withdraw the amount, the interest still gets accumulated on the PF amount and hence you end up with a huge sum of money because of the compounding power of money.
  • You do not have to pay the tax on the amount as you are not withdrawing the amount. The tax benefit increases with your PF accumulation and the increment in salary.
  • In addition to this, the EPF offers the maximum interest in risk-free When you compare the interest rate of the bank Fixed Deposit with that of EPF, you will notice a huge difference.
  • You can keep getting interest on the EPF till 3 years of your last deposit and hence you get interest even when you leave your job.

Eligibility Conditions for PF Transfer

If you have a PF account then you become eligible for the PF transfer but there are some more conditions which are applicable to PF Transfer and we have mentioned those below.

  • The PF account should be transferred to your own account. It is not possible for you to transfer the PF Amount to a third party’s account.
  • It is required for the member to validate the details and hence the member should have all the correct details available for the transfer to be processed correctly.
  • The member can’t retains the pension amount in one account so that means that all the contribution by the employee, contribution by employer and the pension amount would be transferred to the new account.

Member Claims

To file the transfer claim online, MemberClaims Epfoservices portal is required. It facilitates the online submission of the transfer claims by the member and makes the entire process very smooth and efficient. Visit the EPFO website www.epfindia.gov.in to register on the portal. With this portal, the employer can view, verify and correct, approve and submit the requests online.

Aadhaar Card is now made mandatory for any online transfers against active UAN. Also one mobile number is valid for one registration.

EPFO services are now available on the UMANG App – Unified Mobile App for New Governance.

If you need any help regarding EPF visit UAN HELP Desk

You can check following things on OTCP Portal employees http://epfindia.gov.in/site_en/OTCP_ForEmployers.php

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