Employees' Provident Fund account, or EPF account, is a saving instrument that was introduced under Employees’ Provident Fund and Miscellaneous Act, 1952. Run by the EPFO, this scheme promotes saving through its E-E-E model— investment in EPF, interest from EPF and withdrawal from EPF is tax exempt. The employer and employee contribute 12% each of the employee’s salary (basic + dearness allowance) to the EPF account.
EPF online transfer of account:
An EPF account is considered one of the best saving instruments for those who do not want to not take extra risk and want to accumulate money for their retirement. But sometimes people need to do an EPF online transfer of account from old employer to new employer but they do not know how to do it. Employees’ Provident Fund Organisation (EPFO) has recently introduced an EPF account online transfer process to transfer your money from one account to another. This EPF online account transfer method saves a lot of time and lets the user transfer his provident fund from the comfort of his home or office. To make it further easy for you, EPFO has explained EPF account online transfer process in stepwise manner on its official twitter handle.
EPF account online transfer process :-
Step 1 Visit Unified Member Portal and login with UAN and password.
Step 2 Go to ‘Online Service’ and click on ‘One Member One EPF account (Transfer Request)’
Step 3 Verify personal information and PF account for present employment
Step 4 Click ‘get details.’ PF account details of previous employment would appear.
Step 5 Choose either previous employer or current employer for attesting EPF account form
Step 6 Click OTP to get EPF account related OTP on UAN registered mobile number. Enter OTP and click submit.
Your EPF account online transfer process is complete.
