Procedure to transfer the old PF amount to new PF account
1. At the time of joining a new organization, the company’s HR will give
you forms for opening an PF account. When new PF account is opened and
you would receive a new PF Number.
2. Fill up PF withdrawal form (Form 13) with the details of your
previous organization, including your previous PF number, previous
employer and regional provident fund office details. 3. Sign and hand
over the Form ‘13’ in triplicate to your present employer/HR Department.
4. HR will fill in the details of your current organization and attested it by the authorised signatory (of the new employer).
5. HR then submit it to the regional PF office for transfer.
6. The regional PF office then gets in touch with your previous regional
PF office to effect the transfer. Ideally, the process should take
around 30 days.
When should I start transferring PF to new employer?
The transferring process can be initiated after allocation of new PF account number.
How to identify PF No.?
PF is an alphanumeric number on your PF slip. The first two letters
indicate the regional PF office, which is in charge of your account. The
next five digits are the employer’s code, followed by the employee’s
code.
Why to transfer PF account?
1. While you need to wait for two months to withdraw the money, the transfer takes place immediately.
2. You have to pay tax if you withdraw your Provident Fund before
completing five years. If you transfer it, you can earn more in the long
run in terms of returns.
3. You stand to receive 24 per cent of the amount standing to your
account as pension once you are 50 years old, and full pension at age 58
onwards under the Employees' Pension Scheme.
4. Up to now, there was not any problem in doing this because the older
account keep accumulating interest income over the period of time.
However according to the new rules, after year 2011, after 3 years of
inactivity, your PF account will stop earning any interest income.
What if old PF account is not transferred?
If you don’t transfer your previous balance, your previous accounts are
live and accessible. You can withdraw or transfer the balance to your
current PF account. But according to the new rules, after year 2011,
after 3 years of inactivity, your EPF account will stop earning any
interest income.
Where to get PF forms?
Provident Fund Transfer Form - 13 Revised - is attached herewith this article or can be down loaded from EPF India website -
http://epfindia.nic.in/downloads_forms.htm
Points to remember, while transferring Provident Fund
1. Use the appropriate form for transferring Provident Fund
2. Ensure that all columns of the application are filled completely.
3. Information in the application form relating to name, a/c no. should
agree with the details available with Employees' Provident Fund
Organization; which were furnished by the employer at the time of
enrolling to Provident Fund.
4. Application should be signed by the member/claimant.
5. It should be attested by the former employer. In case attestation by
the former employer is not possible, it should be got attested by any
other authorized official specified in application form.
6. Application for final settlement can be sent by a member on
completion of 2 months from the date of leaving service, if the reason
for leaving service is other than superannuation, medical ground,
retrenchment and V.R.S./ Female members getting married etc.
7. Desired mode of payment can be given legibly, if the amount involved
is more than Rs. 2000/-. The amount will sent by deposit in payees' bank
a/c. To facilitate this, Bank a/c no., name and address of the bank
should be furnished. An advance stamped receipt should also accompany
this application.
8. Application may be supported by the return Form-10, showing the
details of leaving service and details of contribution for the year in
Form-3A, if not sent earlier by the employer.
Useful web links
For any grievance
http://epfigms.gov.in/grievanceRegnF...on=gyHfm7mgQLq
To check your claim status
http://59.177.81.198/homepage_claim_status_new.php