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How to transfer your PF money online: Here's a step-by-step guide

by  | techgem
Posted:     Updated: May 8, 2019  6:39 ET
 
    1. 0

With an increase in job opportunities or new avenues to direct your career growth to, you may decide to change your job and take your career to the next level. Wherever you go, your hard work may also help you contribute more to your EPF account. However, this does not mean you need to open a new EPF account every time you switch jobs. EPFO allows you to transfer your EPF balance online through the online self-service portal in just a few clicks.

How to transfer your PF money online: Here's a step-by-step guide

By transferring your EPF money, you allow it to earn prevailing interest rates and form a large lump sum courtesy of the power of compounding. It also makes it easy for you to withdraw the money from a single account in times of need without any hassles. To transfer your PF Online, follow these simple steps.

Transfer PF online

  • Sign in using your UAN login ID
  • Select One Member – One EPF Account (Transfer Request) from the drop-down menu
  • Verify your personal details and your current place of employment
  • View the details of your PF account by clicking ‘Get details below’
  • Select whether you will be choosing your former or new employer to get your claim attested
  • Provide member ID
  • Click on ‘Get OTP’
  • Enter the OTP sent to your registered mobile number and click on ‘Submit’
  • Fill up Form 13 with the details of your ex-employer and your current employer
  • Download the transfer claim
  • Submit the physically signed copy of the claim to your chosen employer

Apart from transferring your PF balance online, you can also check our balance from time to time. By checking your EPF balance, you can plan your investments beforehand and enjoy enough time to make necessary changes.

Since you invest in EPF mainly for retirement, your best bet would be to invest the maturity proceeds corpus in a fixed deposit or various FDs of varying tenors. This not only gives you safety and guaranteed returns, but also strengthens your corpus over time. By investing in issuers like Bajaj Finserv who offer high interest rates and additional features on Fixed Deposits, you can make the most of your investments. A 3-year FD with payout only on maturity offers an interest rate of up to 8.75% for regular investors and 9.10% for senior citizens. Apart from this, you can also enjoy 0.25% additional FD interest rate on renewal of your FD.

What’s more, based on your interest payout requirement, you can choose your payout frequency and set it to receive income every month, quarter, half-year or yearly, depending on your financial needs. If you aren’t interested in long tenors, make use of the special tenor scheme of 15 months that offers 0.05% extra interest than a 12-month FD. Further, the interest rates on this special tenor scheme are higher for senior citizens. Manage your account online conveniently without having to rush to the nearest branch for simple queries or information and acquire a loan using your FD as collateral in times of need. Get started now and fill in a simple online application form to benefit from assured returns.

Topics: Residential economy | Residential other
More by: aman khanna

 

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  1. Posted: Jun 4, 2019  18:48 ET
    By: Jeorge Waters | 1983
    1. 0


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How to transfer your PF money online: Here's a step-by-step guide

by aman khanna | techgem
Posted: May 8, 2019  6:36 ET    Updated: May 8, 2019  6:39 ET

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