Online PF transfer and withdrawal from July 1, 2013


Online PF transfer and withdrawal from July 1, 2013Online PF transfer and withdrawal from July 1, 2013

One of the painful problems an employee faces when he/she changes the job is, transferring or withdrawing Provident Fund amount from old employer. Employee Provident Fund Office (EPFO) has announced few days back about automating the process of PF transfer and withdrawal / settlement. In this article we would discuss about this new process and how it would run and benefit subscribers or EPFO or employees.

Long awaited process for EPFO subscribers

EPFO subscribers have been waiting for this new process for long time. There are 50 million subscribers of retirement fund body EPFO who would get benefitted with this new process. EPOF would set-up a central clearance house to take care of the online PF transfers or settlements, which would be operational from July 1, 2013.

Also Read: How to check EPF balance online.

Currently, if anyone changes the job, he/she needs to approach the previous employer for PF transfer. This is so painful that it would take several months to get clearances and transfer the amount. Since several individuals move from one company to another company for better career, transferring the PF from previous employer to current employer is a night mare.


How the Online PF transfer and withdrawal would work?

  • An EPFO subscriber needs to log into www.epfindia.com and provide his PF number and other relevant details online.
  • Once he submits his request for either transfer or withdrawal, a tracking number would be generated. This number would be used to track the status of the application.
  • The PF transfer request would be sent to previous employer and EPFO. Since the onus is on the EPFO to verify the same with previous employer, there is strict deadline by them to employers. EPF would verify the data with previous employer and with current employer and makes the PF transfer.
  • In case, anyone is applying for withdrawal of the Provident Fund amount, EPF would take the responsibility of verifying with previous employer and settles the Provident Fund amount to the subscriber.
  • There is no further involvement of an employee during this transfer.
  • The above process looks simple as the onus lies with EPFO and entire process is through online.

You may also like: How to check income tax refund online

In the long run, EPFO want to provide permanent account numbers for their subscribers so that there would be only one PF number for an employee irrespective of the number of employers he is working for.

Conclusion: This new process would definitely benefit an employee and save time and energy. An employee can concentrate on better things rather wasting his time on this avoidable activity.

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Suresh
Online PF transfer and withdrawal from July 1, 2013


Article by Suresh

Suresh KP i.e. me have written 400+ articles on this blog. I love doing analysis and identifying the Best investment options.

42 Comments

  1. sri durga says:

    i submitted my pf form on dec 5th but still now i didnt get my pf…so pls help me

  2. Kanniappan.M says:

    Hi Suresh,

    The PF office stated the below comments for my PF account

    Your PF account is settled for Rs.5750/- on 08/11/2013 You are not eligible for withdrawal benefit as EPS service is less than six months

    But today is – 12/11/2013, still i can't see any "Credited amount" in my account

    Please raise your comments, what i have to do next …?

    • Suresh says:

      Kanniappan, You need to check the bank account which you have indicated in your PF withdrawal form. It would take 7 to 21 days to come the amount in your bank account after settlemtn. My suggestion is to wait for 3 weeks from the date indicated and then approach PF office on their contact nos / email ID. 

  3. kanniappan says:

    Hi Suresh,

    First sorry, because i have missed one line. I will tell you clearly. My claim form is rejected due to the employer seal & office seal is not seen in the claim form on – 14.08.2013, the bangalore office received that form and put their signature and office seal and again resent the form, will u please suggest whether i will get the pf amount now ?

    • Suresh says:

      Kanniappan, Since the formalities are completed, it should cleared now. I came to know today that PF office is working on war foot basis to clear all pending PF claims. effective from 1-Nov-13, they would go as per new process i.e. online. Hopefully, your PF should get cleared before 1st week of Nov

  4. kanniappan says:

    Hi Suresh,

    I have one small doubt, i have submitted my PF claim form on – 25.07.2013 and it is rejected on – 14.08.2013 (due to the claim form not have employer seal & sign) and again now my old employer received form and verified and resend that form on – 10.10.2013 with my old forms, whether it is possible to get my pf now, or any problem i have ?. Because they have submitted the old form which have month of "05", please raise your comments.

    • Suresh says:

      Kanniappan, Not able to advice you as I am not sure how this would work without seal & sign. By 31-Oct-13, if this is not cleared, I think PF would not be accepting this as new process would come into picture for online PF transfers.

  5. mahesh.n.nair says:

    Dear Sir,

    I worked in a Firm(Named as Coastal Energy) from 1998 and resigned it on 2003 and withdraw my PF amount the same. After doing some odd works for a duration of 02 year I rejoined the previous Firm again(Coastal Energy) on 2005 and did the job upto 2011. During this period my employer put all my PF in my same account number that earlier with them and unrfortunately I didn't inform them about the withdrawal of PF money.

    Now when I submit claim for withdrawal of PF after resigning on 2011,it get continuously rejected.From agents of company I came to know that the reason for rejection by PF office is due to earlier withdrawal of PF from the same account and in same name.

    I do not know what to do now and where to complaint.Since now I didn't get my PF but same time I got the member pass book online that showing amount in account.

    Kindly advice that what I have to do or to whom to complaint for withdrawing my PF money.

    Thank you so much and awaiting for a valuable reply

    MAHESH NAIR
    AHMEDABAD
     

    • Suresh says:

      Hi Mahesh, I understand your point. You need to contact the PF office and put the request for withdrawal or atleast for transfer in case you are movig to new company. I think they should definitley consider your request. If not, they would have rejected your pf amount deposited by your employer and should not have waited for you to check your PF account. Try that and let me know

      • mahesh.n.nair says:

        Dear Sir,

        Thank u so much for advice and will do the same like you suggested.

         

        Thanking you,

         

        MAHESH

         

  6. spark2612 says:

    Hello,

     

               My pf status shows payment is under process any idea as to how long will this take to get the money to the bank?

     

    Regards,

    spark

    • Suresh says:

      Hi Spark, It may take approx 1 month time to get credited to your bank account once it is processed. Some people complain that it takes more time due to process delays.

  7. JOHNSON says:

    Passbook cannot be generated
    Reason: Settled Member
    Contact:EPFO Office

  8. sanjay Koli says:

    I have been  changed company. I want to withdraw  my pf amount. But my previously employer told me u need affidavit for withdrawal. Is this compulsory or not?  please guide me.

    • Suresh says:

      There is no affidavit. You need to fill some documentation saying you are not working anywhere. Based on this you can withdraw. If you want to transfer the PF amount to new company, you can do that by filling up the transfer form. Please consult the PF office for necessary documentation. It was supposed to become online by Aug end, but there is still delay. It is expected to come online anytime

  9. Raghu says:

    Hi Suresh,

    I moved to you a new company in July 2012. There is mismatch in the amount displayed in my previous company PF passbook and knowing the balance online. Will it create any problem for my PF transfer.

    Regards,

    Raghu H R

     

     

     

     

     

     

    • Suresh says:

      Raghu, Generally PF office would update previous year books only by Feb of next year, hence you could have seen this mismatch. Which number is high ? I hope online amount shows more as they would have updated in Feb-2013. It should not be any problem as it is a process.

  10. vinod says:

    Hello
    Meine june(end) me job chooda tha . Too ab me kitne samay me pf ke liye apply kar.
    Sakta hoon

  11. Nilkanth Sonar says:

    Dear Suresh,

    I hv resigned from one company after 3 monts service and want to withdraw my pf but dont want to go to employer for the same to get the employer stamp on withdrawal forms.

    so what is the alternet way to apply for the withdrawal ?

    Pls help…

     

     

    • Suresh says:

      Nilkanth, The alternative is wait for online system which was expected by Aug-13, and now it may go beyond this to withdraw or transfer amount online without approaching employers.

  12. Simran says:

    Hi sir i want to earn money with low investment pls suggest….

    Thanks

  13. tushar says:

    hi……..i submit my withdrawl form at 1 August in all these process how many days it would be take to transfer money to my account

  14. Divya says:

    Hi,

    I had been waiting for this from july 1st Onwards, Dont really think its gonna be true, I need to withdraw my PF amount from 3 of my past companies

  15. chandra says:

    Hi,

    Today is july 5th . Is it materialized ? or nay change in dates?

  16. Mani says:

    This project was launched back in 2001 and was shelved in 2007. This would have been reality long time back if EPFO would have any vision about IT transformation. I do not think they would be able to modernize this anytime. All EPFO employees (babus) don't want to loose under table. They are totally against any IT transformation. Let's hope for the best.

    • Mani says:

      As I predicted. Even though they will make it happen it will not take load and eventually will go offline soon. Moreover there would be flaws in the online transfer for sure. Chances that your monies might go in wrong accounts.

  17. Praveen says:

    HI,

    EVEN I WANT TO CREATE A WEBSITE MEANS A BLOG LIKE YOURS.IF U CAN HELP …..

  18. Rakesh Ganju says:

    Mr. Suresh, if this things happens for true, believe me we should meet over a drink and celebrate. This has been a long lasting dream of all the employees across India.

    Regards

    Rakesh Ganju

    • Jasmeet Singh says:

      Exaclty! :)

      • Manu says:

        I was part of the project which was supposed to all these things. In fact everything was ready. Just because of internal politics of epfo it could never see a day of light. Real shame.

        • Suresh says:

          Manu, Very bad to hear this. Do you think this would not get released soon?

          • Manu says:

            Sorry suresh for the confusion. I was part of the original project which started in 2002 and shelved in 2007. Later epfo started doing same work on their own. What we all are waiting is their own work which they started in 2007. I do not have idea of the progress they made.

  19. supriya says:

    this is really great news..

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