When you transfer money from PF account to one account, your entire money is not transferred, so you should take care of this special rule.
An important part of the savings of the salaried people is the PF account itself, in which some part of the salary keeps getting deposited. In PF, a part is deducted from the salary of the employee and a part is deposited by the employer i.e. your company. When you change a company, even after having one UAN, multiple accounts are generated in the account. When you need to withdraw money from PF account, then all the account money has to be merged into one account.
Transferring money from different accounts to the same account also has its own rules. But, even when money is transferred, the entire money is not transferred to the account, some part remains in those different accounts. In such a situation, know what are the rules regarding those money and what things should be kept in mind while transferring money…
How are money transfers done?
To transfer the money of all the accounts in one account, first you have to update the exit date in all the accounts, so that the EPFO gets to know that you have left the job. You go to the Manage option in the EPFO website and go to the option of Mark Exit and mention the date of exit in all the companies except the current company. After this, by going to the Online Services option in the home page, click on One Member- One EPF Account (Transfer Request). Continue to process step by step and transfer the account.
How much money is transferred?
When you transfer money from your different accounts in one account, only the EPF money is transferred. Your pension fund money is not transferred. When you apply for withdrawal of pension fund, then there is a separate arrangement for it. Explain that money is deposited in PF in two pieces, one part is deposited in the form of EPF and one part is deposited in the form of pension fund. In such a situation, whenever you transfer money from the account, keep in mind that your pension money has not been transferred to the account.
How long does it take to transfer money?
It takes 7 to 30 days for you to transfer PF funds. In this, first the present company will approve it and then the PF account will process it further. After this you may take 7 days to 30 days.