This article discusses how to merge two or more Employee Provident Fund (EPF) accounts online in India. It explains that employees often have multiple EPF accounts due to job changes. Merging accounts allows easier tracking of balances. The process involves logging into the EPFO website, entering UAN and old account details, and submitting a request. Successful merging transfers balances to the new account within 2-3 weeks. Benefits include consolidated tracking and easier withdrawals.
This Blog written by me attempts to discuss the features and Benefits of Employee Provident fund Scheme as a Fixed Savings instrument in terms of Applicability, Contributions, Return, Risks, Lock-in period, Liquidity, Tax Benefits, Voluntary PF and highlights the recent relief measures that the government has announced considering the current COVID-19 Pandemic
This Blog written by me attempts to discuss the features and Benefits of Employee Provident fund Scheme as a Fixed Savings instrument in terms of Applicability, Contributions, Return, Risks, Lock-in period, Liquidity, Tax Benefits, Voluntary PF and highlights the recent relief measures that the government has announced considering the current COVID-19 Pandemic
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Provident fund is a saving scheme that counted as requisite accounts that need to be sustained by every individual employee as an essential thing after their retirement. This scheme has introduced by EPFO under the regulation of the Government of India
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This is a detailed presentation on NPS for corporates and also employees of private organisations.
FundsIndia is a leading consultant for NPS. We help individuals and corporates open and manage their NPS accounts.
Till date more than 4000 individuals and 15 corporates have opened NPS account leveraging our indepth knowledge in the field of National Pension System ( NPS ).
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The Bombay Stock Exchange is an Indian stock exchange located at Dalal Street, Mumbai. Established in 1875, the BSE is Asia’s first stock exchange. More than 5000 Companies are registered under this exchange.
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Oriental Bank of Commerce (OBC) is one of the oldest and most trusted public sector bank. It
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Provident funds its benefits and eligibility nation learns (1) convertedNation Learns
Provident fund is a saving scheme that counted as requisite accounts that need to be sustained by every individual employee as an essential thing after their retirement. This scheme has introduced by EPFO under the regulation of the Government of India
Having secured a job, an individual aspires for a better life, a comfortable home, health care, and a pension to take them easily through retirement blues. Key to lead the life out of retirement blues is pension planning for which the savings through Employees’ Provident Funds are important.
EPF Calculator, a complete remedy for all your queries and stress in your Employee PF management. Itsan open source software developed with Latest technology. With EPF calculator, you need not worry about EPF rules and procedures or calculation errors ever again! It computes the provident funds of all the employees in your organization.
Generate member wise information and reports in a single click. We provide exceptional quality assurance in PF calculations. It facilitates PF calculation very simple and this will allow user to reap the benefit of time and cost. It provides easy entry of data with quick generation of reports. Hence, anyone can use it for their own purposes, without legal hassles, as spread free software. By entering the establishment and employee details the software will calculate the provident fund contributions correctly as per EPFO rules and will generate the annual and monthly return forms as per your requirements
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How to merge two or more epf accounts in india
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How to merge two or more EPF accounts Online in
India?
July 17, 2020 Suresh KP
How to merge two or more EPF
accounts Online in India?
Employees keep changing jobs for
better career and higher salary.
One might have multiple EPF
accounts during such change in
jobs within India. There are a
number of reasons one would
continue multiple EPF accounts.
One of the pain area is tracking
the balance manually. Many of
them are not aware how to handle such situation and leave as-is. In this article, we would
provide how to merge two or more EPF accounts online in India. We would also provide the
benefits of merging EPF accounts.
Also Read: What is Gratuity eligibility, formula and how it is calculated?
What is Employee Provident Fund (EPF)?
Home > Classroom Lessons > How to merge two or more EPF accounts Online in India?
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You can skip this section if you are already familiar with EPF.
Employee’s Provident Fund (EPF) is a collection of funds contributed by the employer and
his employee on a regular monthly basis. The scheme basically aims at promoting savings
to be used by the employee post-retirement. Under this scheme, the employer and the
employee each contribute 12% of the employee’s salary (which consists of basic salary and
dearness allowance) to the EPF. These funds earn interest set by the Employee Provident
Fund Organization (EPFO) that works under the direct jurisdiction of the government. It is
managed through the Ministry of Labor and Employment. Although the interest is calculated
on a monthly basis, it is deposited directly to the employee’s Provident Fund account yearly.
The interest earned, along with the total accumulated funds is all tax-exempt.
What are the benefits of EPF?
The following are the benefits of EPF account.
EPF is the best medium for accumulating corpus for post-retirement life. The sum deposited
towards the EPF helps to build a good retirement corpus in the long run. Such a corpus
lends a sense of financial security and independence after retirement.
The EPF scheme offers a pre-fixed interest on the deposit that ensures growth in the
employee’s funds and accelerate capital appreciation.
Under Section 80C of the Income Tax Act, 1961, the contribution made by the employee
towards the EPF account is eligible for tax exemption. Moreover, the interest generated
through the EPS scheme is all tax-exempt.
The members of EPF are entitled to avail the benefits of accumulated funds for specific
requirements. The individuals can make partial withdrawals from the EPF account for the
purposes like to pursue higher education for children, owning a house, availing medical
treatment or bearing wedding expenses for children.
Why there would be multiple EPF accounts?
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Multiple EPF accounts emerge typically due to change in job. Whenever the employee
switches his job, it results in a new EPF account with a new employer. It becomes very
difficult for the employee to manage many EPF accounts. With the introduction of Universal
Account Number (UAN), EPFO facilitates its members to merge or consolidate their multiple
EPF accounts.
What is UAN?
UAN is the acronym to Universal Account Number. It is a 12-digit identification number that
is allotted to every employee. If an employee change organization, the 12-digit UAN
remains the same. In case, he did not inform the new organization about the UAN, he may
be allotted a new UAN from EPFO. In that case, he must inform the new employer or write
an email to EPFO to cancel the old UAN. A verification process will be conducted by the
EPFO to resolve the issue and once the verification is done, the old EPFO is canceled.
Then, the old EPF account needs to be merged in the new one using the given steps or
withdraw the amount in order to save the account from being dormant.
What are dormant accounts?
Dormant account is the account that have not witnessed any deposits for 36 or more
months. Probably, the individual has changed the job and forgot about the previous
contributions. Such accounts keep on receiving interest at the prescribed rates untill the
employee attains the retirement age. These accounts can be merged into another EPF
account or individuals can withdraw the amount using UAN number. If there are no
transactions for over 3 years, EPFO rules of 2016 indicate that the account would become
inoperative after 3 years post retirement. So, one should withdraw before that.
Step-by-step Process to merge EPF accounts online in India
4. Many EPF account holders hold more than one EPF account but now it is possible to merge
different EPF accounts into one on the EPFO portal. The following is the step-by-step
procedure to merge EPF accounts. acc
1) Go to the EPFO website here
2) Under the tab ‘Services’, go to “For Employees”.
3) Here, under the Services, you will find the option-One Employee-One EPF Account.
4) Now enter UAN number and password.
5) Click on online services —> One member – One EPF account (Transfer request) option
6) Go to section – Step-1 : Select details of previous accounts (which are to be transferred)
7) Select previous employer and enter member ID / UAN. Member ID is the last 7 digits of
the EPF account which you wan to transfer
8) Once you enter the details, click on OTP. A One Time Password (OTP) is generated and
sent to your registered mobile number.
9) Enter the OTP received. This step is for your authentication.
10) You will be redirected to the page that asks for old EPF account details for the merger.
Once the old EPF account details are entered and declaration is allowed and submitted, the
request for the merger of that account to the existing account will be sent to EPFO.
11) If you possess more than two EPF accounts, repeat this process for another old EPF
account too.
One should note that the facility of merging the accounts is available only for three days
after activation of the UAN. To avail the benefits of this service, the employee needs to have
his UAN KYC (Know Your Client) and Aadhar details updated and registered with the
EPFO.
5. FAQs about merging EPF accounts
1) Is it necessary to merge two pf accounts?
If you have multiple EPF accounts, it is good to merge them else it is difficult to track your
EPF balances. Even in the future, you cannot do proper withdrawals as you EPF balance is
in multiple accounts.
2) What are the benefits of merging EPF accounts?
There are certain benefits of merging.
i) You can have all your PF accounts under one UAN and you can check your balance
anytime.
ii) If there are no transactions in your EPF (due to exit from job) and your age crosses 55
years, you need to withdraw EPF, otherwise, it would become inoperative.
3) How long it would take to merge EPF accounts?
Earlier the process of merging EPF accounts was taking anywhere between 2-3 weeks
time. Now with EPF merging happening online, one can expect to close lesser than this
period.
You may like: What is supperannuation benefit in India?
4) How can I transfer my PF balance from one UAN to another?
One you merge EPF accounts with the process indicated above, your EPF balance in the
old EPF account would be automatically transferred to your new EPF account.
5) Can I withdraw my EPF online?
Yes, you can withdraw an EPF online for various reasons. There are certain terms and
conditions and withdrawal limits.
6. 6) How to check the EPF balance in India?
You can check your EPF balance in several ways:
i) You can log in to UAN portal and select passbook and view your EPF balance
ii) You can send SMS as “EPFOHO UAN” to 77382 93899. Replace UAN with your UAN
number indicated in your payslip
iii) You can give missed call to 011 229 01 406 and get EPF balance on your mobile
Conclusion: On changing the jobs, many employees are unaware of handling the old EPF
account. This article gives you the perfect guide to how to merge the old or dormant EPF
accounts in the current one.
If you enjoyed this article, share it with your friends and colleagues through Facebook and
Twitter.
Suresh KP
How to merge two or more EPF accounts in India
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4 comments
4 comments
Pankaj Jain
July 18, 2020 at 8:25 am
What about the pension amount?
I have merged all my accounts into 01 single account but pension amount not
transferred.
What should i do?
Pls. advise
Reply
Suresh KP
July 18, 2020 at 2:07 pm
Pankaj, As per my knowledge all PF and Pension under EPF would get
transferred to the merged new account. Are you able to see the EPS pension
amount in your UAN passbook? You can raise request in EPFO portal if EPS is
not transferred and not able to view for some reason.
Reply
8. Nitin
July 17, 2020 at 2:42 pm
Can new employer identify the old employment details if i share my UAN number with
new employer ?
Reply
Suresh KP
July 17, 2020 at 10:40 pm
Nitin, If the old EPF number is merged with new EPF number, the balance is
automatically transferred to your new EPF number. Hence there is no need for
any one to view the historical data. However to answer you straight, it is only
EPF member who would have access to old EPF accounts.
Reply
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![articles on your Facebook or
Twitter. This would be the
BIGGEST gift which you would
be giving to us.
Trending Posts
10.9% Tamil Nadu Power
Finance Fixed Deposit Scheme
2020 – Should you invest?
50 Profitable Small Scale
Business Ideas [with low
investment]
30+ Profitable Medium Scale
Manufacturing Business Ideas
20 Small Manufacturing
Business Ideas under Rs 10
Lakhs
200 Good Small Scale
Business Ideas with Low
Investment
Categories
Classroom Lessons (150)
Fixed Income (311)
Insurance Plans (197)
You can skip this section if you are already familiar with EPF.
Employee’s Provident Fund (EPF) is a collection of funds contributed by the employer and
his employee on a regular monthly basis. The scheme basically aims at promoting savings
to be used by the employee post-retirement. Under this scheme, the employer and the
employee each contribute 12% of the employee’s salary (which consists of basic salary and
dearness allowance) to the EPF. These funds earn interest set by the Employee Provident
Fund Organization (EPFO) that works under the direct jurisdiction of the government. It is
managed through the Ministry of Labor and Employment. Although the interest is calculated
on a monthly basis, it is deposited directly to the employee’s Provident Fund account yearly.
The interest earned, along with the total accumulated funds is all tax-exempt.
What are the benefits of EPF?
The following are the benefits of EPF account.
EPF is the best medium for accumulating corpus for post-retirement life. The sum deposited
towards the EPF helps to build a good retirement corpus in the long run. Such a corpus
lends a sense of financial security and independence after retirement.
The EPF scheme offers a pre-fixed interest on the deposit that ensures growth in the
employee’s funds and accelerate capital appreciation.
Under Section 80C of the Income Tax Act, 1961, the contribution made by the employee
towards the EPF account is eligible for tax exemption. Moreover, the interest generated
through the EPS scheme is all tax-exempt.
The members of EPF are entitled to avail the benefits of accumulated funds for specific
requirements. The individuals can make partial withdrawals from the EPF account for the
purposes like to pursue higher education for children, owning a house, availing medical
treatment or bearing wedding expenses for children.
Why there would be multiple EPF accounts?](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)