Everything about New Provident Fund Transfer Rule
Learn everything about the new PF transfer rule and Form 11. Yet another EPFO initiative pertaining to instant PF transfer is introduced. The government introduces an easy option to withdrawing your EPF amount while changing job. Once you provide the previous EPF account details through form 11, your EPF funds will be instantly transferred to your new PF account. The new rule brings a respite for the employees who are fed up of cumbersome PF transfer procedure. Myepfbalance.co.in is glad to bring updates on this new rule.
Now it will be a breeze to transfer your employee provident fund amount when you change job. Members don’t need to file for a separate EPF transfer claim (through Form 13). A new EPF Form 11 is introduced for automatic PF amount transfer. The form 11 will now replace the form 13 for PF transfer procedure. The declaration comes out on 20th September 2017 by EPFO. The initiative is a part of e-governance reforms of EFPO. This eliminates requirement of multiple forms for transfer of PF account. EPFO members can use new form 11 with or without aadhar card number.
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Highlights of New PF Transfer Rule
Let us help you to understand the new PF transfer rule in a better way. Here are the major features of this new EPFO initiative.
- The Form 11 is a declaration form to be filed by the employee. The form should be filed through your employer. It will contain details like bank account and aadhar number.
- When you join a new company, you need to submit your PF account details in Form 11. Refer to the image of the Form 11.
- Your new employer will submit the form to the EPFO.
- Once you submit the form 11, your funds will be transferred to the new EPF account.
- EPFO confirms that Form 11 will replace Form 13 in all the cases of automatic PF transfer.
These were the main features of the new PF transfer rule. Among several claims, transfer claims occupy 10 to 15% of total filed. This facility will simplify the things for employees as well EPFO office. With gigantic member base of more than 4 crores, EPFO is large organizing body in India. It manages funds of more than Rs. 10 lakh crores. Other claims include withdrawal, death claims, and pension claims.
How to File PF Transfer Claims Online
Employees can now claim for the PF transfer online. But ensure that your employer has registered digital signatures with the EPFO office. Visit epfindia.gov.in and locate the option for OTCP (Online Transfer Claim Portal). You will find this option under the menu of Our Services < For Employees.
You will see different options like checking eligibility and guidelines. We recommend applicants to go through the detailed instructions and FAQs available at this portal. First of all, check the eligibility for transfer. If you are eligible, you can proceed by selecting the option of Request for Transfer of Account.
Download Form 13 and submit it to your employer. However, with the new PF transfer rule, you can fill up the Form 11 online. We will update more on the new PF transfer rule. Stay with us for knowing important updates. Our blog also covers information related to passport tracking and e-aadhar card procedures.