Recently I had transferred my 2 old PF account to new PF account. The governments digital policy has helped improving all portals especially PF related in a good way. Here I will explain the steps to transfer and the issues what I faced, which got resolved later.
My case
I had 2 old PF accounts one was with government body (PF Bommasandra) and other one with a private company and their PF trust was in Gurgaon.
When I raised a transfer request, almost 2 months there were some technical issue due to which I was unable to raise any query on status.
PF Government to PF with Government Body
Once the technical issues related to the PF portal was resolved, my PF with government body was transferred without any issues. I was able to see the details in the passbook page of current PF.
PF Private Trust to PF with Government Body
Major issue was with the private trust transfer. The company had tried everything to move my PF online to new account, they kept updating me on the issues which they faced like website down or the links doesnt work. Finally they gave me a suggestion to take the PF Amount in Cheque in the name of PF office. They have sent the cheque to my address and I have handed it over to my new company salary processing team (Ascent). They had mentioned it may take 2 months, but I remember it had credited in less than a month.
Some of FAQ about PF Transfer.
1. Is the PF portal effective?
Yes Very much. Almost all queries gets answered and very straight procedure for transfer and withdrawal online.
2. I have a small amount in previous company. Should I spent time in transferring it?
Guys, this is your hard earned money, if it is small too, you have the full right to claim it. Also the portal is very easy to use, all steps may take 10-15 minutes max.
3. How do we know the status?
Raise a query through grievances portal, you will (100%) get a response in approximately 1 week time.
4. After transfer will the new PF have the Old PF starting date mentioned, so that 5 year completion will be captured?
Yes when the transfer happens, they record all details like when the old PF was started etc. So in case your all Old + New PF completes 5 years, you are eligible for withdrawal and without tax.
5. Will the pension amount be transferred with employee + Employer contribution?
Yes, all the amount gets transferred to new account.
6. My PF after transfer doesnt show the pension amount. It just shows employee contribution and employer contribution. Any reason?
Pension amount will not be shown in PF passbook on transfer. But your employment history will be transferred and since pension amount is fixed, it can be calculated based on your emplacement details.
7. Is the PF amount taxable on withdrawal?
If you withdraw PF before 5 years, it is taxable. So we recommend, transfer the amount from one office to other till you complete minimum 5 year term.
8. How can I withdraw pension amount?
While submitting form for PF withdrawal, you need to submit additional form for pension withdrawal. Ask your HR to submit both forms to ensure you get the pension amount too as part of your PF accumulation.
Note:
I had spent quite some time understanding the PF rules and had interacted with people from PF office. So if you need any clarification, please let me know through the comments section.
My case
I had 2 old PF accounts one was with government body (PF Bommasandra) and other one with a private company and their PF trust was in Gurgaon.
When I raised a transfer request, almost 2 months there were some technical issue due to which I was unable to raise any query on status.
PF Government to PF with Government Body
Once the technical issues related to the PF portal was resolved, my PF with government body was transferred without any issues. I was able to see the details in the passbook page of current PF.
PF Private Trust to PF with Government Body
Major issue was with the private trust transfer. The company had tried everything to move my PF online to new account, they kept updating me on the issues which they faced like website down or the links doesnt work. Finally they gave me a suggestion to take the PF Amount in Cheque in the name of PF office. They have sent the cheque to my address and I have handed it over to my new company salary processing team (Ascent). They had mentioned it may take 2 months, but I remember it had credited in less than a month.
Some of FAQ about PF Transfer.
1. Is the PF portal effective?
Yes Very much. Almost all queries gets answered and very straight procedure for transfer and withdrawal online.
2. I have a small amount in previous company. Should I spent time in transferring it?
Guys, this is your hard earned money, if it is small too, you have the full right to claim it. Also the portal is very easy to use, all steps may take 10-15 minutes max.
3. How do we know the status?
Raise a query through grievances portal, you will (100%) get a response in approximately 1 week time.
4. After transfer will the new PF have the Old PF starting date mentioned, so that 5 year completion will be captured?
Yes when the transfer happens, they record all details like when the old PF was started etc. So in case your all Old + New PF completes 5 years, you are eligible for withdrawal and without tax.
5. Will the pension amount be transferred with employee + Employer contribution?
Yes, all the amount gets transferred to new account.
6. My PF after transfer doesnt show the pension amount. It just shows employee contribution and employer contribution. Any reason?
Pension amount will not be shown in PF passbook on transfer. But your employment history will be transferred and since pension amount is fixed, it can be calculated based on your emplacement details.
7. Is the PF amount taxable on withdrawal?
If you withdraw PF before 5 years, it is taxable. So we recommend, transfer the amount from one office to other till you complete minimum 5 year term.
8. How can I withdraw pension amount?
While submitting form for PF withdrawal, you need to submit additional form for pension withdrawal. Ask your HR to submit both forms to ensure you get the pension amount too as part of your PF accumulation.
Note:
I had spent quite some time understanding the PF rules and had interacted with people from PF office. So if you need any clarification, please let me know through the comments section.
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