According to a recent study, an average person changes their job 10 o 15 times during their career. While there are several perks and cons to change one's profession, moving their investments, insurance, and Provident Funds can be a challenging task.
With the advent of a new, integrated, self-service online EPFO portal, you can go ahead with balance transfers online and forget the hassles characteristic to the previous system. A universal UAN number will help you access and manage your existing EPF account with single-point solution to all functions. Here is a guide on how to transfer your previous Provident Fund balance.
One should know how to activate your UAN and use the portal to their advantage after UAN activation and transfer funds from the previous accounts to a new account within minutes.
The Universal Account Number makes it easier to pf balance check online or easier to access PF records and track its balance and monthly credits. This 12-digit code also stays linked with your KYC document, mandatory to execute online fund transfers. As it connects all PF accounts under one unique account number, any chances of fraudulent activity and duplicity of accounts get eliminated.
Linking Aadhaar with UAN makes it an identity and address proof and eliminates any need of a digital signature from an employer in case of transfers. You can also make withdrawals without any assistance from your employer. Linking Aadhaar brings transparency and streamlines the entire process.
To transfer the funds, you will need access to the internet, your UAN number, the registered phone number, older and existing PF account details, and details of the financial institution you have a savings or current account. It is the easiest way beyond the lengthy paperwork and validation process.