How to merge two PF accounts in one UAN Online?
Employees Provident Fund (EPF) is a government-sponsored retirement savings scheme for employees in India. Many employees may have multiple EPF accounts due to changing jobs or other reasons, which can lead to difficulties in managing their retirement savings. In this blog article, we’ll explore how to merge multiple EPF accounts and the benefits of doing so.
How can I merge multiple EPF accounts?
Step-by-Step Guide to Merging Multiple EPF Accounts Here’s a step-by-step guide to merging multiple EPF accounts:
- Obtain UAN: The first step is to obtain a Universal Account Number (UAN) from the Employer. If you have already been issued a UAN, you can skip this step.
- Activate UAN Number : By using EPF Portal activate the UAN Number. If you have already activated the UAN number, skip this step.
- Check EPF Balance: Before merging your EPF accounts, check the balance in each account to ensure that all the contributions have been properly credited.
- Submit Transfer Request: Next, log in to the EPF portal using your UAN and submit a transfer request from the EPF account where you are no longer working to your current EPF account. (Navigation Path : Login -> Online Services -> One Memebr – One EPF Account)
- Get Approval: After submitting the transfer request, the EPF office will verify the details and approve the transfer. You can track the status of your transfer request on the EPF portal.
- Verify Transfer: Once the transfer is complete, you can verify the transferred amount in your current EPF account.
Benefits of Merging Multiple EPF Accounts
Merging multiple EPF accounts can offer several benefits, including:
- Consolidation: Merging multiple EPF accounts can help consolidate all your retirement savings in one account, making it easier to manage and monitor your savings.
- Avoid Penalties: If you don’t transfer or withdraw the balance in your old EPF account after changing jobs, it may become inactive and incur penalties. Merging your accounts can help avoid these penalties.
- Higher Interest Rate: The EPF interest rate is currently at 8.5%, which is higher than most other savings schemes. By consolidating your EPF accounts, you can earn a higher interest rate on your retirement savings.
- Easy Withdrawal: Merging your EPF accounts can make it easier to withdraw your savings after retirement or in case of emergencies.
Conclusion
Merging multiple EPF accounts can be a simple and effective way to manage your retirement savings. By following the steps outlined above, you can consolidate your accounts, avoid penalties, earn a higher interest rate, and make it easier to withdraw your savings when needed. It’s important to remember to check the balance in each account and ensure that all the contributions have been properly credited before initiating a transfer request.
FAQs – Frequently Asked Questions
Q. What is a PF account?
A. A PF (Provident Fund) account is a savings scheme that is mandatory for salaried employees in India. Employers deduct a small portion of an employee’s salary and contribute to their PF account. This fund grows over time and can be withdrawn by the employee after retirement.
Q. What is a UAN?
A. UAN (Universal Account Number) is a unique 12-digit number allotted to each employee who contributes to the PF account. It helps to track and manage the PF accounts of an employee throughout their career.
Q. Can I merge two PF accounts into one UAN?
A. Yes, it is possible to merge two PF accounts into one UAN. This is done to avoid having multiple PF accounts and to make it easier to manage the funds.
Q. How can I check if I have multiple PF accounts?
A. You can check if you have multiple PF accounts by logging into the EPFO (Employees’ Provident Fund Organisation) member portal using your UAN and password. Then go to the ‘Manage’ tab and click on the ‘Link your previous member ID’ option. If you have multiple PF accounts, they will be displayed there.
Q. What are the benefits of merging two PF accounts into one UAN?
A. Merging two PF accounts into one UAN helps in simplifying the management of your PF accounts. It eliminates the need to keep track of multiple accounts, reduces the paperwork, and allows you to keep a better track of your PF balance.
Q. Is it mandatory to merge two PF accounts into one UAN?
A. No, it is not mandatory to merge two PF accounts into one UAN. However, it is recommended to do so to avoid confusion and make it easier to manage your PF accounts.
Q. How long does it take to merge two PF accounts into one UAN?
A. The time taken to merge two PF accounts into one UAN depends on the verification process of your details. It usually takes around 10-15 days to complete the process.
Q. What is the process to merge two PF accounts into one UAN?
A. The process to merge two PF accounts into one UAN involves linking your previous member ID with the current UAN. This can be done by logging into the EPFO member portal and clicking on the ‘Link your previous member ID’ option under the ‘Manage’ tab. Then, follow the instructions provided to complete the process.
Q. What documents are required to merge two PF accounts into one UAN?
A. You do not need any documents to merge two PF accounts into one UAN. However, you should have your UAN and previous member ID handy.
Q. Can I merge PF accounts from different employers into one UAN?
A. Yes, you can merge PF accounts from different employers into one UAN.
Q. Will I lose my previous employer’s contribution to my PF account after merging them into one UAN?
A. No, you will not lose your previous employer’s contribution to your PF account after merging them into one UAN. All your previous contributions and interest earned will be transferred to the new UAN.
Q. Can I merge more than two PF accounts into one UAN?
A. Yes, you can merge more than two PF accounts into one UAN.
Q. Is there any fee for merging two PF accounts into one UAN?
A. No, there is no fee for merging two PF accounts into one UAN.
Q. What should I do if I face any issues while merging two PF accounts into one UAN?
A. If you face any issues while merging two PF accounts into one UAN, you can contact the EPFO helpdesk or your employer’s HR department for assistance.
