How to transfer pf amount to bank account

Before contributing to the Employment Provident Fund was made compulsory, many employed people dreaded walking on that route. The reason wasn’t so much because they didn’t want to save or didn’t receive enough salary that would enable them to save, but it was simply because they feared losing their money.

There were very many stories of how people followed up on their savings to no avail or how others started off the withdrawing process and gave up on the way after spending months following up on the same thing to no avail. Although people exaggerated on the claims, there was a lot of truth on what they were talking about. The most unfortunate thing was that some lost their money simply due to lack of information. Some either followed the wrong procedure while others entrusted their money withdraw process to wrong people who took advantage of their ignorance to steal from them.

How to transfer Provident Fund amount to bank account

However, Employees Provident Fund Organization is working hard day and night to make the lives of their contributors easy and comfortable. For that reason, they have come up with simple ways of not only withdrawing funds for personal use but also transferring your money directly to your bank account for future use without so much hustle.

Other than the Employees Provident Fund Organization, the growth and fast development of technology is also playing a significant role in ensuring that the process of digital and online facilities work efficiently to make life more comfortable. This means that, the new online process of transferring cash from an individual Provident Fund account to your normal bank account is an easy process that can be done at the comfort of your house.

Before the launching of the new portal which came into existence on March 2013, there was a lot of funds that was unclaimed in the Employees Provident Funds Organization in many accounts that were inactive for more than three years. According to the rules set by EPFO concerning saving made by their members, any money that is in an inactive account doesn’t earn any interest, so it would have been better for the member to either withdraw it or transfer it to a bank account.

The EPFO however, accepted their failure in delay of transferring cash to members’ bank accounts or they time taken before the members would access their funds after making a withdrawal request. To curb this problem, they launched an online portal on 2nd October 2013 that has made funds withdrawal through online process easy and fast. Since this portal was launched, the EPFO has managed to settle 90,000 of the pending claims and only 8,900 applications have been rejected.

Note: It is also possible to check the status of the funds transfer once you’ve submitted the request. This can be done on the portal itself. However, if it becomes a challenge for you, you can inquire either from your current or your previous employer. At the same time, you can write to the Employees Provident Funds Organization directly, and you will be able to get the necessary information.

How to check EPF claim status Employees Provident Fund

Just as indicated earlier, the Employees Provident Fund Organization has made things very easy for its members. No matter the kind of services you need from them, you don’t have to visit their offices. All you need to know is visit their official website and with the right information, you will be able to access all the information you need.

Before you start on the procedure, ensure you have all the important details at hand as this will make things easier for you. At the same time, it is important to ensure you have adequate internet that will not keep on failing you. One of the most important things you need to have in place is the Universal Account Number as it is part of the procedure.

EPF Claim Status Procedure

Below is a step by step procedure of checking your Employees Provident Fund EPF claim status.

  • The first step is visiting the Employees Provident Funds Organization portal and click on the services. There is a drop-down with different options. Choose the employees option.
  • Once you have on the employees option, there are different options that will be provided. Choose the “Know Your Claim Status” option before moving to the next step.
  • The third stage, involves filling in a few details which include your Universal Account Number. Once filled-in, you will also be expected to fill in the Captcha provided as a way of proving you are not a robot. This marks the end of the third procedure.
  • The fourth step which can also be referred to the second last step and it involves entering a few more details as requested by the site. The details needed are:
    • The state of your Provident Funds.
    • There will be a drop down provided where you can choose the PF office from.
    • This is followed by entering your establishment code.
    • The last detail needed in this category is entering your Provident Fund Account Number.
  • This marks the end of the whole process. Ensure you have filled-in all the necessary details before clicking the submit button as this is the last step. If all the details are filled as they should, you will receive a notification from the Employees Provident Fund Organization.

Employees Provident Funds Organization for your benefit as the claimant provides an option of receiving an SMS alert in the mobile number linked to the claimant’s account during registration. The following is however not sent to the claimant every time but in case of these two cases given below, you will receive the SMS.

  • On receipt of claim application.
  • When there has been a transfer of funds to your bank account as the claimant.

It is however, very important to understand that there can be income tax implication when withdrawing your Providence Fund but it is only on a number of scenarios. This information will however, be communicated in details to you in case of such a scenario.