Sep 12 2009

EPF Transfer and Opening PPF Account

Posted by krishnas in Investments, Q&A, ppf
9 Comment

employees-provident-fund

Today’s post is response to question received from our reader. The topic is how to transfer the PF balance and opening the PPF account. Please write your questions here.

Question : 001

Hi,

This query is regarding the PF transfer. When i left my previous employer, it was in integration with another company. Hence out of 2 years service in previous employer, 23 months PF is accumlated in Chennai PF office and wherein the 24th PF is with the integrated company’s PF trust. Almost 1.5 years have gone, when i submitted my application for PF withdrawal, my previous company said, as the PF migration from Cheenai office to Mumbai is going on, i can able to transfer only after full migration. Hence I waited. But when i checked with chennai PF office , they said the PF account migration process is not even started.

I have also got mail from Regional PF office on 7th Spetember 2009 which asked me to submit the FORM 13 for getting the money transferred.

I would like to transfer this money to my current employer. How can i do that?
Also I would like to invest in PPF , what is the procedure and what are the advantages?

Regards, Subha.K

Answer :

Hello Subha,

Thank you for writing to us. When considering the PF amount, you need not worry about the safety of the amount. In your case you have to transfer the PF from your previous employer to new employer. Form 13 is used for transferring the PF account. Please follow the steps to complete your transfer process.

1. Form 13

Get the Form 13 from here.

2. EPF account Number

Fill all the details in the from including Current PF account number given by your employer and the previous company PF account number.

3. Submit Form 13

Submit the form 13 to the new employer. Your new employer will start the processing and send the form to your previous employer. They will verify the details and send to the regional PF office.

4. PF Transfer

Once if PF office received the form, they will transfer the money to new account.

It is the normal process for transferring the PF amount. I hope this explanation cleared your doubts on PF transfer.

Opening PPF account

I have already written more about PPF under the topic Tax Planning for 2009. Please read the article and if you have any doubts please post it in the comments section.

Subscribe to our articles here.

TAGS: form 1, form 13, form 19, pf transfer, pf trust, ppf, public povident fund, section 80c, tax investment, tax planning, tax savings

9 Comments on this post

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Personal Finance Tips for 2010 – Part 1 wrote:

[...] Public Provident Fund(PPF) [...]

January 7th, 2010 at 7:02 pm

venkata said:

Is there any way in which we can transfer the EPF withdrawl into the PPF account? I am planning to leave the current organization but not sure if i will join any other employer within 3-6 months time. I want to save the tax deduction that will happen during the EPF closure.

October 20th, 2009 at 9:15 am
krishnas said:

Hello venkata ,

No. EPF and PPF are seperate account. PPF has set of rules that is totally different from the EPF. I would suggets you to keep the EPF in the same account. Need not withdraw till you join the next company.

Thanks,
Krishna

October 21st, 2009 at 7:43 pm
Daya Shankar said:

I want to know that If my previous company has closed and I have not transferred the EPF money in new employer then can i get my money from previous EPF A/c.

Waiting for your response.

October 30th, 2009 at 4:18 am
krishnas said:

Hello Daya Shankar,

It is your previous companies responsibility to give you the PF amount. If you find any problem please contact the loacal PF office because it should be maintained by the PF office itself.

Thanks,
Krishna

October 30th, 2009 at 5:23 am
Vimal said:

Hi,

This is a query regarding my EPF Money Transfer.
I worked for a company in Hyderabad for almost 6 months. I left the organisation without closing all the issues as we had disputes. So, they are not ready to help in closing or transferring my EPF account.

Now, I work for another company in Bangalore. And, I want to transfer my old EPF account to the new account in Bangalore. Can you please help me out with the processes. I expect that my previous employer will not help me anyway.

Thanks
Vimal

November 10th, 2009 at 9:37 pm
krishnas said:

Hello Vimal,

Even If you have disputes, your previous employer must transfer your PF amount to the new employer. Do you have the PF details?. In this case fill the form 13 and submit to the new employer. They will take care of completing the process. If you are trouble in getting the PF details, please contact the local PF office and report them. Your previous employer is maintaining their own private trust or not?

Thanks,
Krishna

November 10th, 2009 at 10:24 pm
Veeravel said:

Hi Now i joined in new company, I worked exactly 20months in prevoius company. I want to know If i transfer my amount to current organization, will i get previous company contribution amount?(apart from my contribution). Is there any rules to get company contribution or defaultly company contrubuted amount will credit while claiming?. Here they opened new account in EPF with out asking to me.

I have one more question. Which will be an better choice, Continuing old account number or creating new account?.

January 6th, 2010 at 3:18 am
neha said:

sir i m 23 n worked in SBI as clerk…..is it beneficial to open an PPF a/c in my bank????? i mean what r the advantages to open PPF a/c??

March 24th, 2010 at 12:47 am