How to Transfer Provident Fund Account?
There could be times when an employee decides to quit an organization and move to another under such a situation, how to transfer provident fund account to the other organization is a good question that haunts a lot of people who are a novice in job and don’t know much about the Provident Fund related policies.
Actually the transfer procedure of the Provident Fund is very simple. There is hardly any thing that the employee would have to do at his end to have the Provident Fund account transferred to some other employer or his or her new employer. All that is to be done in a nut shell is.
The person would have to intimate the current employer of his intentions to transfer the account and he would be given a form to fill up this is called Form 13. The employee fills the same up in all respect and deposits the same with the employee. Later the employer arranges to have it send to the Provident Fund office along with other deliverables for the month. One the Provident Fund office has received the form they match it with data from other organizations. From which they have received a request for the same Provident Fund account. Once that matches then the Provident Fund account is moved from under the umbrella of the old organization to the new one.
The Provident Fund account number for the employee remains the same and the new employer instead of opening a new Provident Fund account for the employee continues to deposit the funds to the account number provided by the employee as his existing Provident Fund account. Basically this is a quiet simple procedure but it takes three to four months to complete as there is a lot that the Provident Fund office has to do behind the scene.