Are you tired of managing multiple Employee Provident Fund (EPF) accounts? Merging PF Accounts in one UAN number is a smart move that can help you keep track of your savings and earn a higher interest rate.
In this article, we’ll discuss why you should consolidate your EPF accounts, how to locate and activate your Universal Account Number (UAN), how to link your accounts, and how to check your passbook to ensure that your accounts have been consolidated successfully.
Why Merging PF Accounts in one UAN number is important?
Managing your EPF accounts is now simpler than ever with the ease of online services provided by the EPFO portal.
If you have multiple UANs linked to your name due to changes in employment, you can seamlessly merge two UANs using Form 13.
This ensures that all your EPF accounts are consolidated into a single account, making it convenient to monitor and track your contributions.
The UAN, or Universal Account Number, is crucial for this process, serving as a unique identifier.
When transferring the EPF account from a previous employer to a current one, ensure that your UAN numbers are correctly linked, and the date of exit is accurately recorded.
Additionally, submitting a claim for income tax benefits becomes more accessible when your bank account, PAN, and previous UAN details are up to date.
To merge EPF accounts efficiently, enter the OTP received during the process, and enjoy the simplicity of a single, active UAN.
Take control of your EPF accounts, streamline your financial records, and make the most of the online services offered for a hassle-free experience.
What is the advantage of Merging PF accounts?
- Easy management: Consolidating your accounts makes it easier to manage your retirement savings. You’ll have only one account to keep track of, and you won’t have to worry about managing multiple accounts.
- Combining EPF accounts leads to every saving being carried to a particular account, which results in a higher interest rate being earned.
- This means that your savings will grow faster and you’ll have more money when you retire.
- Faster withdrawals: Consolidating your accounts can make it easier to withdraw your savings when you need them. You’ll have only one account to withdraw from, which means that the process will be faster and more efficient.
- Easy nomination: Consolidating your accounts makes it simple to nominate a profitable one for your savings.
- You’ll have only one account to choose a beneficiary from, which means that the process will be simpler. and, more straightforward.
How to Locate and Activate Your UAN
- Your UAN (Universal Account Number) is a unique 12-digit number that has been given to you by the EPFO (Employee Provident Fund Organization).
- If you’re looking to consolidate your EPF accounts, you’ll need to locate and activate your UAN. Here’s how to do it:
- Track down your UAN. It can help you to find it on your salary slip by getting in contact with your previous employer. If you’re unable to locate your UAN, you can also retrieve it from the EPFO website.
- To retrieve your UAN, visit the EPFO member portal and click on the “Know Your UAN” option. Enter your Aadhaar, PAN, or PF number and your details.
- You will then receive your UAN on your registered mobile number.
- Activate your UAN To activate your UAN, visit the EPFO member portal and click on the “Activate UAN” option. Enter your UAN, name, date of birth, mobile number, and email address. You will then receive an OTP ( One Time Password) on your registered mobile number.
- Enter the OTP to complete the activation process.
How to Link Your EPF Accounts
- Log in to the EPFO member portal Visit the EPFO member portal and log in using your UAN and password.
- Go to the “Services” section Click on the “Services” section and select the “One Member – One EPF Account (Consolidation of Multiple EPF Accounts)” option.
- Enter your details Enter your UAN and your current EPF account number. then your details will be verified.
- Submit your request Once your details are verified, you can submit your request to consolidate your accounts. The EPFO will then verify your details and consolidate your accounts, This process may take some time, so be patient.
Afterward, examine your passbook to confirm that all of your savings have been successfully transferred to the new account once your accounts have been consolidated”.
To check your passbook, log in to the EPFO member portal and click on the “Download” option. You can then download your passbook, which contains details of all transactions made in your EPF account.
It should be noted that EPF accounts can only be consolidated if they are linked to the same UAN.
In the case of multiple EPF accounts that are not linked to the UAN, they need to be first linked to the UAN before consolidation can be done.
Consolidating your EPF accounts is a smart move that can help you keep track of your savings and earn a higher interest rate.
The steps outlined in this article can be followed to easily locate and activate your UAN, link your EPF accounts, and check your passbook.
This will ensure that your accounts have been consolidated successfully.
“Additionally, it’s important to remember that consolidating your accounts may take some time.
Therefore, it’s crucial to be patient and keep checking your passbook regularly to ensure that your savings are growing as expected.”