Have multiple EPF accounts? Here's how you can merge them — Stepwise guide

Administered by the Employees’ Provident Fund Organisation (EPFO) under the EPF Act of 1952, EPF is a retirement savings scheme available to salaried citizens.

You may have multiple EPF accounts if you have changed employers and the new employer created a new one for you, or if you missed alerting your new employer for a transfer of existing account. Notably, the accounts do not merge automatically, and you will need to request the EPFO for an online transfer of balance to the active PF account.

There is no penalty for multiple EPF accounts as it is a common issue, and it is not mandatory to merge your accounts. However, this will have to be done at time of closure of account (when you retire and want to withdraw the funds or opt for annuity) and it is thus best to complete it when you notice it.

Ensure the following processes are complete:

• Finish your KYC process which including adding bank account, PAN and other details to your EPF account.

• Ensure that your UAN is linked to your existing EPF account. Once this is done, you will have to wait three days before next steps can be taken.

How to merge PF accounts online?

You can merge multiple EPF accounts online through the EPFO portal. Here's a stepwise guide how:

• Visit the official website of EPFO here — https://unifiedportal-mem.epfindia.gov.in/memberinterface/
• You can sign in using your UAN and password.
• Navigate to ‘one member and one EPF account’ link which will open another window.
• In the new window, fill the required information — phone number, UAN number, etc. and click on ‘Generate OTP’.

• You will receive an OTP on your registered mobile number which can be used for verification.
• Another window will open for you to enter information about your earlier EPF accounts that you want to merge.
• Double check all information filled in and select the declaration box.
• Click ‘Submit’.

What to do if I have two UANs?

You can reach out to the EPFO via email uanepf@epfindia.gov.in and request for the previous UAN to be deactivated. You will have to mention both old and current UAN in the email.

You will also need to submit a claim with the retirement body to retrieve funds or transfer it to the current account from the previous UAN.

EPF account — Key features you should know

• Eligibility for an EPF account includes the mandatory enrolment of salaried individuals with basic pay and dearness allowance of up to ₹15,000.
• You can also opt for a voluntary contribution i.e. voluntary PF (VPF) if basic pay and dearness allowance (DA) exceed ₹15,000 per month.
• It functions through joint contributions from both the employer and employee, wherein you receive the lump sum corpus at retirement.

• The current EPF and VPF interest rate of 8.25% per annum is higher than the public provident fund (PPF).
• Notably, employee contributions up to ₹1.5 lakh annually are exempt under Section 80C of the old tax regime.
• Employers' up to 12% contribution (below ₹7.5 lakh) is exempt under the old and new tax regimes.
• There is no similar benefit at present under the new tax regime.
• Further, for employees, interest on accumulated contribution up to ₹2.5 lakh is tax-free, while interest on the employer's contribution is tax-free.

Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.