Did you transfer your EPF account from old employer to new employer? If your answer is yes, then how much time it took to transfer to your new employer? Do you know the interest rules on EPF transfer process? In this article I will try to answer a very common EPF query, Whether I will get interest on EPF transfer process from old employer to new employer.
Interest on EPF transfer process from old employer to new employer
Although you can access your EPF balance online and many other features, but still there is no standard rule how much time require a EPF withdrawal or EPF account transfer. If you are not lucky, then it may take more time, even in years as well.
Now in this scenario, if you have applied for EPF account transfer to your new employer and it is taking years to complete the process, then there is a question raised automatically. Whether your EPF balance will earn interest on those period of transfer.
There is a term called, Dormant EPF account.
What is Dormant EPF account?
In case your EPF account is not receiving any sort of contribution for 3 years time, your EPF account will be termed as Dormant EPF account. In such a case your will not receive any interest on your accumulated EPF balance.
That means, during the transfer of your EPF account, if the transfer period is less than 3 years time, you should get interest as per your account balance. But if the EPF transfer process took more than 3 years, then your account will not get any further interest from 3rd year onward. After transferring to the new employer, the combined amount will get interest again.
To make this EPF transfer process simplified, it is better to apply your UAN and carry the universal account number for future to transfer yor EPF account to new employer with less hassle.