If you’ve worked in three companies and not merged your EPF accounts, you’ll have to pay 10% TDS on all three accounts.
If you have worked in multiple private companies, you might be aware that a new Employee Provident Fund (EPF) account is opened by each employer every time you join a new job. However, the old UAN number is used while opening it. Your old account cannot be linked under the new account if you start new employment at a different company and provide your old UAN number. The money deposited in the previous account won’t be transferred to the new account. For that, you need to merge all your EPF accounts. Merging EPF accounts is simple and it can be done online from the convenience of your home.
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If you combine your EPF accounts, UAN will combine all of your job experience. Your experience will be six years if you have worked for two to three companies for two years each if your EPF accounts have been combined. Failing to combine the accounts will lead to the duration in each company being shown separately and as a result, you will have to pay 10% TDS on all three.
EPFO decided to discontinue paying interest on accounts that had been dormant for more than three years in the past. This was, however, revoked later. You should merge your EPF accounts to prevent such inconveniences in the future.
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You must provide information such as the account number, employer and employee names, and net income earned to combine your current EPFO accounts. The information about the accounts you want to combine with your current account must also be provided.
You will be sent an account merge form to complete and submit to EPFO after supplying the necessary information. Once the merged account has been established, you must update all of your pertinent contact details. Here’s how you combine multiple EPF accounts.
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Sign in on the EPFO website. Go to the home page and select My Account. Select Merge Accounts from the Accounts Details section of the My Account page. Enter the information for the accounts you want to combine into your new account on the Merge Accounts page. Choose which bank account you want to use as your new active bank account if you have multiple bank accounts connected to your EPFO account.
