For greater benefits, you can transfer money from EPF to NPS. Learn the process here

to NPS Transfer Process Step by Step

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New Delhi, Business Desk. If you are a professional, a portion of your salary goes into the Employee Provident Fund (EPF) for retirement purposes. As much as money is deducted from your salary, your employer also contributes to it. The interest rates for EPF are fixed. On the other hand, the interest rates in the National Pension System (NPS) are not fixed. You are presented with various investment options for your money. It invests in shares, which earn better returns in the long term. You can also choose NPS instead of EPF and potentially earn higher returns on your money.
Not only that, investing in NPS entitles you to a deduction (deduction) of up to 1.5 lakh rupees under section 80C of the Income Tax Act. Additionally, you can avail a deduction of up to an additional 50,000 rupees under section 80CCD(1B). If you want to earn more returns on the funds being added for your retirement, you can transfer your Employee Provident Fund (EPF) to the National Pension System (NPS).

Here's how to transfer EPF to NPS:

Ensure you have an active Tier-1 NPS account:

If you want to transfer your EPF funds to NPS, it's necessary to have an active Tier-1 NPS account. If your company offers the National Pension System facility, you can open it there. If not, you can open your NPS account at any Point of Presence (PoP) or on the e-NPS portal. You can visit npstrust.org.in to open an NPS account.

Apply for EPF transfer after opening an NPS account:

After opening your NPS account, you can apply to transfer your EPF funds to your current employer's EPF for transfer. Once you apply, your EPF money will be transferred to your NPS account. However, there is a process for this. When your application is received, the EPF fund will initiate the transfer of money from your account to NPS. Then a check or draft will be issued in the name of the NPS nodal office (for government employees) or PoP collection account.

Notification to the employer:

After the transfer of funds from EPF to NPS, the Provident Fund will notify your employer that the amount has been transferred to the employee's Tier-1 NPS account. Only then will the nodal office or PoP update the employee's Tier-1 account with the money received.