Hi Pushpraj Anand,
This is a real good question.
Well, people have a wrong notion that PF transfer is a tedious process and hence majority will suggest to withdraw.
One of the clause for withdrawal is "that you need to declare that you are not working". . And many people misuse this feature to get the money without releasing what they are about to loose. This Clause of "Disclosure" is actually a "Safe Guard clause" by the government to ensure that the "PF" benefit is not discontinued by the beneficiary.
I Suggest, do not "withdraw" your PF. If you continue your PF more than 5 years and above, you will be eligible for "gratuity" and also a good "rate of interest" on the fund in "PF Account". Infact I would suggest never withdraw your PF in your service, expect for any emergency. Tax benefits are higher in PF.
I further suggest "Seek PF Transfer" to your new company, its a saving in disguise. Even if your new company does not have PF (As most new generation company avoid PF scheme since they do not want to get into this tedious filing work), you insist that you want PF. All companies under Indian various ACT are obliged under law to give you that service, if you have an existing PF.
Also, a piece of guidance to all employees, insist on employee PF, its a saving in disguise, you will realize when you grow old.
All the best.
Ukmitra