Hi
I am working in company for around 4 years. As my company was not provided PF, I have opened it with Post Office and it is in place since four years. Now my company wants to initiate PF.
My question is Can I hold both Post office PF account and the Company provided PF account simultaneously?
Pls. suggest me accordingly...
Thanks
3rd April 2014 From India, Bangalore
What you have in post office is PPF (Public Provident Fund). what your company will cover you is Employees Provident Fund (EPF). both are different. Pon
3rd April 2014 From India, Lucknow
Yes, ofcourse. You can have both at the same time. There is no legal bar for doing so. Both are different schemes with different rules.
4th April 2014 From India, Madras
In Post of office, you are depositing Public Provident Fund account.
It can be opened by any person/employee and can remit amount every month. But there won't be any matching contribution from Employer.You will get interest on the accumulation of amount.
Where as the Provident Fund in a company is different. It is as per the Provident Fund Act. It will be welfare measure. There will be matching contribution from the company and other benefits will be available to the employee/family members including interest and pension.
Both are different, you can continue both if you want.
6th April 2014 From India, Hyderabad
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