Hi, I have been working in the company for around four years. As my company did not provide PF, I opened it with the Post Office, and it has been in place for four years. Now, my company wants to initiate PF. My question is, can I hold both the Post Office PF account and the company-provided PF account simultaneously? Please suggest accordingly.
Thanks
Regards
From India, Bangalore
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Thanks
Regards
From India, Bangalore
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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
From India, Lucknow
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616From India, Lucknow
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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.
From India, Madras
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From India, Madras
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Differences Between Post Office and Company Provident Fund Accounts
In the Post Office, you are depositing into a Public Provident Fund account. It can be opened by any person or employee, and you can remit an amount every month. However, there won't be any matching contribution from the employer. You will receive interest on the accumulated amount.
On the other hand, the Provident Fund in a company is different. It operates as per the Provident Fund Act and serves as a welfare measure. There will be a matching contribution from the company, and other benefits will be available to the employee or family members, including interest and a pension.
Both options are distinct, and you can continue with both if you wish.
From India, Hyderabad
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In the Post Office, you are depositing into a Public Provident Fund account. It can be opened by any person or employee, and you can remit an amount every month. However, there won't be any matching contribution from the employer. You will receive interest on the accumulated amount.
On the other hand, the Provident Fund in a company is different. It operates as per the Provident Fund Act and serves as a welfare measure. There will be a matching contribution from the company, and other benefits will be available to the employee or family members, including interest and a pension.
Both options are distinct, and you can continue with both if you wish.
From India, Hyderabad
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PF Accounts Details.pdf
PF Transfer Request Letter - FOR RPF Office.doc