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Thread: How To Open Provident Fund Account

  1. #1
    Junior Member
    Join Date
    Aug 2012

    How To Open Provident Fund Account

    I heard that Provident Fund is an very essential plan for all middle class people, I wanted to gain this plan, can somebody get me the entire instructions that need to be followed while opening provident Fund Account..

  2. #2
    Join Date
    Aug 2012
    Yes, it is mandatory to create Provident Fund Account in India, but no single man can create this account in his name, this account can be opened only by the company/boss on behalf of employee.

    >> To apply for this plan, firstly you must be working.
    >> The employee must profide PF form to the employees to fill all blank details.
    >> A nominee is the person who would be the legal aire to the Provident Fund account.
    >> After filling the form, it will be sent to the PF office.
    >> Once the processing is done, they will generate separate PF account numer for every individual.
    >> The employee has to pay the mandatory amount and this cost might choose to go upto 100% of his/her basic salary.
    >> Nevertheless the employer is compelled only till 10 to 12 % depending on the salary components of the employee.

  3. #3
    Junior Member
    Join Date
    Oct 2012
    Provident fund is actually a very good scheme, where the employees are supposed to pay some 12 percent of their salary to the employer; they will deduct certain amount from the employees salary account. This special fund takes care of the needs of the employee like medical care, retirement education of children etc...It is beneficial as well.

    In order to open that account, there are lot of stuffs you are supposed to do. The procedure which ramya had mentioned is perfectly right, you can better follow that.

  4. #4
    Senior Member
    Join Date
    Oct 2012
    Hey All,

    Everything is fine... But I would like to know how can I get this money back please any of you guide me...

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