The interest provisions of the provident fund shall be implemented according to the benchmark interest rate of one-year time deposits, that is, the annual interest rate is 1.50%. Provident fund refers to the long-term housing savings paid by state organs and institutions, state-owned enterprises, urban collective enterprises, foreign-invested enterprises, urban private enterprises and other urban enterprises and institutions, private non-enterprise units, social organizations and their employees. Housing accumulation fund is the individual housing savings fund of employees, which is specially used for housing consumption expenditure.

Regulations on the administration of housing provident fund

Article 8

The cities where the people's governments of municipalities directly under the central government, provinces and autonomous regions are located and other cities divided into districts (prefectures and leagues) shall set up housing provident fund management committees as decision-making bodies for housing provident fund management. Among the members of the Housing Provident Fund Management Committee, responsible persons and relevant experts from the people's government, construction, finance, People's Bank and other relevant departments account for 1/3, trade union representatives and employee representatives account for 1/3, and unit representatives account for 1/3.

The director of the housing provident fund management committee shall be a person with social credibility.