Individual purchase of provident fund refers to individual industrial and commercial households, freelancers and other non-unit employees voluntarily participating in the housing provident fund system and paying the housing provident fund in accordance with the regulations.

First, understand the provident fund policy

Before purchasing provident fund, individuals need to know the local provident fund policies, including purchase conditions, payment ratio, and withdrawal methods. This information can be obtained through the official website, service window or hotline of the local housing provident fund management center.

Second, prepare relevant materials.

According to the requirements of local provident fund policy, individuals need to prepare corresponding application materials. Generally speaking, the materials to be provided include identity certificate, residence booklet or residence permit, business license of individual industrial and commercial households (if any), personal bank account information, etc.

Third, open an account with the provident fund.

After preparing the materials, individuals need to go to the local housing provident fund management center to open an account for provident fund. In the process of handling, you need to fill in the application form for opening an account for provident fund and submit relevant materials. The staff will review the materials, handle the account opening procedures and open a provident fund account for individuals.

Fourth, pay the provident fund.

After an individual opens an account successfully, he/she needs to pay the housing provident fund to the provident fund account on a regular basis in accordance with the prescribed payment ratio and time. Payment can generally be made by bank transfer or online payment. Individuals should ensure that they pay in full and on time in order to safeguard their rights and interests of provident fund.

V. Use of Provident Fund

Individuals who meet the conditions for withdrawal of provident fund may apply to the housing provident fund management center for withdrawal of provident fund. The extraction conditions include buying a house, repaying a mortgage, renting a house, and seeking medical treatment for serious illness. Individuals need to submit the corresponding application materials, and after approval, they can withdraw the provident fund.

To sum up:

Individuals need to understand the provident fund policy, prepare relevant materials and go through the formalities of opening an account for the provident fund. After opening an account, an individual needs to pay the housing provident fund in accordance with the regulations, and eligible applicants can withdraw the provident fund. Buying provident fund helps individuals accumulate housing funds and improve their ability to buy houses, which is a beneficial investment behavior.

Legal basis:

Regulations on the administration of housing provident fund

Article 2 provides that:

These Regulations shall apply to the deposit, withdrawal, use, management and supervision of housing provident fund in People's Republic of China (PRC).

The term "housing accumulation fund" as mentioned in these Regulations refers to the long-term housing savings paid by state organs, state-owned enterprises, urban collective enterprises, foreign-invested enterprises, urban private enterprises and other urban enterprises, institutions, private non-enterprise units and social organizations (hereinafter referred to as units) and their employees.

Regulations on the administration of housing provident fund

Article 24 provides that:

In any of the following circumstances, employees may withdraw the storage balance in the employee housing provident fund account:

(a) the purchase, construction, renovation and overhaul of owner-occupied housing;

(2) retirement;

(three) completely lose the ability to work, and terminate the labor relationship with the unit;

(4) Having left the country to settle down;

(5) Repaying the principal and interest of the house purchase loan;

(six) the rent exceeds the prescribed proportion of family wage income.

In accordance with the provisions of items (2), (3) and (4) of the preceding paragraph, the employee housing provident fund account shall be cancelled at the same time. If an employee dies or is declared dead, the employee's heirs and legatees may withdraw the storage balance in the employee's housing provident fund account; If there is no heir or legatee, the storage balance in the employee housing provident fund account shall be included in the value-added income of the housing provident fund.