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What is a provident fund account?
Provident fund account is a special bank account for storing housing provident fund paid by units and employees.

Housing accumulation fund account is a special bank account, which is different from bank settlement account. When opening a housing provident fund account, don't confuse it with a settlement account. You have to go through the formalities at the housing provident fund center first, and then open an account at the selected bank. The account number of provident fund is 9 or 12.

Employees do not need to handle the monthly payment of provident fund by themselves, and the staff of relevant departments are designated by the unit to handle it. The staff will handle the provident fund deducted from employees' wages, together with the provident fund paid by the unit, go through the formalities at the designated financial institution and record it in the employee's individual housing provident fund account under the name of the unit. During reeducation through labor or serving a sentence, the unit and I will no longer pay the provident fund. After workers return to work or re-employment, units and workers should continue to pay provident fund. Housing provident fund deposit rate refers to the proportion of provident fund to employees' wages, including individual deposit rate and unit deposit rate. Under normal circumstances, the deposit interest rate is determined and adjusted according to the economic development and the living standards of employees.

legal ground

Regulations on the administration of housing provident fund

Thirteenth housing provident fund management center shall set up a housing provident fund account in the entrusted bank.

The unit shall register the housing provident fund deposit with the housing provident fund management center, and go through the formalities for the establishment of housing provident fund accounts for the employees of the unit. Each employee can only have one housing provident fund account.

The housing provident fund management center shall establish a detailed account of employee housing provident fund to record the deposit and withdrawal of employee individual housing provident fund. Fourteenth newly established units shall, within 30 days from the date of establishment, go to the housing provident fund management center for registration of housing provident fund deposit, and within 20 days from the date of registration, go through the formalities for the establishment of housing provident fund accounts for their employees.

Where a unit is merged, divided, revoked, dissolved or bankrupt, the original unit or liquidation organization shall, within 30 days from the date of the above-mentioned situation, go to the housing provident fund management center to handle the change or cancellation of registration, and handle the transfer or seal-up procedures for the employees of the unit within 20 days from the date of completing the change or cancellation of registration.