The provident fund interest rate is 1.5%.

According to the "Notice on Improving the Formation Mechanism of Deposit Interest Rates for Employees' Housing Provident Fund Accounts" and other documents issued by the People's Bank of China, the Ministry of Housing and Urban-Rural Development, and the Ministry of Finance, the deposit interest rate for employees' housing provident fund accounts shall be based on the one-year time deposit benchmark announced on the interest settlement date.

Interest rate execution, the actual execution interest rate for this interest settlement is 1.5%.

For example, for employees who open a new account and make a deposit in June 2023, even if the actual deposit time is only 2023, the interest will be settled at the one-year deposit rate.

The housing provident fund is a personal housing savings deposited by employees in accordance with regulations and used exclusively for housing consumption expenditures. It has two characteristics: First, it is cumulative, that is, the housing provident fund is not an integral part of the employee's salary, is not paid in cash, and must be deposited.

The housing provident fund management center implements special account management in the special account opened by the entrusted bank.

The second is specificity. The housing provident fund is earmarked for special purposes. During the storage period, it can only be used to purchase, build, or overhaul self-occupied housing or pay rent according to regulations.

Employees can withdraw the housing provident fund from their accounts only when they resign, retire, die, completely lose their ability to work, terminate the labor relationship with the employer, or move out of their original city of residence.