The real-name certification of the provident fund is required because the housing provident fund system adopts the "individual accumulation system" mode, that is, the funds accumulated in individual accounts are completely owned by individuals, emphasizing "solving their own housing needs with their own accumulation", which is in stark contrast to the social security funds such as pension and unemployment, which are mainly based on social pooling and supplemented by individual accounts.
If you are a depositor of housing provident fund, you have a housing provident fund account, which is equivalent to opening a "passbook account" in the bank. The part paid by the individual and the part paid by the unit are yours. Over time, you can form a considerable "savings".
According to the relevant regulations of the state, this "savings" can earn interest from the date of deposit in the account, and it is calculated at compound interest every year without paying interest income tax.
Legal basis: Regulations on the Management of Housing Provident Fund
Twenty-fourth employees in any of the following circumstances, you can withdraw the balance of storage 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.
Twenty-fifth workers from the housing provident fund account balance, the unit shall verify, and issue a certificate of extraction.
If the employee withdraws the balance stored in the housing provident fund account, it shall be verified by the unit where he works and a certificate of withdrawal shall be issued.
Twenty-sixth workers who have paid housing provident fund can apply for housing provident fund loans to the housing provident fund management center when purchasing, building, renovating or overhauling their own houses.
The housing provident fund management center shall make a decision on whether to grant loans within 15 days from the date of accepting the application, and notify the applicant; Where a loan is granted, the entrusted bank shall go through the loan formalities.