A Provident fund account is an account that can be opened by employer on behalf of employee for special saving purpose.
- Provident fund account request usually come by the employer containing lists of employees and other required documents for account opening.
- , Unlike other saving accounts, specimen signature and photo of the Employee may not be present.
- Payment can only be made by an official letter of instruction by the employer dictating the payment of Provident fund regardless of the employee work contract status.
- Up on request, Statements shall be issued to the employer, or if possible, at the time of closing the account statement can be given to the beneficiary.
