Provident Fund Saving Account

A Provident Fund Account is an account that can be opened by employer on behalf of employee for special saving purpose. The criteria of this saving account are:

1) Provident fund account request usually come by the employer containing lists of employees and other required documents for account opening.

2) Unlike other saving accounts, specimen signature and photo of the Employee may not be present.

3) Payment can only be made by an official letter of instruction by the employee instructing about the payment of Provident fund regardless of the employee work contract status.

4) Up on request, Statement shall be issued to the employer, or if possible, at the time of closing the account statement can be given to the beneficiary.

5) An accountholder can mantain another saving account in the same bank by using same client code.