Can I hold both the Post office PF account and the company-provided PF account simultaneously?

Hi, I have been working in the company for around four years. As my company did not provide PF, I opened it with the Post Office, and it has been in place for four years. Now, my company wants to initiate PF. My question is, can I hold both the Post Office PF account and the company-provided PF account simultaneously? Please suggest accordingly.

Thanks

What you have in the post office is PPF (Public Provident Fund). What your company will cover for you is the Employees' Provident Fund (EPF). Both are different.

Pon

Yes, of course. You can have both at the same time. There is no legal bar for doing so. Both are different schemes with different rules.

In the Post Office, you are depositing into a Public Provident Fund account. It can be opened by any person/employee and can remit an amount every month. However, there won't be any matching contribution from the Employer. You will receive interest on the accumulated amount.

On the other hand, the Provident Fund in a company is different. It operates as per the Provident Fund Act and serves as a welfare measure. There will be a matching contribution from the company, and other benefits will be available to the employee/family members, including interest and a pension.

Both options are distinct, and you can continue with both if you wish.