Is the provident fund in the social security card?

The provident fund is not stored in the social security card, but an independent special account, which is managed by the housing provident fund management center.

Provident fund is a compulsory savings plan stipulated by the state, aiming at providing housing security and financial support for other purposes for employees. Different from the social security card, the provident fund is not in the social security card, but a special account opened independently and managed by the housing provident fund management center. Specifically, each employee's provident fund account is opened by the unit to the local housing provident fund management center, and then the provident fund paid by the employee is remitted to the personal account. Every month, units and individuals will pay into the provident fund account according to a certain proportion, which will be managed by the housing provident fund management center, including account balance inquiry, withdrawal and loan. It should be noted that not everyone can open a provident fund account, and only employees who meet certain conditions are eligible to participate in the provident fund deposit. In addition, there are strict restrictions on the use of funds in the provident fund account, which can only be used for specific purposes, such as buying houses, decorating and renting houses.

What's the difference between a provident fund account and a bank account? A: The main differences between provident fund accounts and bank accounts include: 1. Account opening institutions are different: provident fund accounts are opened and managed by housing provident fund management center, and bank accounts are opened and managed by commercial banks. 2. Different deposit interest rates: the deposit interest rate of the provident fund account is fixed, which is generally significantly higher than the bank time deposit interest rate. 3. Different restrictions on the use of funds: the scope of use of funds in provident fund accounts is strictly restricted and can only be used for specific purposes, while bank accounts have no such restrictions.

Provident fund is an independent special account, which is managed by the housing provident fund management center. Compared with social security cards and bank accounts, provident fund accounts have different opening institutions, deposit interest rates and restrictions on the use of funds. Employees need to understand the relevant regulations and requirements when paying the provident fund to prevent risks.

Legal basis:

Article 12 of the Social Insurance Law of People's Republic of China (PRC) * * * The employing unit shall pay the basic old-age insurance premium according to the proportion of the total wages of employees stipulated by the state and record it in the basic old-age insurance pooling fund. Employees shall pay the basic old-age insurance premium in accordance with the proportion of wages stipulated by the state and record it in their personal accounts.