A Provident Fund (PF) account is a retirement savings plan offered by employers in India. It is a defined-contribution plan, which means that the amount of money you receive at retirement depends on the contributions you and your employer make during your working years.
There are many benefits to having a PF account. First, it provides a tax-advantaged way to save for retirement. Contributions to your PF account are tax-deductible, and the earnings on your investments grow tax-free. Second, a PF account can help you to save more money for retirement than you could on your own. Your employer is required to contribute a matching amount to your account, up to a certain limit. Third, a PF account can provide you with a steady stream of income during retirement. You can choose to receive your PF benefits as a lump sum or as a monthly pension.