A Provident Fund is a retirement savings scheme that is typically offered by employers in India. It is a type of defined-contribution pension plan, where both the employer and the employee make contributions to the fund. The contributions are invested and the accumulated savings are paid out to the employee upon retirement or under certain other circumstances, such as resignation, disability, or death.

In India, the Employees' Provident Fund (EPF) is the most commonly used provident fund scheme. Under this scheme, both the employer and the employee contribute 12% of the employee's basic salary and dearness allowance to the fund. The contribution is made on a monthly basis, and the accumulated balance earns interest at a rate set by the government.

The EPF is managed by the Employees' Provident Fund Organization (EPFO), which is a statutory body established under the Ministry of Labour and Employment. The EPFO also manages the Employees' Pension Scheme (EPS) and the Employees' Deposit-Linked Insurance Scheme (EDLI), which are related schemes that provide pension and insurance benefits to employees.

Employees can withdraw their EPF balance upon retirement or under certain other circumstances, such as resignation, disability, or death. In some cases, partial withdrawals are also allowed for specific purposes, such as buying a house or paying for medical treatment.

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