A provident fund is a type of savings scheme that is typically offered by employers to their employees. It is a long-term savings plan that helps employees save for their retirement. Contributions to a provident fund are usually made on a monthly basis, and the money is invested in a variety of assets, such as stocks, bonds, and real estate.
There are many benefits to saving in a provident fund. First, the contributions are tax-deductible, which means that you can reduce your taxable income by the amount that you contribute. Second, the money in a provident fund grows tax-free, which means that you can accumulate a larger nest egg over time. Third, provident funds offer a variety of investment options, so you can choose the ones that best meet your needs.
