How To Open VPF Account?

You can follow the below steps for how to open VPF account online.

The Voluntary Provident Fund (VPF) is an extension of the Employees' Provident Fund (EPF). It allows employees to contribute a higher percentage of their basic salary and dearness allowance voluntarily to their EPF account.

Confirm that you are currently employed contributing to the EPF. Speak to your employer if they allow employees to contribute to the VPF.

Verify the VPF contribution rules and the maximum percentage allowed.

Your employer will provide you a declaration form for VPF. Fill out this form with the required details. Specify the percentage of your basic salary and dearness allowance you want to contribute to the VPF.

Once you submit the declaration form, your employer will update the payroll system to deduct the specified percentage for VPF from your salary.

Monitor your payslips to ensure that the designated VPF contribution is being deducted. You can also track your VPF contributions in your EPF passbook. It is available online on the EPFO (Employees' Provident Fund Organization) portal.

This is the complete details of 

how to create VPF account

.

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I recently joined a company and witnessed that a small amount has been deducted from my salary. When I talked about it with my father, he said it is the VPF deduction. I simply asked him how to open VPF account and I don’t remember opening it. He laughed and said that my company has opened it for me. I got to know a lot about this account. It is basically an account made to save money that can be used after I retire. If you too want to know more about it, get to know it here.

How to open a Voluntary Provident Fund Account?

A VPF account gets opened by the company itself for its employees. Most of the time you need not worry about opening it. However if you find that there is no such account created by your company, just approach your manager or HR and raise a request for opening it and fill the registration form provided by them. The current EPF account will act as the VPF account as well. This is the only answer to your question of how

to open a VPF account as such things cannot be opened otherwise.

The VPF is only available to the salaried employees residing in India and enrolled in EPF. The employee can opt for it during any time of the financial period.

The current interest rate for VPF stands at 8.5% since 2021.

I hope now you have learnt

how to open VPF account .