what are the type of provident fund?
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Types of Provident Fund. Employees' provident fund is classified into 4 categories: Statutory Provident Fund, Recognized Provident Fund, Unrecognized Provident Fund and Public Provident Fund. Let us have a brief look on the types of funds and tax imposed on these funds.
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All Recognized Provident Fund Schemes must be approved by The Commissioner of Income Tax (CIT). Employer's contribution in excess of 12% of salary is treated as income of the employee and is taxable. ... Interest amount earned (up to 9.5% interest rate) on PF balance (employee's + employer's contributions) is tax free.
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['the settlor,', 'the trustee, and.', 'one or more beneficiaries.']
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['Stock investments.', 'Bond investments.', 'Mutual funds.', 'Life insurance policies.', 'Annuities.', 'Municipal securities.', 'Safe deposit boxes or their contents.', 'U.S. Treasury bills, bonds or notes*']
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The Subscriber has been provided with several options to choose from. In NPS, there are multiple PFMs, Investment options (Auto or Active) and four Asset Classes i.e. Equity, Corporate debt, Government Bonds and Alternative Investment Funds.
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['#2 FGN Savings Bonds.', '#3 Treasury Bills.', '#5 Mutual Funds.', '#6 Gold.', '#7 Stocks.', '#8 Real Estates.', '#9 Digital Crowd Farm Funding.']
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2: My CPF Is Sufficient For My Retirement Most Singaporeans believe they can rely on their Central Provident Fund (CPF) savings to cover their retirement costs comfortably. While definitely helpful, it is important to bear in mind that CPF Life only provides a basic standard of living for retirees2.
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['Banks.', 'Mutual savings banks.', 'Savings banks.', 'Building societies.', 'Credit unions.', 'Financial advisers or brokers.', 'Insurance companies.', 'Collective investment schemes.']
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The interest calculation on the EPF of the employee is explained by the given example. The employee provident fund interest rate for FY 2019-2020 is 8.50%.
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["Senior Citizens' Saving Scheme (SCSS)", 'Post Office Monthly Income Scheme (POMIS) Account.', 'Bank fixed deposits (FDs)', 'Mutual funds (MFs)']
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['bare trusts.', 'interest in possession trusts.', 'discretionary trusts.', 'accumulation trusts.', 'mixed trusts.', 'settlor-interested trusts.', 'non-resident trusts.']
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['SBI Mutual Fund.', 'ICICI Prudential Mutual Fund.', 'HDFC Mutual Fund.', 'DSP BlackRock Mutual Fund.', 'Aditya Birla Sun Life Mutual Fund.', 'Kotak Mutual Fund.', 'L&T Mutual Fund.', 'Tata Mutual Fund.']
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As per EPF rules, 12 per cent of an employee's Basic salary+Dearness Allowance is contributed to their Employee Provident Fund account. A matching sum is contributed to the provident fund by the employer.
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Voluntary Provident Fund (VPF) aka Voluntary Retirement Fund is the voluntary fund contribution from the employee towards his provident fund account. This contribution is beyond the 12% of contribution by an employee towards his EPF. The maximum contribution is up to 100% of his Basic Salary and Dearness Allowance.
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['ICICI Prudential Bluechip Equity Fund.', 'IIFL Focused Equity Fund.', 'Invesco India Financial Services Fund.', 'Axis Bluechip Fund.', 'PGIM Global Equity Opportunities Fund.']
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The Employee Provident Fund (EPF) is a retirement-oriented investment with tax-saving benefits. ... The National Pension System (NPS) is also considered as one of the best investment tools for retirement. NPS offers three options of investment to its investors: equity, corporate debt, and government bonds.
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['debt securities (e.g., banknotes, bonds and debentures)', 'equity securities (e.g., common stocks)', 'derivatives (e.g., forwards, futures, options, and swaps).']