Royal Insurance Corporation of Bhutan Limited

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RICB provides Life Insurance, General Insurance, Financial Security and Services, Credit and Investment and Reinsurance

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Back | Pvt. Provident Fund

Private Provident Fund Scheme

The Private Provident Fund scheme was initiated in 1976 and amended in 1985 by letter No. RPH/98-84/805 dated 29th March, 1995 from H.R.H. S.C. Wangchuk the then representative of His Majesty in the Ministry of Finance. The scheme was further revised in 1990 and amended through Memorandum of Understanding dated 21.8.1997 effective from 1st July, 1997. After segregation of GEPF in 2000, The Ministry of Finance has issued letter No. MOF/Pension/dated 23.6.2000 to manage PPF of Private and Non-Governmental Organizations by RICBL.

Objective of the Scheme:
As the only retirement scheme in the Country, the PPF scheme was established for the benefit of the employees and

  • To Induce saving while the members earn( Save ?As You earn Scheme)
  • To give post service and in-service benefit to the employees

As a financial institution, RICBL ensures that the Private Provident Fund money is effectively invested for the socio-economic development of the country and manages it on a commercial basis to generate higher returns to the members. With substantial returns made due to prudent investments carried out through its Investments Division, RICBL is paying minimum 7% interest on daily product basis. The interest may change depending return from the investment of the funds.


The employer and employees shall each contribute not less the 5% of an employee's monthly basic pay.  

Process of Remittance
Every month, the employers need to deduct the required rate of contribution from the employees along with matching employer?s contribution through detailed recovery schedule and deposited to our nearest Brach Office. So far we have 82 companies/NGOs as per of the scheme.

Statement of annual account
All the members of the PPF are issued with annual statement of account showing details of contribution made on the closing of the financial year of 31st December after being audited by statutory Auditors as appointed by RICBL. 

Refunds from Provident Fund processing:
During the retirement of the employees, the Head of the Department shall process the refund documents and submit to RICBL.