General Provident Fund (GPF) account holders are going to get a very good news as the rules for GPF withdrawal has been relaxed as per latest news. There has been a need to make the withdrawal process simpler and request from various subscribers time to time. So, as per the new in TOI, these changes will be applied very soon. For more details follow the article below.
New General Provident Fund (GPF) Rules of Withdrawal
Rule 1: Now you can get the money in your bank account in 15 days of application of GPF withdrawal. The new norms will enable the employees to receive payments within 15 days. In case of emergencies like illness, the amount can be processed on 7 days also.
Rule 2: Previously, you have to complete 15 years of service to get eligible for GPF withdrawal. But now employees will also be able to withdraw the fund for select purposes after completing 10 years of service.
Rule 3: The new rules permit withdrawals from the fund by the subscriber for obligatory expenses viz. betrothal (engagement), marriage, funerals, etc. The GPF can be taken for education — including primary, secondary and higher education, covering all streams and institutions.
Rule 4: One can apply for GPF withdrawal of up to twelve months pay or three-fourth of the amount standing at credit, whichever is less. For illness, the withdrawal may be allowed up to 90 per cent of the amount standing at credit of the subscriber.
Well, you can follow official communication from GPF body through your employer only. As this news has been aired on TOI, I have shared the same here. But these changes will surely benefit subscribers and give them flexibility to use the GPF money whenever they need. Are you a GPF subscriber? Do you think these changes are enough? Are you expecting more changes in General Provident Fund (GPF) rules? Write a comment below and share your thoughts, experience or grievances if any here. Thanks for reading & sharing this news. You can refer to the source of this news on TOI.