Now get GPF withdrawal within 15 days
Posted on: 09/Mar/2017 12:47:50 PM
The terms and conditions for withdrawing General Provident Fund has got amended such that is brings a heave of sigh to the applicants. Accordingly, one can withdraw funds within hardly 15 days.
At present, there are 50 lakh GPF subscribers. A recent announcement made in this regard states that one can withdraw from GPF after 10 years of servicing which was earlier 15 years. The rules are amended and it happens very often so as to cater to the concerns by subscribers. The provisions are restrictive though.
Subscribers have been insisting on relaxing these provision terms and procedures, says an official communique of the central government offices. GPF withdrawal is allowed for educational reasons including primary, secondary and higher education regardless of stream or institution.
However, there are relaxations brought to these provisions under which withdrawal towards obligatory expenses such as wedding, engagement, funeral or other ceremonies are allowed for the subscriber himself or the family member.
The maximum withdrawal limit will be 12 months of pay or three-fourth of the total credit. Whichever is lesser will be fixed as limit. In case of medical needs during illness, one can withdraw up to 90 percent of amount in credit.
