GPF Withdrawal Form PDF

GPF Withdrawal Form PDF Details
PDF Name	GPF Withdrawal Form PDF
No. of Pages	1
PDF Size	0.02 MB
Language	English
Category	English
Source	odishapost.gov.in
Download Link	Available ✔
Downloads	17

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GPF Withdrawal Form

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GPF is exclusively available for government sector employees. People employed in the Government of India contribute a minimum of 6% of their salary and are entitled to accumulated wealth at the time of retirement or retirement. The current interest rate in GPF is 7.1% All temporary government employees, all permanent government employees, and all re-employed retirees (not eligible for provident fund) are required to join GPF after one year of continuous service.

GPF Withdrawal Form PDF – Details Overview

1. According to the official portal of pensioners -pensionersportal.gov.in, a government employee becomes a member of GPF by contributing a certain percentage of his salary to the account.
2. At present, interest in GPF is available at the rate of 8 percent.
3. A subscriber is required to subscribe to GPF monthly except for the period when he is under suspension.
4. According to pensionersportal.gov.in, the membership of the General Provident Fund is stopped three months before the date of retirement.
5. On the retirement of the subscriber, instructions are issued for immediate payment of the closing balance on retirement.
6. A subscriber has to make a nomination in the prescribed form at the time of joining the fund, which entitles one or more persons to receive the amount standing to their credit in the fund in the event of their death, before the amount becomes due has been paid or has not been paid when it becomes due.
7. There is no need to submit an application by the customer for final payment from the fund.
8. Under the GPF rules, on the death of a subscriber, an additional amount equal to the average balance in the account during the three years immediately preceding his death shall be paid to the person entitled to the amount standing to the credit of the subscriber. Customer, subject to certain conditions provided in the relevant Terms.
9. The additional amount payable under that Rule shall not exceed ₹ 60,000. To avail of this benefit, the subscriber must be in service for at least 5 years at the time of his death.
10. As per the proposals in the Interim Budget 2019-20, people with a taxable income of Rs 6.5 lakh per annum will have to avail of “tax exemption” provided they make a contribution of ₹ 1.5 lakh in specific investments like PPF, General Provident Fund (GPF) and insurance. Invest. The proposed exemption on tax liability will be applicable from 1st April 2019.

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