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Thursday, April 13, 2017

GPF Advance – Central Government Employees can apply for advance with self declaration

GPF Advance – Central Government Employees can apply for advance with self declaration

GPF Advance – Central Government Employees can apply for advance with self declaration – New GPF Rules – No documentary proof is required to be submitted for advance

The GPF rules liberalised the conditions for taking advance from the fund for education, illness and purchase of consumer durables with effect from 7 March 2017.
With effect from 7th March 2017, Government has simplified and liberalised the conditions for taking advance from the fund by the subscribers for education, illness, purchase of consumer durables. Conditions and procedures for withdrawal from the fund for the purpose of education, illness, housing, purchase of motor vehicles etc. have also been liberalised. No documentary proof is required to be submitted now for advance and withdrawal applications. A simple declaration by the subscriber is sufficient. A time limit for sanction and payment of advance/withdrawal has also been fixed.
There is no proposal under consideration of Government to increase/link the rate of interest on GPF at parity with that of EPF. The interest rates on EPF are decided on the recommendations of the Central Board of Trustee (EPF) taking into account the yearly income from the investment made by EPFO. The GPF interest rate is presently fixed at par with that of PPF interest rate.

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