GPF Rules – Government simplified the conditions for advance/withdrawal from fund

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.

This was stated by the Minister of State in the Ministry of Personnel,
Public Grievances and Pensions and Minister of State in the Prime
Minister’s Office, Dr. Jitendra Singh in a written reply to question by Dr.
Sunil Baliram Gaikwad, Kunwar Haribansh Singh, Shri T. Radhakrishnan, Shri
Gajanan Kirtikar and Shri Bidyut Baran Mahato in the

Lok Sabha

today.

Source: PIB