An important query raised by PF holders is, how many times GPF can be withdrawn by an employee? Find the accurate solution here…
A government employee, who is part of the General Provident Fund, will have multiple chances to withdraw accumulated amount from GPF account. An individual can withdraw the GPF advance any number of times in their career, by maintaining a 4 months gap between each withdrawal.
The rule also applies with 6 months time gap between each withdrawal which maintained to raise new requests. In exceptional cases, the withdrawal time gap may relaxed by the sanctioning authority based on the application submitted.
Also read>>> Is GPF Tax Free
A GPF holder can withdraw up to 50% of accumulated amount or amount equal to half yearly sale whichever lower. This part of the withdrawal stated in Rule 15 of the General Provident Fund. The sum withdrawn by subscriber must not exceed 50% of salary or the minimum six months salary, in condition whichever lower.
How much can I withdraw from GPF account?
Over the period of working any employee under the GPF scheme can withdraw a maximum of 50% of funds only.
Also read>>> GPF Full Form
What is the rule 15 of GPF width drawl?
In simple words, Rule 15 states that (1) the total amount withdrawn at one point before retirement should not exceed 50% of total funds. (2) The total amount withdrawn at one point should not be 50% of six months’ pay.
Is GPF withdrawal taxable?
In case of retirement funds, the amount not taxed which is good. But in case if you wish to withdraw during the scheme then your amount may taxed and the remaining credited to your account.