What does GPF mean? Find about complete details about General Provident Fund statement or account slip and interest rate, and when an employee can withdraw the fund in GPF account…
The GPF full form is General Provident Fund, where it is a provident fund account dedicated to a government employee allowed to contribute after one year of continuous service, and the employee contributes a monthly instalment of their salary which is saved in the account by applying current GPF applicable interest rate.
This GeneraL Provident Fund (GPF) amount is deposited back to the Employee Bank account by retirement or to the account of the Nominee in case of causality.
You may download or check the General Provident Fund statement of different departments/states as per the mentioned below
No, as GPF is a Government organized option for the benefits of employees, and the amount collected at the time of retirement, which is a huge one will not be taxed, where the amount contributed monthly under General Provident Fund can be applied for tax exemption while submitting income tax proof.
In case of any emergency or education loan, by providing a valuable reason, and the employees have the authority to withdraw three fourth or twelve months pay whichever is the lowest. This total should not cross the 90% limit which is to be maintained.
No, as the employee is still serving and has not met any causality, and the authority to withdraw the General Provident Fund amount will be only with the Employee, and the Nominee will be a dependent option in extreme cases.
Interest rates are based central Government announcement, and it should as per the conditions, so you may check the required state or central departments as mentioned.