With the start of the online facility, the employees will be able to access their GPF account online for advance withdrawals
In a big relief to around 30 lakh central government employees, the government has made withdrawal of money from the General Provident Fund (GPF) easier and faster starting today. The subscribers will be able to withdraw from their GPF account and receive payments within a day. Finance Minister Arun Jaitley inaugurated the centralised GPF Online Module on Thursday here in New Delhi on the occasion of 42nd Civil Accounts Day.
With the start of the online facility, the employees will be able to access their GPF account online for advance withdrawals. Currently, it takes about 15 days to make the withdrawal from one's GPF account. The relaxed rule will benefit all the central government employees who have GPF accounts, excluding defence and railways. However, the facility is likely to be extended to these two government ministries soon.
Those who joined central government services before January 2014 are covered under the GPF.
"The centralised GPF module meets a long standing demand of the central government employees for a mapping of GPF accounts with the unique employee ID thereby facilitating online application for GPF advances and withdrawals with online access to the employee's current GPF balances," the government said.
Employees can withdraw from their GPF account for the purpose of education, marriage and emergencies including illness. One can withdraw up to 75% for buying a house, land or for paying outstanding loans. In case of illness, up to 90% of the fund can be withdrawn. The withdrawal can be done after completing 10 years of service. GPF can also be withdrawn for the purchase of vehicle, repayment of car loan and even for purchasing consumer durables.
However, no documentary proof is needed to be furnished at the time of withdrawal by the subscriber. A simple declaration online form explaining the reasons for withdrawal is sufficient.
The Finance Minister also inaugurated the 'e-PPO' module for complete end-to-end electronic processing of pension cases. The seamless processing of pension cases is likely to eliminate delays and errors that are usually involved in the manual processing.
The government has integrated two applications BHAVISHYA and PARAS to make processing of pensions easier.
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