Author Topic: All about PPF/GPF/EPF  (Read 55350 times)

RAJ

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All about PPF/GPF/EPF
« on: March 18, 2011, 06:49:51 AM »
« Last Edit: May 22, 2015, 11:44:18 AM by khiji NABHA »

Gaurav Rathore

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Re: All about PPF/GPF/EPF
« Reply #1 on: June 25, 2011, 08:47:30 AM »
PF accounts to go online from
July 1 New Delhi,
From July 1, the amount deposited in
your Provident Fund (PF) account can
be seen by simply typing out the PF
number online. By December 1, all
details will be available online. This will result as the government has
implemented one of the
recommendations of the Working
Group on Comprehensive Amendment
to the Employees Provident Funds and
Miscellaneous Provisions Act, 1952. The Group has also proposed 10
amendments to the present Act.
Another important recommendation
includes changing the ceiling for
inclusion under EPF scheme from 20
employees to 10. This and other related matters came
up for detailed discussion at the
meeting of the Central Board of
Trustees (CBT) of Employees''  ' Provident Fund under its Chairman
and Union Labour and Employemnt
Minister Malikarjun Kharge today.
« Last Edit: June 25, 2011, 08:52:21 AM by Gaurav Rathore »

jasjeet sidhu

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Re: All about PPF/GPF/EPF
« Reply #2 on: December 06, 2011, 12:12:31 PM »

RAJ

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Re: All about PPF/GPF/EPF
« Reply #3 on: December 06, 2011, 01:28:55 PM »

RAJ

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Re: All about PPF/GPF/EPF
« Reply #4 on: December 06, 2011, 01:32:37 PM »
« Last Edit: December 06, 2011, 01:37:12 PM by RAJ »

R S Sidhu

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Re: All about PPF/GPF/EPF
« Reply #5 on: January 25, 2012, 07:43:02 AM »
Application for opening a Public Provident Fund Account  download pdf file





http://india.gov.in/allimpfrms/allforms/1241.pdf

Pan14

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Re: All about PPF/GPF/EPF
« Reply #6 on: March 16, 2012, 09:44:49 PM »
1. What is a GPF Advance ?

GPF Advance is an interest free loan from your savings in General Provident Fund Account for specified reasons. You need to repay the same into your account in equated monthly installments. No interest shall be charged on the amount so taken as advance. However, you will not be paid any interest on GPF amount taken as advance. Such advances are covered under terms as per sub Rule (1) of Rule 12 of GPF (CS) RULES, 1960.

2. What are the reasons for which GPF Advance can be taken ?

One can take GPF Advance for the reasons of higher education of self, children, legal expenditure, religious vow, obligatory expenses towards betrothal, marriage and other like ceremonies, for purchase of consumer durables such as TV, VCR, washing machines, computers etc.

3. How many times in a year GPF Advance can be taken ? Is there any limit in the same during whole of our service?

One can take GPF Advance any number of times in our career. However, At least 4 months time gap will between two advances and 6 months time gap for withdrawals have to be maintained. The sanctioning authority, may relax this rule in exceptional cases depending on the merits of the application.

4. What is the maximum amount that can be taken as GPF Advance ?

The amount taken as GPF Advance at a time cannot exceed one-half of available balance or three months' pay, whichever is less. The sanctioning authority may, however, permit advance in excess of this limit (up to 75 % of the available balance), in exceptional cases depending upon the merits of the application.

5. If I am still repaying the GPF advance taken earlier, can I take another GPF Advance ?

One can take another GPF Advance when an earlier advance is yet to be repaid completely. However, the amount pending from earlier advance and the proposed next GPF advance shall be consolidated and installments should be re worked and paid accordingly.

6. Is it possible to convert a GPF Advance to a part final withdrawal ?

Yes. A GPF Advance taken can be converted into part-final withdrawal, subject to the fulfillment of conditions / approval of the competent authority.

7. What is GPF Part-final withdrawal ?

GPF Part final Withdrawal means withdrawal of fund from your savings in GPF Account, for specified reasons. This amount need not repaid back to your account. The amount withdrawn shall stand debited from your account forever. Such withdrawals are covered under terms and conditions as per Rule 15 (1)(A) and (B) of GPF (CS) RULES, 1960.

8. What are the reasons for which GPF Withdrawal can be made ?

One can make GPF withdrawal for the reasons of higher education of self, children, legal expenditure, expenses towards betrothal, marriage, purchase of consumer durables such as TV, VCR, washing machines, computers etc. Moreover, withdrawal can also be made for purchase or construction of house, repairs or renovation of house etc. If the applicant has less than 12 months to retire, there is no need to give any reason for withdrawal.

9. Is there any qualifying service ( or minimum length of service) for an employee to make withdrawal from fund ?

Yes. As per Rule 15 (1)(A) of the GPF Rules, the applicant should have completed 15 years of service, or should have less than 10 years to retire, as the case may be for making withdrawals.

10. Are there any chances of making withdrawal even if the applicant does not posses the qualifying service ?

Yes. As per Rule 15 (1)(B) of the GPF Rules, for purchase of a ready built house/flat, purchase of housing site and/or construction of a house, repairs, reconstruction of housing property already owned by employee, and / or for repaying any loan expressly taken for the above purposes etc. the condition of qualifying service does not apply.

11. Should we submit any utilization certificate or completion certificate after taking GPF withdrawal ?

Yes. One has to furnish a certificate that the amount withdrawn from GPF have been utilized for the purpose for which it was taken. In case of failure to do so, sanctioning authority may recover the entire advance from the pay in one lump, or in as many instalments he decides fit.

12. What is the maximum amount that can be withdrawn from GPF ?

The amount withdrawn from GPF at a time cannot exceed one-half of available balance or six months' pay, whichever is less. The sanctioning authority /Head of the Department may, however, permit an advance upto 75% of the available balance, in exceptional cases depending upon the grounds of application. The withdrawal upto 90 % of the available balance is permitted in case of purchase/construction of house / arranging marriage of son or daughter etc.

13. How the rate of interest for GPF is fixed?

Rate of Interest for General Provident Fund is fixed every year by the Government. The present rate of interest is 8%.

14. Whether deposits made in General Provident Fund is exempted from attachment?

In terms of Section 60(1) of Civil Procedure Code, 1908 Deposits made in General Provident Fund has got immunity with regard to attachment under a decree or order of a court of law.

15. Whom should be we nominate for receiving the amount remains in our GPF account after our death ?

Every government servant should submit nomination in the prescribed form immediately on joining the Fund. While an employee not having family may nominate any other person, the nomination should be in favour of family member(s) only in the case of one having family. The subscriber may provide in the nomination that the nomination shall become invalid in the event of the happening of a contingency specified therein e.g. a bachelor may nominate his father or mother. He can specify in the nomination that the nomination will become invalid in the event of his subsequently getting married. If the nomination is made in favour of more than one person, the proportionate share in which the amount will be payable should be specified clearly in the relevant column. At any time, the nomination may be canceled by the government servant.

16. Who are all our family members as per General Provident (CS) Rules 1960 ?

'   ..."Family' includes, spouse, parents, children (including adopted child/ward), minor brothers, unmarried sisters, deceased son's widow and children and where no parents of the subscriber is alive, a paternal grandparent.

RAJ

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Re: All about PPF/GPF/EPF
« Reply #7 on: March 24, 2012, 07:16:49 PM »
New Delhi: Just a week after the interest rate on deposits to the employees' provident fund was slashed by 1.25 per cent for 2011-12, the government is set to hike the rate of interest on small saving instruments like the Public Provident Fund (PPF) starting April 1.

Consequently, deposits to the PPF are expected to earn an interest of near 9 per cent as against the prevailing rate of 8.6 per cent. The interest rate on other small saving instruments like the National Savings Certificate and postal deposits are also expected to be hiked from April 1.

The move comes after the Shyamala Gopinath committee on the National Small Savings Fund suggested that interest rates on small savings should be aligned to interest rates on government securities. The finance ministry is expected to notify the new interest rates for every financial year will be notified before April 1.

The finance ministry had hiked the interest rate on deposits to the PPF to 8.6 per cent from December last year, as against the earlier rate of interest of 8 per cent. With the higher interest rate, small saving instruments like postal deposits and PPF are expected to become popular once again. Many investors had moved away to more attractive and equally risk averse avenues of investment like fixed deposits and EPF that provided higher returns.

While the EPF was providing an interest rate of 8.5 to 9.5 per cent over the last few years, bank deposits were giving returns of over 9 per cent. But now the rate of interest on deposits to the EPF has been reduced to 8.25 per cent. Fixed deposits are likely to give lower returns in 2012-13 with the RBI expected to cut key rates.

RAJ

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Re: All about PPF/GPF/EPF
« Reply #8 on: March 26, 2012, 10:20:50 PM »
Interest rates on post office-operated
schemes like MIS, PPF up by up to 0.5%
26 Mar, 2012, 1911 hrs IST, PTI
NEW DELHI: The
government today raised
interest rates on post
office-operated small
savings like Monthly
Income Scheme (MIS) and
Public Provident Fund (PPF) by up to 0.5 per
cent, making them more attractive to investors.
Interest rates on time deposits of one and two
years have been increased by 0.5 per cent each
to 8.2 per cent and 8.3 per cent respectively,
while rates for popular MIS has been hiked by
0.3 per cent to 8.5 per cent, an official release
said.
Interest rate on PPF has been increased by 0.2
per cent to 8.8 per cent.
The new rates will be effective from April 1, 2012
and will remain valid during 2012-13.
There has been no change in the savings deposit
rate which has been retained at 4 per cent.
Interest rate for three-year time deposits has
been increased from 8 per cent to 8.4 per cent.
Similarly, interest rate on five-year time deposit
has been raised from 8.3 per cent to and 8.5 per
cent.
The five-year recurring deposits will fetch an
interest of 8.4 per cent as against 8 per cent at
present.
The rate for senior citizens savings scheme
(SCSS) has been hiked to 9.3 per cent from 9 per
cent.
The National Savings Certificates (NSC) having
maturity of five and ten years will now attract
8.6 per cent and 8.9 per cent, respectively, up
0.2 per cent each.
The hike in interest rates on small savings
schemes is based on the recommendations of
the Shyamala Gopinath Committee which had
suggested linking of interest rates on small
savings with that of the market.
The panel had also suggested that the interest
rates on small savings schemes should be
revised annually.
The revision in the interest rates will help in
maintaining the attractiveness of the small
savings schemes vis-a-vis fixed deposit
schemes operated by banks.
The government as part of economic
liberalisation process had freed the interest rates
on banks deposits giving freedom to lenders to
fix rates depending upon the asset-liability
position, but continued to fix rates for small
savings schemes.
Pursuant to the recommendations of the
Gopinath Committee, the government had also
introduced the National Savings Scheme (NSC)
with a 10-year maturity to attract long-term
funds. It will now yield a return of 8.9 per cent.
The government had earlier raised annual
investment ceiling in PPF savings to Rs 1 lakh
from Rs 70,000. The PPF scheme has now been
made more attractive and will provide a return
of 8.8 per cent.

RAJ

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Re: All about PPF/GPF/EPF
« Reply #9 on: March 27, 2012, 06:36:49 AM »
पीपीएफ की ब्‍याज दर में 0.2% की बढ़ोतरी

अंतिम बार अपडेट: Monday, March 26, 2012,23:05
टैग्स: 0.2 फीसदी, पीपीएफ, बढ़ोतरी, ब्‍याज दर

नई दिल्ली : सरकार ने डाकघर द्वारा संचालित लघुबचत योजनाओं को और आकषर्क बनाते हुए मासिक आय योजना और सार्वजनिक भविष्य निधि (पीपीएफ) जैसी विभिन्न योजनाओं पर ब्याज दरों में 0.5 प्रतिशत तक वृद्धि कर दी।

 

डाकघटर बचत योजनाओं की नई ब्याज दरें एक अप्रैल 2012 से लागू होंगी और वर्ष 2012.13 के लिए वैध होंगी। एक आधिकारिक विज्ञप्ति के अनुसार एक और दो वर्ष की जमा योजनाओं में प्रत्येक पर ब्याज दर में 0.5 प्रतिशत वृद्धि कर इसे क्रमश: 8.2 प्रतिशत और 8.3 प्रतिशत कर दिया गया जबकि मासिक आय योजना की ब्याज दर को 0.3 प्रतिशत अंक बढ़ाकर 8.5 प्रतिशत कर दिया गया।

 

सरकार ने सार्वजनिक भविष्य निधि (पीपीएफ) पर भी ब्याज दर को 0.2 प्रतिशत बढ़ाकर 8.8 प्रतिशत कर दिया। बहरहाल, बचत जमा खातों पर ब्याज दर पूर्ववत 4 प्रतिशत ही रखी गई है। इसमें कोई बदलाव नहीं किया गया।
डाकघर की तीन वर्ष की सावधि जमा पर ब्याज दर 8 से बढ़ाकर 8.4 प्रतिशत और पांच साल की जमा पर 8.3 प्रतिशत से 8.5 प्रतिशत कर दी गई है। पांच साल की आवृति जमा पर अब 8 के बजाय 8.4 प्रतिशत की दर से ब्याज मिलेगा। वरिष्ठ नागरिक बचत योजना पर ब्याज दर 9 से बढ़ाकर 9.3 प्रतिशत कर दी गई है। पांच और दस साल के राष्ट्रीय बचत पत्र (एनएससी) पर अब 8.6 प्रतिशत के बजाय 8.9 प्रतिशत ब्याज देय होगा। पांच साल की मासिक आय योजना में भी ब्याज दर 8.2 से बढ़ाकर 8.5 प्रतिशत कर दी गई।

 

डाकघर द्वारा संचालित इन लघुबचत योजनाओं पर ब्याज दरों में वृद्धि श्यामला गोपीनाथ समिति की सिफारिशों के अनुरुप की गई है। समिति ने लघु बचतों पर ब्याज दर को बाजार के अनुरुप रखने की सिफारिश की थी। समिति ने यह भी कहा था कि लघु बचत योजनाओं पर ब्याज दरों को हर साल तय किया जाना चाहिये। इससे लघु बचत योजनाओं का आकषर्ण बना रहेगा। सरकार ने आर्थिक उदारीकरण प्रक्रिया के चलते बैंकों में ब्याज दरों को नियंत्रण मुक्त कर दिया। बैंकों को अपनी परिसंपत्ति देनदारी स्थिति के अनुसार ब्याज दरें तय करने की स्वतंत्रता दे दी गई। लेकिन इस दौरान लघु बचत योजनाओं पर ब्याज दरें निर्धारित ही रहीं।

 

बहरहाल, सरकार ने श्यामला गोपीनाथ समिति की सिफारिशों पर अमल करते हुए लघु बचत योजनाओं पर दी जानी वाली ब्याज दरों में न केवल वृद्धि की बल्कि हर साल इनका निर्धारण करने का भी फैसला किया। इसके अलावा दस साल की परिपक्वता अवधि की नई राष्ट्रीय बचत योजना भी शुरु की जिसपर 8.9 प्रतिशत ब्याज दिया जाएगा। इससे पहले सरकार ने लोकभविष्य निधि यानी पीपीएफ की सालाना निवेश सीमा को 70 हजार रुपये से बढ़ाकर एक लाख रुपये कर दिया और इसपर ब्याज दर 8.8 प्रतिशत कर दी गई।

(एजेंसी)

 

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