What Is GPF full form?
The GPF full form is General Provident Fund. A provident fund program known as GPF is used to describe government personnel. In this approach, government employees make a contribution to the account from a portion of their salaries. When the employee retires or becomes eligible for retirement benefits, the accrued balance is paid to them.
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GPF Eligibility Requirements
- The government employee must be a citizen of India.
- For employees of the government earning that particular wage level, this account is required.
- Employees of private companies are not eligible for this program.
How does GPF function?
- Government workers can use it as a tool to save money. The employee is required to make annual contributions to the GPF account totaling a certain percentage of their pay. By the time of retirement or superannuation, the employee will get the remaining balance in their GPF account.
- A candidate must also be submitted by the GPF account holder for their consideration. The nominee will be the one who benefits in the event that something happens to the account holder.
Additionally, the account has a function called GPF advance. It is a specific kind of GPF interest-free loan.
