GPF Full Form | Full Form of GPF

GPF Full Form - General Provident Fund

 General Provident Fund

General Provident Fund

  • The full form of GPF is General Provident Fund. GPF may be a provident fund scheme that refers to government employees.
  • During this system, government officials contribute some amount of their salaries to the account.
  • The accrued balance is paid to the employee at the time of the retirement or superannuation.

Eligibility criteria of GPF

  • The government worker must be an Indian citizen.
  • This account is mandatory for government workers in that certain salary level.
  • Private company workers aren't qualified for this scheme.

How does GPF Operate

  • It is a tool for state employees to save lots of money. To GPF account, the worker is expected to contribute some portion of their salary annually over a group of your time. The balance accrued within the employee’s GPF account shall be returned to the employee by the time of the superannuation or retirement.
  • The holder of GPF account must also nominate a nominee for their consideration. If something occurs to the account holder, the nominee will receive all the advantages.
  • The account also possesses a feature referred to as GPF advance. It's a kind of interest-free loan from the GPF.

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