GPF Full Form | Full Form of GPF
GPF Full Form - 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.