GPF in SBI

I want to get the details of General Provident Fund (GPF) of State Bank of India so can you please provide me?

General Provident Fund GPF account is a provident fund account which is available for government employees.

General Provident Fund is a savings tool for individuals employed with the government in India.

A government employee can become a member of the fund by contributing a certain percentage of their salary to the account.

The accumulations in the fund is paid to the government employee at the time of superannuation or retirement.

GPF Eligibility:

Any government employee who is a resident of India is eligible for the General Provident Fund account.

The account is mandatory for a certain salary class employed with the government.

Employees working with private companies are not eligible for the account.

How does GPF Work?

In the account, the account holder contributes a part of their salary into the account in regular instalments for a certain period of time.

The money from the fund will be given to the employee when they retire or at the time of superannuation.

The account holder can nominate a nominee at the time of opening the account.

The amount borrowed should be paid back in regular monthly instalments.

No interest will be paid on the GPF cash advance taken.

Customer service: 1800 425 3800

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Answered By StudyChaCha Member