ZPPF LOAN RULES


GPF/ZPF LOANS AND PART FINAL WITHDRAWAL RULES


The Subscribers of GPF or ZPPF can avail the facility of "LOANS" - TEMPORARY ADVANCES - REFUNDABLE ADVANCES 

        Subscribers have to apply using Proper Forms for Loan or Part-final withdrawal. 

        Loans or Advances will be sanctioned from THE PROVIDENT FUND ACCOUNT maintained in respect of  a subscriber which shows the particulars of Opening Balance, subscriptions, refunds, amounts credited to the Fund like DA, Pay revision arrears etc., withdrawals made, interest allowed and closing balance. Sanctions for Temporary Advances/Part final withdrawals received form the departments will also be recorded in their account.

ZPPF TEMPORARY ADVANCE - PF LOAN - REFUNDABLE

                  A temporary advance is granted to a subscriber from the amount stand9ing to his credit in the Fund by the department officers for specified purposes. As per Rule 14 of GPF Rules. The amount of advance sanctioned shall not exceed 3 months pay or half the amount at the credit of the subscriber in the Fund, whichever is less subject to the following conditions. Temporary advance is to be applied in the form prescribed.

RULES AND PURPOSES FOR WITHDRAWAL OF TEMPORARY ADVANCE

As per RULE 14 of PF RULES the below are the conditions for sanction of PF LOAN
  • To meet expenses in connection with the prolonged illness of the subscriber or any person actually dependent on him.
  • To pay for the overseas passage for reasons of health or education, or to meet the cost of higher education of the subscriber or any person actually dependent on him.
  • To pay obligatory expenses in connection with his betrothal and/or marriage, funerals or other ceremonies of persons actually dependent on him.
  • To meet the cost of legal proceedings instituted by the subscriber for vindicating his position in regard to any allegations made against him in respect of any act done or puporting to be done by him in the discharge of his official duty
  • To meet the cost of building or acquiring a suitable house for his residence.
  • To meet the cost of acquiring a farm land and/or business premises within 6 months of the date of the subscriber's retirement.
  • To meet the cost of purchasing a motor-car.
RECOVERY OF TEMPORARY ADVANCE
  • The advances are recoverable from the subscriber in such number of equal monthly installments as the sanctioning authority may direct, but such number shall not be less than 12, unless the subscriber so elects, and not more than 24. In special cases where the amount of advance exceeds 3 months pay, the number of installments can be more than 24, but in no case more than 36.
  • When there is an advance running and a second advance is sanctioned, the balance of the previous advance not recovered shall be added to the advance so sanctioned and the subsequent installments for recovery of advances shall be fixed with reference to the consolidated amount.
  • The recovery shall commence with the issue of pay for the month following the month in which the advance was drawn.
  • A subscriber may, at his option, repay more than one installment in a month.
  • Recoveries towards refund of Temporary Advances shall not be affected during the last four months of service of subscriber.


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