Wednesday, November 4, 2020

Larger than the interest rate of GPSC

Larger than the interest rate of GPSC 

 GPF or General Provident Fund account is for government employees.  A government employee can become a member by paying a certain part of his salary as a contribution.  The amount deposited in this fund is received by the government employee at the time of retirement or retirement.

 Government employees who are citizens of India are eligible for a General Provident Fund account.  It is compulsory for certain government employees.  Private employees are not eligible for this account.

 The General Provident Fund is a savings vehicle for government employees.  In this account, the account holder deposits a certain part of his salary for a fixed time.  At the time of retirement, the funds are paid to the employee.  An account holder can also make someone a nominee while opening an account.  If something happens to the account holder, the nominee receives that amount and benefits.

 GPF has a GPF advanced feature which is an interest-free loan.  This money borrowed can be repaid in regular monthly installments.  No interest is paid on GPF Advance Cash.  GPF Advance can also be taken as many times as required


click here read in Gujarati

 GPF is designed by combining both defined benefit and defined contribution concepts.  Under this, government employees will contribute 3% -15% of their monthly salary (compulsory contribution of 3%, and voluntary contribution from 1-12%) and remit to the fund as employee's contribution.

 The funds will be deposited in each member's personal account and invested according to the rules.  At the end of membership, a member will receive two portions of money.  The first part is pension or gratuity under the old defined benefit scheme from the government.  The second part is the reimbursement of retirement savings from GPF.  For those who retire from government service without the right to receive pension or gratuity under the old scheme, they will receive only reimbursement of their personal savings, including benefits from GPF.

Share This
Previous Post
Next Post

Pellentesque vitae lectus in mauris sollicitudin ornare sit amet eget ligula. Donec pharetra, arcu eu consectetur semper, est nulla sodales risus, vel efficitur orci justo quis tellus. Phasellus sit amet est pharetra

0 $type={blogger}: