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reconstruction/addition/alteration/renovation of a house/flat. For housing needs, withdrawal can be made upto 90% of the amount at credit.

                Beside withdrawal can be allowed for the same purpose or extensive repair/overhauling of motor car.

Conditions of withdrawal

(a)    only one withdrawal can be allowed for the same purpose.

(b)   Illness on different occasions and education/marriage/betrothal of different children or further additions/alterations to house/flat with a fresh plan duly approved by the local authority are treated as different purposes.

(c)    Withdrawal and advance cannot be sanctioned for one and the same purpose and at the same time.

(d)   Advance outstanding can be converted into a withdrawal on satisfying the condition for withdrawal.

(e)   The employee shall furnish within a reasonable period, proof of utilizations of the money  for the purpose of withdrawal. If he fails to do so, the unutilized amount shall be repaid forthwith.

(f)     Withdrawal for building/constructing a house or for additions/alteration thereto shall be sanctioned only submission of a house plan approved by the local municipal body.



Final Payment of Accumulations in Provident Fund

1.       The entire amount at credit shall become payable to the employee on following occasions:

(i)     Retirement on superannuation or otherwise, or quitting service,

(ii)   Dismissal/removal from service.

(iii) Proceeding on leave preparatory to retirement,

(iv)  While on leave, he is permitted to retire/declared unfit for further service by competent medical authority, and

(v)    Death while in service (in this case the amount is payable to nominee/member of the family).

2.    if the balance at credit is not paid on the date it become payable, interest is to be paid on the balance.

3.    any dues to the Government from the employee including any amount misappropriated is not recoverable from the final payment of PF accumulation to the employee.

4.    payment on death while in service will be as follows:

(i)    if nomination subsists, payment will be made to the nominee (s)in the specified proportion.

(ii)   if nomination does not subsist or relates to a part of the amount only, the amount not covered will be equally distributed amongst members of the family (excluding major sons/grand sons and married daughter/grand daughters whose husbands are alive, if other members of the family are alive.


Deposit linked Insurance

        In the event of death of the subscriber-employee his family/nominee will be entitled to in addition to the PF accumulation an amount equal to average balance in his PF account during the 3years preceding the months of death subject to a maximum of Rs. 60,000. This amount is allowed on fulfillment of following conditions:

(a) the employee has put in minimum 5 years of service at the time of death,

(b) the employee has maintained specified minimum balance in his account during the preceding 3 years.