GPF FULL FORM
Full Form of GPF : General Provident Fund
What is the Full form of GPF?
No:1. The full form of GPF is General Provident Fund.
No:2. GPF is a provident fund scheme that refers to government employees.
No:3. In this system, government officials contribute some amount of their salaries to the account.
No:4. The accrued balance is paid to the employee at the time of the retirement or superannuation.
Eligibility criteria of GPF
No:1. The government worker must be an Indian citizen.
No:2. This account is mandatory for government workers in that certain salary level.
No:3. Private company workers are not qualified for this scheme.
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How does GPF Operate
No:1. It serves as a tool for government employees to save money.
No:2. To GPF account, the employee is expected to contribute some portion of their salary annually over a set of time.
No:3. The balance accrued in the employee’s GPF account shall be returned to the employee by the time of the superannuation or retirement.
No:4. The holder of GPF account must also nominate a nominee for their consideration.
No:5. If something occurs to the account holder, the nominee will receive all the benefits.
No:6. The account also possesses a feature known as GPF advance. It is a type of interest-free loan from the GPF.
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