Saturday, April 13, 2019

FINAL WITHDRAWAL OF GPF (CLOSURE)

FINAL WITHDRAWAL (CLOSURE)
  (i)    Final withdrawal of accumulation in the Fund is permitted whesubscriber quits the service (on retirement, dismissal, resignation, compulsory retirement, removal etc.).
  (ii)  In case of death while in service.
How to Apply for  Closure?
  (a) Application for closure has to be filed in Form E.
  (b) The application duly filled in and signed by the subscriber/claimant(s)  is to be given to the department for forwarding the same to the Accountant General along with requisite documents by the Head of Office.
Conditions for Closure
 1.  Subscription  and refund discontinued during the last three months of service (Rule 10).
 2. A subscriber may at any time during the last one year of service opt to close the account by giving option under Rule 30 (c),  i.e., after stopping subscription.
Manner of Payment
The Accounts Officer closes the account after verifying the ledger accounts and issue an authority for payment of the amount.  Authorizations are forwarded to the Drawing and Disbursing Officers concerned in respect of the Non-Gazetted Officers and direct to the Gazetted Officers. Gazetted Officers can choose any Treasury.  The Fund accumulation payable to the subscriber shall be paid to the person(s) on whom the right to receive the amount is conferred by means of a nomination as per rules, if the said subscriber dies  while in service or before  receiving the fund accumulation after retirement. If the subscriber dies while in service and where there is no nomination, the amount will be paid to the eligible family members on the basis of Departmental Enquiry Certificate in equal shares.
·         GPF (K) Rules do not permit payment of interest beyond the date of authorization by the Accountant General.
·         Interest  is  allowed  upto  the end of the  month  previous to the  month  in  which authorization for payment of PF balance is issued, if the closure application is received by the Department/Accountant General within a period of one year.  If the application is not submitted within one year of quitting service/death, interest is admissible only upto a period of one year from the crucial date necessitating the closure of the account.
·         As per Government of Kerala Circular No.29/87/Fin. dated 24-4-1987,  arrears of   dearness allowance  shall not be deposited to the Fund of a subscriber who had opted not to subscribe  to the Fund as per 3rd proviso  to Rule 10.  Such deposits if any will be treated as unauthorized  and no interest will be allowed.

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