Principal Accountant General, West Bengal issued a notification about GPF Statement Download for the year 2023-2024. The West Bengal government employees can download their own GPF account statement for the year ended on 31/03/2024 now.
The General Provident Fund (GPF) is a long-term savings scheme for government employees in West Bengal, providing them with a secure and reliable means of saving for their retirement. The GPF is a compulsory savings scheme for government employees, and it offers attractive interest rates, tax benefits, and the flexibility to withdraw funds when needed. Current interest rate for the fund is 7.1% per annum.
Government Order for GPF Statement Download for 2023-2024
FAQs GPF Statement Download
When is an employee required to subscribe to the General Provident Fund (GPF)?
After completion of one year of continuous service, joining the GPF scheme becomes compulsory for employees
How is the GPF subscription rate determined?
The minimum subscription rate is 6% of the pay, and the maximum subscription should not exceed the maximum amount of his/her total emoluments.
Can a subscriber change their GPF subscription amount?
Yes, a subscriber can increase or decrease their subscription twice in a year, starting from March.
Is there a limit on GPF subscriptions in a financial year?
Yes, there’s a ceiling of Rs. 5 lakh on subscriptions to GPF in West Bengal Services within a financial year.
What happens if there are unauthorized subscriptions to the GPF account?
Subscriptions less than 6% and those exceeding the subscriber’s emoluments will be treated as unauthorized and won’t earn any interest.
When should subscriptions towards G.P.F be stopped before retirement?
Subscriptions towards G.P.F shall be stopped compulsorily three months before the date of retirement as per finance Department, Government of West Bengal Memo No. 1991-F dated 01.03.1999.
What are some reasons for applying for an advance from the General Provident Fund (GPF)?
Advances can be applied for education/marriage expenses, purchasing land/house/constructing house or repaying loans taken for these purposes among others as per specified rules.
