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Rule 13 - GPF Advance Recovery | KartavyaDesk

GPF Rules

Original Rule Text

RULE 13- RECOVERY OF ADVANCES (1) An advance shall be recovered from the subscriber in such number of equal monthly instalments as the sanctioning authority may direct; but such number shall not be less than twelve unless the subscriber so elects and more than twenty-four. In special cases where the amount of advance exceeds three months' pay of the subscriber under sub-rule (2) of Rule 12, the sanctioning authority may fix such number of instalments to be more than twenty-four but in no case more than thirty-six. A subscriber may, at his option, repay more than one instalment in a month. Each instalment shall be a number of whole rupees, the amount of the advance being raised or reduced, if necessary, to admit of the fixation of such instalments.

What This Means

Rule 13 of the General Provident Fund (GPF) Rules deals with how you repay the advances (loans) you take from your GPF account. Think of it like this: you've borrowed money from your future self (your retirement savings), and now you need to pay it back. This rule sets the guidelines for that repayment process. It applies whenever you take an advance from your GPF and affects all government employees who are subscribers to the GPF scheme. The core idea is to ensure a structured and manageable repayment schedule.

This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.

Key Points

  • •Advances are repaid in equal monthly installments.
  • •The standard repayment period is between 12 and 24 months, as decided by the sanctioning authority.
  • •In special cases (advance exceeding three months' pay), repayment can extend up to 36 months.
  • •Subscribers can choose to repay more than one installment per month.
  • •Installment amounts are rounded to the nearest whole rupee.

Practical Example

Mr. Sharma, a Section Officer, takes a GPF advance of ₹60,000 for his daughter's education. His basic pay is ₹18,000. The sanctioning authority, considering the amount, directs repayment in 24 equal monthly installments. Each installment would ideally be ₹2,500. However, if Mr. Sharma wishes to repay faster, he can choose to pay two installments (₹5,000) in a single month. Alternatively, if Mr. Verma takes a GPF advance of ₹70,000 when his basic pay is ₹15,000, the sanctioning authority might allow him to repay in 30 installments as the advance is more than three months of his pay.

This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.

Frequently Asked Questions

What happens if I can't pay an installment one month?▼
While the rules don't explicitly address missed installments, it's best to contact the sanctioning authority immediately. They may allow adjustments or provide guidance. Consistent failure to repay can lead to further action.
Can I change the number of installments after the advance is sanctioned?▼
Generally, the number of installments is fixed at the time of sanction. However, you can always repay more than one installment in a month to accelerate the repayment process.
Who is the 'sanctioning authority'?▼
The sanctioning authority is the officer authorized to approve GPF advances. This varies depending on your department and level in the hierarchy. Check with your accounts department for clarification.
Does the interest rate on my GPF account change when I take an advance?▼
No, the interest rate on your GPF account remains the same regardless of whether you have taken an advance or not. The advance is essentially a withdrawal that you are repaying.
Is there any penalty for repaying the advance faster than the scheduled installments?▼
No, there is no penalty for repaying the advance faster. In fact, it is encouraged as it replenishes your GPF account sooner.

This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.

Test Your Knowledge

Question 1 of 3

What is the minimum number of monthly installments in which a GPF advance must be recovered from a subscriber, unless the subscriber elects otherwise?

Related Rules

Rule 15GPF (Central Services) Rules, 1960 - Rule 15Rule 20GPF (Central Services) Rules, 1960 - Rule 20Rule 16GPF (Central Services) Rules, 1960 - Rule 16Rule 18GPF (Central Services) Rules, 1960 - Rule 18Rule 26GPF (Central Services) Rules, 1960 - Rule 26

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