NRWPF

NON RE-PAYABLE WITHDRAWAL FROM PROVIDENT FUND (NRWPF)

Branch Circular. No. 82/253 dated 21.11.1988 - ‘Pay’ means BP + other allowance qualify for PF

A. in respect of employees whose pay exceeds Rs.5000/-p.m.

Purpose: To meet the expenditure on building a house, or purchasing a site or a house and a site.

Eligibility: Those who have completed 10 years of service or due to retire within the next 10 years.

Quantum: One half of the amount standing to the employee’s credit in his PF a/c or the actual cost of the house (as reduced by money’s actually available from other sources), whichever is less.

B. in respect of employee’s whose pay does not exceed Rs.5000/-p.m.

Purpose: to meet the expenditure on building a house, or purchasing a site or a house, or a house and a site.

To meet the expenditure on addition, substantial alteration or improvement necessary to the house.

Quantum:

1) BP + DA for 36 months

2) Actual cost of building the house or purchasing the house and/or of the site (as reduced by money actually available from other sources)

3) Employees contribution to the fund together with

a) 75% of bank’s contribution - 5 years or more service but less than 10 years of membership.

b) 85% of bank’s contribution - 10 years or more than service but less than 15 years of membership.

c) 100% of bank’s contribution - more than 15 years membership

If NRWPF is made for the purpose of additions, substantial, alteration, or improvement to the house.

a) Such withdrawal shall be permissible only after period of 5 years from the date of purchase or completion of the house.

b) Such withdrawal shall be granted once & in one installment.

Employees whose pay exceed Rs.5, 000/- per month & who have bought the in joint names with the spouse and are agreeable to execute a joint affidavit to the effect that the property has been purchased out of their own income and savings of the staff member and that the property is purchased in joint names only for the sake of convenience, are eligible for NRWPF.

Ref: Br. Cir, 91/12 dt.09.10.97.

NON REPAYABLE WITHDRAWAL FROM PROVIDENT FUND FOR MARRIAGE AND/OR MEDICAL TREATMENT

Refer Branch Circular No.100/170 dated 24.01.2007

1. NRWPF may also be permitted to all the confirmed employees having completed 10 years for the following purposes in addition to housing. However, employees whose gross emoluments does not exceed Rs.5000 p.m. shall be eligible to apply on completion of 7 years of service:

a. For marriage o self, close relatives like son, daughter, brother, sister, who are wholly dependent on the employee (member)

b. For medical expenses of self/close relatives viz.spouse, son daughter, father, mother, brother, sister etc., who are wholly dependent on the employee (member)

2. The quantum of NRWPF allowed shall not exceed 6 months basic pay and other allowances ranking for PF or 50% accumulated balance of own contribution + voluntary contribution or actual expenditure, whichever is less. However, the same shall be restricted to following monitory ceilings per purpose, during the entire career of an employee:

i. Officer Rs.1,50,000/-

ii. Clerk Rs.1,00,000/-

iii. Sub-staff Rs. 60,000/-

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