Withdrawals from the Fund
Withdrawals may be sanctioned by the authorities competent to sanction, at any time after the completion of Fifteen years of service of the subscriber or within Ten years before the date of his superannuation, whichever is earlier, from the amount standing to his credit in the Fund.
Conditions for withdrawal :
- Only one withdrawal is allowed for the same purpose.
- The amount shall ordinarily not exceed 60 % of the balance at credit subject to a maximum of Rs 2.5 lakhs or 75 times of the Basic Pay, which ever is lesser.
- In one financial year, a subscriber can draw either the temporary advance or the part final withdrawal after a gap of 6 months of drawal of any one, so that there would be only two withdrawals in a year.
- The authority competent to sanction part final withdrawal can sanction the withdrawal up to 90% of the balance at credit of the subscriber when it is applied for within 12 months before retirement. This can be availed of only once, without assigning any reason for withdrawal and without any authorization from A.G. even if it is applied for within the last 4 months of service.
- The balances under V pay commission arrears, UGC arrears and IDA credited prior to one year can be taken in to account for computing 90% of the balance. VI pay commission arrears not to be included.source;AGs office
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