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The government has with effect from March 7, 2017, simplified and liberalised the conditions for taking advance from the fund for education, illness and purchase of consumer durables.
"Conditions and procedures for withdrawal from the fund for the purpose of education, illness, housing, purchase of motor vehicles etc. Have also been liberalised. No documentary proof is required to be submitted now for advance and withdrawal applications. A simple declaration by the subscriber is sufficient," the minister said in a written reply to Lok Sabha.
A time limit for sanction and payment of advance or withdrawal has also been fixed, said Singh, the Minister of State for Personnel.
"The interest rates on EPF are decided on the recommendations of the Central Board of Trustees taking into account the yearly income from the investment made by EPFO. The GPF interest rate is presently fixed at par with that of PPF interest rate," said Singh.