Railway staff Provident Fund Rules
- For Railway employees who are posted on or after 01.01.2004 Provident Fund rules are not applicable.
- Railway employee contribute 8.5% of Pay + GP to State Railway Provident Fund Account.
- The account is maintained by Accounts Department. Each PF account is allotted a specific number.
- Voluntary Contribution to PF (VPF) can be made from the salary of a Railway staff subject to the maximum limit that the amount should not be more than the amount remaining after recoveries.
- VPF amount may be reduced once a year and may be enhanced twice a year.
- Each account holder is given a statement indicating balance at the beginning of the year, his contributions, interest, withdrawal etc.
- Nomination – Every Railway employee should make a nomination at his discretion for distributing amount at his credit. Nomination may be canceled or modified at any time.
- Competent authority sanctioning part/final withdrawal of PF may sanction upto 90% of the amount at credit in case applied within 12 months of(before) retirement/superannuation without assigning any reason.
- Marriage advance shall be permitted within 3 months earlier to the date of marriage. The railway staff shall furnish a certificate that the money has been utilized for the purpose for which it has been drawn within one month of marriage.
- The amount in PF account can be withdrawn by the Employee on various occasions. It can be Temporary(to be recovered later in installments) or final(no recovery.
- Rate of interest – 8.7% (Ref 1)
Competent authority to sanction withdrawal
- GM in case of officers in Zonal Railway/Production Units. CPO may exercise the power in respect of Gazetted officers.
- Sr. Scale/Assistant/Group B officers in respect of Group C employees.
- Assistant officer/Group B officers/APO in respect of Group D Railway staff.