Section 18 in State Bank of India Employees Provident Fund Regulations, 2015
18. Grounds for permission for withdrawal.
- A.(1) The withdrawal shall not be permitted for any purpose specified in clause(a) of regulation 16 unless the trustees are satisfied that-(a)the member does not own a house at the place of his duty or at the place where he intends to reside after retirement and that only one house shall be built, acquired, or redeemed by the member at such place;(b)the sum which he proposes to withdraw is actually required for the purpose;(c)such sum together with the private savings, if any, of the member would be sufficient for that purpose;(2)In the case of withdrawal for the construction of a house(i)the member possesses or intends to acquire forthwith the right to build it on the site therefor;(ii)the member has an approved plan.(3)In the case of withdrawal for the acquisition of a house the vendor has an indefeasible and clear title to the land and house which he agrees to sell to the member;(4)In the case of withdrawal for the purpose of repayment of loan, the member has produced necessary deeds and papers before the trustees proving his undisputed title to the land and the house thereon.(5)The construction shall commence within six months from the date of withdrawal of the money and shall be completed within a period of one year from the date of commencement of construction or such longer period as the trustees may prescribe in any individual case where the commencement or completion of the structure is likely to be delayed owing to reasons beyond the control of the member.(6)The house shall be purchased or redeemed within three months from the date of withdrawal.(7)In the case of withdrawal under clause (a) of regulation 16 for re-payment of loan, the loan shall be repaid within three months of withdrawal.B. (1) The withdrawal shall not be permitted for any purpose specified in clause (e) of regulation 16 unless the trustees are satisfied that-(a)the member does not own a house at the place of his duty or at the place where he intends to reside after retirement and that only one house shall be built, acquired, or redeemed by the member at such place;(b)the sum which he proposes to withdraw is actually required for the purpose;(c)such sum together with the private savings, if any, of the member would be sufficient for that purpose;(2)In the case of withdrawal for the construction of a house-(i)the member possesses or intends to acquire forthwith the right to build it on the site therefor;(ii)the member has an approved plan.(3)In the case of withdrawal for the acquisition of a house the vendor has an indefeasible and clear title to the land and house which he agrees to sell to the member;(4)In the case of withdrawal for the purpose of re-payment of loan, the member has produced necessary deeds and papers before the trustees proving his undisputed title to the land and the house thereon.(5)The construction shall commence within six months from the date of withdrawal of the money and shall be completed within a period of one year from the date of commencement of construction or such longer period as the trustees may prescribe in any individual case where the commencement or completion of the structure is likely to be delayed owing to reasons beyond the control of the member.(6)The house shall be purchased or redeemed within three months from the date of withdrawal.(7)In the case of withdrawal under clause (e) of regulation 16 for re-payment of loan, the loan shall be repaid within three months of withdrawal.
