Section 12 in State Bank of India Employees Provident Fund Regulations, 2015
12. Advances.
(1)The trustees may, in their absolute discretion, and at the written request of a member, make advances to that member by applying the whole or any portion of the amount of that member's individual subscriptions standing to his credit in the payment of premia on an endowment insurance policy (or policies) on the life of that member provided that every policy on which any premium or premia shall be so paid shall be assigned to the trustees or the Bank as the nominee of the trustees, free from encumbrances, in security of the repayment to the trustees of such advances and that the insurance company issuing the policy is duly approved by them.(2)The trustees may in their absolute discretion, and at the written request of a member, make advances to that member from the amount standing to his credit in the Fund, subject to the following conditions, namely :-(a)No advance shall be granted unless the trustees are satisfied that the member's pecuniary circumstances justify the advance and that it may be expended on any of the following objects namely :-(i)to pay expenses incurred in connection with the serious or prolonged illness of the member or any person actually dependent on him;(ii)to pay obligatory expenses on a scale appropriate to the member's status which by customary usage the member has to incur in connection with marriages, funerals or other ceremonies;(iii)to meet any other expenditure or liability which, in the opinion of the trustees, is extraordinary and beyond the ordinary capacity of the member to meet;(b)An advance shall not, except for special reasons,-(i)exceed three months' salary or half the amount of the member's own subscriptions and interest thereon standing to his credit in the Fund, whichever is less; or(ii)be granted until at least a period of twelve months has elapsed after the final repayment of all previous advances, together with interest thereon.
