Section 16 in State Bank of India Employees Provident Fund Regulations, 2015
16. Withdrawal.
- Subject to the conditions specified in regulations 17 the trustees in their absolute discretion may, at the written request of a member, sanction at any time withdrawal by him from the amount standing to his credit in the Fund for one or more of the following purposes, namely : -(a)Building or acquiring a suitable house for his residence including the cost of the site or repaying any outstanding amount on account of loan expressly taken for this purpose.(b)Meeting the cost of higher education, including wherever necessary the cost of passage, of any child of the member in the following cases, namely : -(i)for education outside India for an academic, technical, professional or vocational course beyond the High School stage; and(ii)for any medical, engineering or other technical or specialised course in India beyond the High School stage, provided that the course of study is for not less than three years.(c)Meeting expenses in connection with the marriage of his daughter or daughters or, if the member has no daughter, any other female relatives dependent on him.(d)Meeting expenses in connection with the marriage of his son or sons.(e)Building or acquiring, as a member of a Co-operative Housing Society approved by the bank or under any other scheme approved by the Bank for the purpose, a suitable house for his residence including the cost of the site:Provided that no withdrawal shall be allowed for any of the purposes mentioned in clauses (a), (b), (c) and (d) unless the member has completed twenty-five years of service or has attained the age of fifty years.
