Section 17 in State Bank of India Employees Provident Fund Regulations, 2015
17. Limit on amount withdrawn.
- The limit on amount withdrawn shall be subject to the following, namely:-A. Any sum withdrawn by a member under clause (a) of regulation 16 from the Fund shall not exceed-(1)(a)one half of the amount of his own subscriptions with the interest thereon standing to his credit in the Fund; or(b)the actual cost of the house including the cost of site or the amount required for re-payment of the loan taken for this purpose,whichever is less.(2)If a member desires to withdraw any sum under clause (a) of Regulation 16 for the construction of a house, he shall be permitted to do so only in equal instalments of not less than two and not more than four in number; but the withdrawal of any instalment after the first shall be permitted by the trustees only if they are satisfied that there has been sufficient progress in the construction of the house.Explanation : For the purpose of sub-regulation 17(A), the actual expenditure incurred in connection with the execution of any document relating to the transaction may be included in the cost of the house or the amount required for the repayment of the loan.B.(1) Any sum withdrawn by a member under clause (b) of regulation 16 from the Fund shall not exceed half the amount of his own subscriptions and the interest thereon standing to his credit in the Fund or three months' salary, whichever is less.(2)Withdrawal by a member under clause (b) of regulation 16 from the Fund shall be permitted once in every six months.(3)A member who has been permitted to withdraw money from the Fund under clause (b) of regulation 16, shall satisfy the trustees within a period of six months from the date of withdrawal that the money has been utilised for the purpose for which it was withdrawn:Provided that where a portion of the money withdrawn is not likely to be spent within the said period and the member desires to withdraw any further sum of money from the Fund during the period of six months immediately following the said period, he shall so fix the amount purposed to be withdrawn during the period of six months immediately following the said period as to take into account this excess amount and submit an application in writing to the trustees in that behalf within one month of the expiry of the said period:Provided further that such excess amount shall not exceed 10% of the amount utilised.C. Any sum withdrawn by a member under clause (c) of regulation 16 shall not exceed -(1)(a)six months' salary; or(b)half the amount of his own subscriptions with interest thereon standing to his credit in the Fund; whichever is less:Provided that in special cases, the trustees may relax the limit specified in clause (a) but in no case shall the amount withdrawn exceed 10 months' salary.(2)Withdrawal by a member under clause (c) of regulation 16 shall not be permitted before three months preceding the month in which the marriage actually takes place.(3)The member shall furnish a certificate to the trustees within a period of one month from the date of marriage or if he is on leave, within one month of return from leave, that the money withdrawn has actually been utilised for the purpose for which it was intended.Explanation. - If two or more marriages are celebrated simultaneously the amount admissible under sub-regulation (1) or sub-regulation (2) in respect of each marriage shall be determined as if withdrawals are sanctioned separately one after the other.D. Any sum withdrawn by a member under clause (d) of regulation 16 shall not exceed -(1)(a)three months' salary; or(b)half the amount of his own subscriptions with interest thereon standing to his credit in the Fund; whichever is less:Provided that in special cases, the trustees may relax the limit specified in clause (a) but in no case shall the amount exceed six months' salary.(2)Withdrawal by a member under clause (c) or (d) of regulation 16 shall not be permitted before three months preceding the month in which the marriage actually takes place.(3)The member shall furnish a certificate to the trustees within a period of one month from the date of marriage or if he is on leave, within one month of return from leave, that the money withdrawn has actually been utilised for the purpose for which it was intended.Explanation : If two or more marriages are celebrated simultaneously the amount admissible under regulation 17C or regulation 17D in respect of each marriage shall be determined as if withdrawals are sanctioned separately one after the other.E. Any sum withdrawn by a member under clause (e) of regulation 16 shall not exceed -(1)(a)an amount of one thousand five hundred rupees or half the amount of his own subscriptions with interest thereon standing to his credit in the Fund whichever amount is higher but in no case exceeding the full amount of his own contributions with interest thereon standing to his credit in the Fund; or(b)the actual cost of the house and the site; whichever is less.(2)Withdrawal by a member under clause (e) of regulation 16 shall be permitted only once during the service.
