Amendment status not verified — confirm the current text below against the official source.
Interest (1) Interest at such rate as the Central Government may, from time to time, prescribe in case of Government employees for the payment of interest on subscriptions to the General Provident Fund shall be credited to each subscriber’s account. (2) Interest shall be credited with effect from the 31st March of each year in the following manner:- 132 (i) on the amount to the credit of a subscriber on the 31st March of the preceding year, less any sums withdrawn during the current year – interest for twelve months. (ii) on sums withdrawn during the current year – interest from the 1st April of the current year, upto the last day of the month preceding the month of withdrawal. (iii) on all the sums credited to the subscriber’s account after the 31st March of the preceding year- interest from the date of deposit upto the 31st March of the current year; (i) the total amount of interest shall be rounded to the nearest rupee. Provided that when the amount standing to the credit of a subscriber has become payable, interest shall thereupon be credited under this rule in respect only of the period from the beginning of the current year or from the date of deposit, as the case may be, upto the date on which the amount standing to the credit of the subscriber became payable. (3) For the purpose of this rule, the date of deposit shall in the case of recoveries from emoluments be deemed to be the first day of the month in which they are recovered, and in the case of amounts forwarded by the subscriber, shall be deemed to be the first day of the month of receipt, if they are received by the Accounts Officer before the fifth day of that month, but if they are received on or after the fifth day of that month, the first day of the next succeeding month. Provided that where there has been delay in the drawal of pay or leave salary and allowances of a subscriber and consequently in the recovery of his subscription towards the Fund, the interest on such subscriptions shall be payable from the month in which the pay or leave salary of the subscriber was due under the rules, irrespective of the month in which it was actually drawn: Provided further that in the case of an amount forwarded in accordance with the proviso to sub-rule (2) of Rule 9, the date of deposit shall be deemed to be the first day of the month if it is received by the Accounts Officer before the fifteenth day of that month. Provided further that where the emoluments for a month are drawn and disbursed on the last working day of the same month, the date of deposit shall, in the case of recovery of his subscriptions, be deemed to be the first day of the succeeding month. (4) In addition to any amount to be paid under Rule 24, interest thereon upto the end of the month preceding that in which the payment is made, or upto the end of sixth month after the month in which such amount, became payable whichever of these periods be less, shall be payable to the person to whom such amount is to be paid. Provided that where a subscriber on deputation to a body corporate, owned or controlled by the Government or an Autonomous organisation registered under the Societies Registration Act, 1860 (21 of 1860) is subsequently absorbed in such body 133 corporate or organisation with effect from a retrospective date, for the purpose of calculating the interest due on the Fund accumulations of the subscriber the date of issue of the orders regarding absorption shall be deemed to be the date on which the amount to the credit of the subscriber become payable subject, however, to the condition and the amount recovered as subscription during the period commencing from the date of absorption and ending with the date of issue of orders of absorption shall be deemed to be subscription to the Fund only for the purpose of awarding interest under this sub-rule. (5) Interest shall not be credited to the account of a subscriber if he informs the Accounts Officer that he does not wish to receive it, but if he subsequently asks for interest, it shall be credited with effect from the 1st April of the year in which he asks for it. (6) The interest on amounts which under Rule 19 or Rule 20 are replaced to the credit of the subscriber in the Fund, shall be calculated at such rates as may be successively prescribed under sub-rule (1) of this rule and so far as may be in the manner described in this rule. (7) In case a subscriber is found to have drawn from the Fund an amount in excess of the amount standing to his credit on the date of the drawal, the overdrawn amount, irrespective of whether the overdrawal occurred in the course of an advance or a withdrawal or the final payment from the Fund, shall be repaid by him with interest thereon in one lumpsum or in default, be ordered to be recovered by deduction in one lumpsum, from the emoluments of the subscriber. If the total amount to be recovered is more than half of the subscriber’s emoluments recoveries shall be made in monthly instalments of moieties of his emoluments till the entire amount together with interest, is recovered. For this sub-rule the rate of interest to be charged on overdrawn amount would be 2 ½ % over and above the normal rate on Provident Fund balance under sub- rule (1).