Sunday, 17 July 2016

Provident Fund Rate of interest at 8.1 percent for 2016-17 financial year wef 1-4-16 to 30-6-16 GO 2075 Dt 14-7-16

According to Rule 13(1) of General Provident Fund (Telangana State) Rules, “Government shall pay to the credit of the account of a subscriber interest at such rate as may be determined for each year according to the method of calculation prescribed from time to time by the Government of India for payment of interest on subscription to the General Provident Fund in respect of Central Services”.

As per G.O.Ms.No.2142 Fin (Pen.II) Dept., dated.30.04.2013 the erstwhile Combined State Government have adopted the interest rate of 8.7% per annum ordered by the Government of India with effect from 01.04.2013 until further orders

As per GOI, resolution No.F.No. 5 (1)-B(PD)/2016, Ministry of Finance and Company Affairs (Department of Economic Affairs) dt:02/06/2016 

The Government of India through its Resolution No. F.No. 5 (1)-B(PD)/2016 GOI, dt:02.06.2016 revised the rates of interest for the subscribers of General Provided Fund (Central Services) for the year 2016-17 as follows:

8.1% with effect from 1/04/2016 to 30.06.2016

The Deputy Accountant General (Funds), in his letter 3rdread above has requested to issue necessary Government orders duly revising the rates of interest on GPF., etc., maintained in the State for the year 2016-17w.e.f. 01/04/2016 to 30.06.2016.

Government, after careful consideration of the matter, hereby adopt the rate of interest from 8.1% per annum w.e.f.01/04/2016 to 30.06.2016 on the following Provident Funds on par with the rates of Government of India.

1) The General Provident Fund (Telangana State) Rules, 1935.
2) The Electricity Department Provident Fund Rules.
3) Emergency Cut and Compulsory Saving Rules, 1949.
4) Government Distilleries Employees Provident Fund.
5) Telangana State Government Life Insurance Fund.
6) Telangana State employees Welfare Fund Rules.

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