Provident Fund – Rate of interest for the Financial Year 2012-13 on the accumulations on the credit of subscribers in the General Provident Fund and other similar funds until further orders – Issued.
Finance (PEN.II) Department G.O.Rt.No. 2735, Dated: 16-06-2012
According to Rule 13(1) of General Provident Fund (Andhra Pradesh) 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”.
2. In the G.O. 6th read above, the State Government have adopted the interest rate of 8.6% per annum ordered by the Government of India in the reference 4th read above with effect from 01-12-2011 until further orders.
3. In the reference 7th read above, the Government of India through its Resolution No. F.No. 5 (1)-B (PD)/2012 GOI, dt:28/5/2012 revised the rates of interest for the subscribers of General Provided Fund (Central Services) for the year 2012-13 as follows:
8.8% with effect from 1/4/2012.
4. The Deputy Accountant General (Funds), in his letter 8th read above has requested to issue necessary Government orders duly revising the rates of interest on GPF etc., maintained in the State for the year 2012-13.
5. Government, after careful consideration of the matter, hereby enhance the rate of interest from 8.6% to 8.8% per annum w.e.f. 01-4-2012 on the following Provident Funds on par with the rates of Government of India until further orders.