Section 11 in The Orissa Contributory Provident Fund Rules, 1938
11. Interest.
(1)Government shall pay to the credit of the account of a subscriber interest, at such rate as the Provincial Government, may from time to time prescribed for the payment of interest on subscription to the General Provident Fund, on the amount at his credit in the Fund.(2)Interest shall be credited with effect from the 31st March of each year in the following manner -(i)On the amount at the credit of a subscriber on the 31st March of the preceding year, less any sum withdrawn during the current year-interest for twelve months;(ii)On sum withdrawn during the current year-interest from the 1st April of the current year up to the last day of the month preceding the month of withdrawal;(iii)On all sums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;(iv)The total amount of interest shall be rounded to ;he nearest whole rupee in the manner provided in Sub-rule (6) of Rule 10 :Provided that when the amount standing at the credit of a subscriber has become payable, interest shall thereupon be credited under this Sub-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, up to the date on which the amount standing at the credit of the subscriber became payable.(3)For the purposes 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 that month, of, if they are received on or after the fifth day of that month, the first day of the next succeeding month.(4)[ In addition to any amount to be paid under Rule 27, interest thereon up to the date of final payment shall be payable to the person to whom such amount is to be paid] [Substituted by F.D.No. 2466, dated 20.5.1981.].(5)Interest shall not be credited to the account of a Mohammedan 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 Sub-rule (3) of Rule 17, or Sub-rule (4) of Rue 19, or Sub-rule (1) of Rule 20 or Sub-rule (1) of Sub-rule (2) of Rule 21 or Rule 23 or Rule 24 are replaced at 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 hits.
