Section 11 in Orissa State Financial Corporation Employees' Provident Fund Regulations, 1959
11. Interest.
(1)The Corporation shall pay to the credit of the account of a subscriber interest at such rate as the Administrators may from time to time prescribe for the payment of interest on the subscription to the fund on the amount at his/her credit on 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following manner -(i)On the amount at the credit of a subscriber on the 31st March of the preceding year, less any sums withdrawn during the current year-interest for twelve months;(ii)On sums withdrawn during the current year-interest from the 1st April of the current year up to the last day of the month preceding the month of withdrawal;(iii)On all sums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 the nearest rupee in the manner provided in Regulation 7 :Provided that when the amount standing at credit of a subscriber has become payable, interest shall thereupon be credited under this sub-regulation in respect only of the period from the beginning of the current year or from the date of deposits as the case may be upto the date on which the amount standing at the credit of the subscriber becomes payable.(3)For the purposes of this regulation 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 amount forwarded by the subscriber, shall be deemed to be the first day of the month of receipt, if they are received by the Administrators before the fifth day of that month, or if they are received on or after the 5th day of that month, the first day of the next succeeding month.(4)In addition to any amount to be paid under Regulation 17, interest thereon up to the end of the month preceding that in which payment is made on up to the end of the six 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 no interest shall be paid in respect of any period after the date which the administrators have intimated to that person (or his/her agent) as the date on which he/she is prepared to make payment in cash, or if he/she pays by cheque after the date on which the cheque in that person's favour is put in the post.(5)Interest shall not be credited to the account of a Mohammedan subscriber if he informs the Administrators that he/she does not wish to receive it but if he/she subsequently asks for interest, it shall be credited with effect from the 1st April of the year in which he or she asks for it.(6)Interest in a member's account shall cease to accrue on the date of termination of service either by retirement or death or otherwise.
