Section 11 in The U.P. Basic School Teachers (Savings-Cum-Insurance) Rules, 1976
11. Deposit Administration Plan. -
After payment of premium in respect of the Assurance an amount of Rs. 1.83 in each month up to January 31, 1975 and thereafter Rs. 3.66, being the balance of each member's contribution per month, shall be accumulated with interest by the Corporation under a Deposit Administration Plan to provide for terminal benefits on cessation of service or retirement or death whilst in service, of the Member. The amounts held in the Deposit Administration Plan shall be accumulated at such rate of interest as determined from time to time in consultation with the State Government. Initially, the rate of interest would be 4½ per cent per annum, but with effect from February 1,1971, the above rate of interest shall be raised to 6 per cent. The revised rate shall apply to all subsequent accumulations in respect of the total amount held under the Deposit Administration Plan on that renewal date as well as further contributions received thereunder on and after the annual renewal date.
