Section 11 in State Bank of India Employees Provident Fund Regulations, 2015
11. Investment of the Fund.
(1)All monies of the Fund except sums withdrawn under regulations 12,13,14,15,16 and 31 shall be deposited in the Bank in an account called "The Trustees of the State Bank of India Employees' Provident Fund" and interest thereon at the appropriate rate referred to in sub-regulation (2) shall be paid by the Bank half-yearly or the said monies of the Fund or part of it may be invested by the trustees in any securities covered under rule 67 of the Income-tax Rules, 1962 in respect of the investment of Fund monies contributed to Provident Fund recognised under the Income-tax Act, 1961 or the Indian Trusts Act, 1882.(2)Every member shall be allowed interest at a rate fixed annually by the Executive Committee for the year ending on each the 31st day of March provided that the rate so fixed shall not be less than either-(a)one half percent above the average standard rate (adjusted up or down to the interest one quarter per cent) quoted by the bank for new deposits fixed for twelve months in the preceding year (ending on the preceding the 31st day of March); or(b)three percent per annum.The account of each member shall be credited with interest at that rate half-yearly on sums standing to the trustees' credit.
