Section 14 in The General Provident Fund (Orissa) Rules, 1938
14.
(1)Subject to the provisions of Sub-rule (5) below Government shall pay to the credit of the account of a subscriber, interest at such rate as may be determined for each year by the Central Government, for payment to the credit of the accounts of subscribers to the General Provident Fund (Central Services), subject however, to a minimum rate of 4 per cent in the case of a subscriber to the Fund from a date prior to 1st April, 1938 and to a minimum rate of 2½ per cent in the case of a subscriber who joins the Fund on or after 1st April, 1938.(2)Interest shall be credited with effect from the last day in each year in the following manner :(i)on the amount at the credit of a subscriber on the last day of the preceding year, less any sums withdrawn during the current year-interest for twelve months;(ii)on sums withdrawn during the current year-interest from the beginning of the current year up to the last day of the month preceding the month of withdrawal;(iii)on all sums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 last day of the preceding year-interest from the date of deposit up to the end of the current year;(iv)the total amount of interest shall be rounded to the nearest whole rupee (fifty paise counting as the next higher rupee) ;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)In this rule, the date of deposit, shall, in the case of a recovery from emoluments, be deemed to be the first day of the month in which it is recovered, and in the case of an amount forwarded by the subscriber, shall be deemed to be the first day of the month of receipt, if it is received by the Accounts Officer before the fifth day of that month, but if it is received on or after the fifth day of that month, the first day of the next, succeeding month :[Provided that where the emoluments for a month are drawn and disbursed on the last working day of the same month, the date of deposit shall, in the case of recovery of his subscriptions, be deemed to, be the first day of the succeeding month :] [Inserted vide SRO No. 100/12.2.1970.][* * *] [Omitted vide SRO No. 152/27.2.1970.][Provided further that where there has been a delay in the drawal of pay or leave salary and allowances of a subscriber, and consequently, in the recovery of his subscription towards the Fund, the interest on such subscription shall be payable from the month for which the pay or leave salary of the subscriber was due under the rules, irrespective of the month in which it was actually drawn.] [Inserted vide SRO No. 763/7.8.1973.](4)[ In addition to any amount to be paid under Rules 29, 30 or 31, interest thereon up to the date of final payment shall be payable to the person to whom such amount is to be paid :Provided that where the Accounts Officer has intimated to that person (or his agent) a date on which he is prepared to make payment in cash, or has posted a cheque in payment to that person, interest shall be Payable only up to the end of the month preceding the date so intimated or the date of posting the cheque, as the case may be :Provided further that where a subscriber on deputation to a body corporate, owned or controlled by the Government, is subsequently absorbed in such body corporate, with effect from a retrospective date, for the purpose of calculating the interest due on the Fund accumulations of the subscriber, the date of issue of orders regarding absorption shall be deemed to be the date on which the amount to the credit of the subscriber becomes payable subject, however, to the condition that the amount recovered as subscription during the period commencing from the date of absorption and ending with the date of issue of orders of absorption shall be deemed to be subscription for the fund only for the purpose of awarding interest under this sub-rule.] [Substituted vide Orissa Gazette Part III-No. 4/27.2.1984-SRO No. 84/84/19.1.1984.](5)Interest shall not be credited to the account of a [* * *] [Omitted vide SRO No. 763/7.8.1973.] 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 first day of the year in which he asks for it.(6)The interest on amounts which under Sub-rule (3) of Rule 13, Sub-rule (5) of Rule 16, Sub-rule (3) of Rule 19, Sub-rule (4) of Rule 21, Sub-rule (1) of Rule 23, Sub-rule (1) or (2) of Rule 24, Rule 29 or Rule 30 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 prescribed in this rule.Advances from the fund
