Section 12 in The U.P. Basic Education Provident Fund Rules, 1975
12. Recovery of interest.
(1)A subscriber shall pay interest at the rate of 1/5 per cent per months on the amount paid to him under Rule 9 for the period from the date of payment to the date of its complete repayment in accordance with Rule 11 :Provided that Muslim subscribers whose deposits in the Provident Fund carry no interest shall not be required to pay into that fund any additional instillments on account of interest.(2)Interest shall ordinarily be recovered in one instalment in the month after complete repayment of the principal, but if the period referred to in sub-rule (1) exceeds twenty months, shall if the subscriber so desires, be recovered in two equal monthly instalments.
