Section 10 in State Bank of India Employees Provident Fund Regulations, 2015
10. Additional Contribution.
(1)Subject to provisions of sub-regulation (2) and with effect from the 1st April 1966, any member of the Fund may, at his option, subscribe towards the Fund, in addition to any sum that he shall subscribe in terms of sub-rule (1) of regulation 8, such sum as shall not, together with the sum subscribed by him in terms of that sub-rule (1), be more than twenty five percent of his salary.(2)A member desirous of exercising the option to subscribe to the Fund in terms of sub-regulation (1) shall advise in writing to the officer responsible for paying his salary the rate expressed in percentage of his salary at which he desires to subscribe and such rate shall not at any time be less than five percent of his salary and when once fixed can be altered only by written intimation by him to such officer not less than one calendar month in advance of the salary payment date for the month of April.(3)The subscriptions made under this rule shall also be credited to the members' accounts in the books of the Fund, but no contributions equivalent to or in respect thereof shall be payable by the Bank.(4)The amount of a member's or the Bank's subscription in terms of sub-regulation (1) or sub-regulation(2) shall be rounded off to the next higher rupee, if it contains an element of paise. This provision shall come into effect from 1st April 1988.
