Section 11(2) in The General Provident Fund (U.P.) Rules, 1985
(2)(a)Interest shall be credited to the account of a subscriber on 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 up to the end of the current year;(ii)On all sums credited to the account after the last day of the preceding year from the date of deposit up to the end of the current year.(b)No interest shall be admissible on any sum withdrawn during the current year from the first day of the month in which such a sum was withdrawn up to the end of the current year.(c)The amount of interest, determined as aforesaid, if such amount is not in whole rupees, shall be rounded off to the nearest whole rupee, a part of the rupee less than fifty paise shall be ignored and any other Part shall be counted as next higher rupee.Explanation. - The amount at the credit of a subscriber on the last day of the preceding year will include the amount of bonus if any, payable for such preceding year :Provided that when the amount standing to 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 to the credit of the subscriber became payable.
