Section 11 in The Oil Industry Development Board Staff Provident Fund Rules, 2013
11. Interest.
(1)The Board shall pay to the credit of the account of a subscriber interest at such rate as the Central Government may, from time to time, determine for payment of interest on subscriptions to the General Provident Fund as applicable to the Government Servants.(2)The Board shall contribute the difference, if any, between the total amount of interest actually realised on investments made from the accumulations in the Fund during the financial year and the total amount of interest payment to all subscribers in respect of the same year. However, if the interest realised on the investments made from accumulations in the Fund during a financial year is more than the interest amount payable to the subscribers during the year, the surplus shall be carried forward as a reserve to the next financial year to take care of future shortfalls, if any. The surplus will not be used for any other purpose and the surplus at any point of time will form part of the corpus to meet any shortfall and the employees will not have any other claim on the same.(3)Interest shall be credited with effect from last day in each year in the following manner:-(i)on the amount to the credit of a subscriber on the last day of the preceding year less any sums withdrawn during the current year-interest for twelve months;(ii)on sums withdrawn during the current year-interest from the 1st day of April of the current year up to the last day of the month preceding the month of withdrawal;(iii)on all the 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 paisa counting as the next higher rupee):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 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 becomes payable.(4)The date of deposit shall be deemed to be the first day of the month succeeding the month in which the emoluments of a subscriber are drawn or disbursed:Provided that where the emoluments of a subscriber are not drawn before the expiry of the last day of the month to which it relates and consequently there has been delay in the recovery of his subscription towards the Fund, the interest on such subscription shall be payable from the month in which the pay or leave salary of the subscriber was due under the rules, irrespective of the month in which it was actually drawn.(5)The interest shall be payable to the person to whom such amount is to be paid up to the end of the month preceding that in which payment is made, or up to the end of the sixth month after the month in which such amount became payable whichever of these periods be less:Provided that where the Chief Accounts Officer has intimated to that person a date on which he is prepared to make payment in cash or has posted the 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 of cheque, as the case may be.(6)Payment of interest on the Fund balance beyond a period of six months, after the amount due to a subscriber became payable, upto a period of one year may be authorised by the Secretary, if he deems fit, that the delay in payment was due to unavoidable circumstances beyond the control of the subscriber and in every such case the administrative delay involved in the matter shall be fully investigated and action, if any, is required to be taken.(7)Interest shall not be credited to the account of a subscriber if he informs the Secretary that he does not intends to receive it, but if he subsequently asks for interest it shall be credited with effect from the 1st day of the year in which he asks for it.(8)The interest on amounts which under rule 17 or rule 18 are transferred to the credit of the subscriber; in the Fund, shall be calculated at such rates as determined under sub-rule (1) and in the manner provided in this rule.(9)In case a subscriber is found to have drawn from the Fund an amount in excess of the amount standing to his credit on the date of the drawal, the overdrawn amount, irrespective of whether the over drawal occurred in the course of an advance or a withdrawal or the final payment from the fund, shall be repaid by him with interest thereon in one lump sum, or in default, be ordered to be recovered by deduction in one lump sum, from the emoluments of the subscriber. If the total amount to be recovered is more than half of the subscriber's emoluments, recoveries shall be made in monthly installments of his emoluments till the entire amount together with interest, is recovered. The rate of interest to be charged on overdrawn amount should be 21/2 % over and above the normal rate on Provident Fund balance under sub-rule (1). The interest realised on the over-drawn amount shall be credited to the Oil Industry Development Fund under relevant head of account.
