General
Provident Fund : Needless to say that one of the easiest and good return
saving scheme for Central Government Employees who have been appointed on or
before 31.12.2003. They can save not less than 6% from the total emoluments. As
per the GPF Rules, subscriptions may be increased twice and/or reduced once at
any time during the year. Interest rates are announced by the Central
Government from time to time, it has now been reduced from 8.8% to 8.7% for the
current year.
GPF
calculation Illustration –1 :-
Monthly subscription Rs.5,000
Rate of Interest 8.8%
|
Month
|
Subscription
|
Refund
|
Withdrawal
|
Progressive Balance
|
Interest for Year
|
|
Apr-12
|
5,000
|
-
|
-
|
5,000
|
-
|
|
May-12
|
5,000
|
-
|
-
|
10,000
|
-
|
|
Jun-12
|
5,000
|
-
|
-
|
15,000
|
-
|
|
Jul-12
|
5,000
|
-
|
-
|
20,000
|
-
|
|
Aug-12
|
5,000
|
-
|
-
|
25,000
|
-
|
|
Sep-12
|
5,000
|
-
|
-
|
30,000
|
-
|
|
Oct-12
|
5,000
|
-
|
-
|
35,000
|
-
|
|
Nov-12
|
5,000
|
-
|
-
|
40,000
|
-
|
|
Dec-12
|
5,000
|
-
|
-
|
45,000
|
-
|
|
Jan-13
|
5,000
|
-
|
-
|
50,000
|
-
|
|
Feb-13
|
5,000
|
-
|
-
|
55,000
|
-
|
|
Mar-13
|
5,000
|
-
|
-
|
60,000
|
-
|
|
|
60,000
|
-
|
-
|
3,90,000
|
2860
|
Calculation of interest = 390000 /
12 x 8.8 / 100 = 2860
Closing balance as on 31.3.2013 will
be = 60,000 + 2,860 = 62,860
(See
next page also)
GPF
calculation Illustration –2
Closing balance Rs.1,80,000
Monthly subscription Rs.10,000
Rate of Interest 8.8%
Taken as final withdrawn Rs.1,80,000
during November, 2012
|
Month
|
Subscription
|
Refund
|
Withdrawal
|
Progressive Balance
|
Interest for Year
|
|
Apr-12
|
10,000
|
-
|
-
|
1,90,000
|
-
|
|
May-12
|
10,000
|
-
|
-
|
2,00,000
|
-
|
|
Jun-12
|
10,000
|
-
|
-
|
2,10,000
|
-
|
|
Jul-12
|
10,000
|
-
|
-
|
2,20,000
|
-
|
|
Aug-12
|
10,000
|
-
|
-
|
2,30,000
|
-
|
|
Sep-12
|
10,000
|
-
|
-
|
2,40,000
|
-
|
|
Oct-12
|
10,000
|
-
|
-
|
2,50,000
|
-
|
|
Nov-12
|
10,000
|
-
|
1,80,000
|
80,000
|
-
|
|
Dec-12
|
10,000
|
-
|
-
|
90,000
|
-
|
|
Jan-13
|
10,000
|
-
|
-
|
1,00,000
|
-
|
|
Feb-13
|
10,000
|
-
|
-
|
1,10,000
|
-
|
|
Mar-13
|
10,000
|
-
|
-
|
1,20,000
|
-
|
|
|
1,20,000
|
-
|
1,80,000
|
20,40,000
|
14,960
|
Calculation of interest = 2040000 /
12 x 8.8 / 100 = 14960
Closing balance as on 31.3.2013 will
be = 1,20,000 + 14,960 = 1,34,960
