GPF Interest Rate Calculation Format Sheet

GPF Interest Rate Calc. Format Sheet

The Department of Accountant General of Uttar Pradesh, a government organization responsible for financial management, recently released a notification containing a sample calculation of the General Provident Fund (GPF). This fund is a retirement benefit provided to government employees in India and the sample calculation, which includes variables such as interest rates and contributions, aims to provide clarity and transparency about how the GPF is calculated.

Format of GPF Calculation

In regards to Y.C M.O, the interest for the fiscal year 2013-14 needs to be calculated. The following information is available: an opening balance of Rs. 89,389 as of April 1st, 2013, monthly subscriptions of Rs. 2,000, a refundable advance of Rs. 5,000 drawn on June 25th (refundable at a rate of Rs. 500 per 10), DA arrears of Rs. 4,300 for July 2013, and an interest rate of 8.70%.

The balance at the beginning of April in 2013 was a whopping Rs. 89,389, which was then added upon with a deposit of Rs. 32,800. Interest was then calculated using a formula of (Progressive x Rate of Interest) / (100 x Months), where the result of 1239868 multiplied by 8.7 was divided by the product of 100 and 12. This calculation resulted in an additional Rs. 8,989 being added to the account. The grand total in the account then became Rs. 1,31,178. Unfortunately, a withdrawal of Rs. 5,000 was made, leaving a closing balance of Rs. 1,26,178 by March 31st, 2014.

GPF Interest Calculator for CG Employees

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