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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What is the purpose of the GPF Interest Rate Calculation Format Sheet?
The GPF Interest Rate Calculation Format Sheet helps calculate the interest earned on GPF (General Provident Fund) investments.
What information is required for GPF interest rate calculation?
To calculate the GPF interest rate, you will need the opening balance of the GPF account, monthly subscriptions, any refundable advances taken, any arrears received, and the applicable interest rate.
How is GPF interest calculated?
GPF interest is calculated using the formula: (Progressive x Rate of Interest) / (100 x Months). The result is then added to the account balance.
Can you provide an example of GPF interest rate calculation?
Sure! Let’s consider the fiscal year 2013-14 with an opening balance of Rs. 89,389. Monthly subscriptions of Rs. 2,000 and a refundable advance of Rs. 5,000 were made. DA arrears of Rs. 4,300 were received, and the interest rate was 8.70%. After calculating the interest and deducting a withdrawal of Rs. 5,000, the closing balance was Rs. 1,26,178.
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