GO 99, GIS Revised Rate of Interest on accumulated Savings Fund Communication of Tables of Benefits for Savings Fund for the Period from 01.04.2015 to31.03.2016 has been issued by the AP Finance Department. GO Ms No:99 Revised Interest Rates of GIS Dt:06/08/2015 reduce the rate of interest from 8.8 % to 8.7 % per annum with effect from 01.04.2014 . These orders and Tables shall come in force with effect from 01.04.2015. The complete GO 99 as follows.
Introducing GIS Scheme
As per orders G. O. Ms. No. 293, Finance & Planning (FW. Accts.II) Dept., dated: 08.10.1984. were issued introducing Group Insurance Scheme(GIS) to the State Government Employees in place of Family Benefit Scheme with effect from 01.11.1984. the accumulations of Savings Fund part and Insurance Fund part shall carry interest at the rates prescribed by Government from time to time.
GO. Ms. No. 312, Finance & Planning (FW.Admn.II) Dept., Dt:06.11.1984. orders were issued for apportioning the subscription of each unit of Rs. 10/- between Insurance Fund and Savings Fund in the ratio of Rs. 3.125/-and Rs. 6.875/- respectively.
GO. Ms. No. 367, Finance & Planning (FW.Admn.II) Dept., dated: 15.11.1994. were issued for revision of rate of subscription each unit from Rs. 10/- toRs. 15/- with effect from 01.11.1994. For fixing the interest on the accumulations of the Savings Fund of the Member of the Scheme for the State as a whole and shall be paid at the Rate of 12 % per annum compounded Quarterly with effect from 01.11.1994.
| Financial Year | Rate of Interest | Government Order |
|---|---|---|
| 11 / 1984 to 10 / 1994 | 10 % | G.O.Ms.No.293,Finance & Planning (FW. Accts.II)Department, dated : 08.10.1984 |
| 11 / 1994 to 03 / 2000 | 12 % | G. O. Ms. No. 381, Finance & Planning (FW.Admn.II)Department, dated : 05.12.1994 |
| 01.04.2000 to 31.03.2001 | 11 % | G. O. Ms. No. 63, Finance & Planning (FW.Pen.II)Department, dated : 06.06.2000 |
| 01.04.2001 to 31.03.2002 | 9.5 % | G. O. Ms. No. 345, Finance & Planning (FW.Pen.II)Department, dated : 07.07.2001 |
| 01.04.2002 to 31.10.2004 | 9 % | G. O. Ms. No. 703, Finance & Planning (FW.Pen.II)Department, dated : 19.07.2002 |
| 01.11.2004 to 30.11.2011 | 8 % | G. O. Ms. No. 625, Finance & Planning (FW.Pen.II)Department, dated : 02.09.2004 |
| 01.12.2011 to 31.03.2012 | 8.6 % | G. O. Rt. No. 2425, Finance (Pen.II) Department, dated : 10.05.2012 |
| 01.04.2012 to 31.03.2013 | 8.8 % | G. O. Rt. No. 2735, Finance (Pen.II) Department, dated : 16.06.2012 |
| 01.04.2013 to 31.03.2014 | 8.7 % | G. O. Rt. No. 2142, Finance (Pen.II) Department, dated : 30.04.2013 |
As per G. O. Ms. No. 126, Finance (Admn.II) Department, dated: 29.05.2013, AP Government has issued orders to reduce the rate of interest from 8.8 % to 8.7 % per annum with effect from 01.04.2014 on the Provident Fund sand other similar funds i.e., Andhra Pradesh Government Life Insurance Funds maintained by the Government of Andhra Pradesh on par with rates of Government of India until further orders.
In view of the above circumstances and after careful examination of the matter,Government hereby order that the revised rates of interest on the Andhra Pradesh Group Insurance Savings Fundsshall be allowed at 8.7 % per annum from 01.04.2015 onwards.
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