Provident fund interest calculation governs running balances, withdrawal payments, member opt-outs, Interest Account safeguards, and inoperative accounts. Provident fund interest is credited at a rate determined by the Central Government in consultation with the Central Board and calculated on a monthly ... Summary
Provident fund interest calculation governs running balances, withdrawal payments, member opt-outs, Interest Account safeguards, and inoperative accounts.
Provident fund interest is credited at a rate determined by the Central Government in consultation with the Central Board and calculated on a monthly running-balance basis. The provision prescribes interest treatment for opening balances, withdrawals, subsequent credits, first-time coverage, and transferred past accumulations. Interest on withdrawal claims is payable until final payment authorisation. Aggregate credited interest is debited to the Interest Account, without overdrawal. Members may decline and later request interest, while no interest accrues after an account becomes inoperative.
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