Rule 39 - GPF Account Statement
Original Rule Text
RULE 39- ANNUAL STATEMENT OF ACCOUNTS TO BE SUPPLIED TO SUBSRIBER 1) As soon as possible after the 3Ist March of each year, the Accounts Officer shall send to each subscriber a statement of his account in the Fund showing the opening balance as on the 1st April of the year, the total amount credited or debited during the year, the total amount of interest credited as on the 3Ist March of the year and the closing balance on that date. The Accounts Officer shall attach to the statement of accounts an enquiry whether the subscriber-
(a) desires to make any alteration in any nomination made under Rule 5;
(b) has acquired a family in cases where the subscriber has made co nomination in favour of a member of his family under the proviso to sub-rule (1) of Rule 5.
(2) Subscribers should satisfy themselves as to the correctness of the annual statement and errors should be brought to the notice of the Accounts Officer within three months from the date of the receipt of the statement.
(3) The Accounts Officer shall, if required by a subscriber once, but not more than once, in a year inform the subscriber of the total amount standing to his credit in the Fund at the end of the last month for which his account has been written up.
40- INTERPRETATION If any question arises relating to the interpretation of these rules, it shall be referred to the Central Government whose decision thereon shall be final.
41- REPEALING CLAUSE The General Provident Fund (Central Services) Rules are hereby repealed.
What This Means
This rule outlines how your General Provident Fund (GPF) account information will be provided to you and what actions you need to take. Every year, shortly after March 31st, the Accounts Officer responsible for your GPF will send you a detailed statement of your account. This statement will clearly show your opening balance at the start of the financial year (April 1st), all the money you contributed or withdrew during the year, the interest you earned, and your final balance on March 31st. Along with this statement, the Accounts Officer will also ask you if you wish to change your existing nomination (who receives your GPF funds in case of your demise) or if you have acquired a family and need to make a new nomination.
It is very important that you carefully review this annual statement to ensure all the figures are correct. If you discover any discrepancies or errors, you must inform the Accounts Officer within three months of receiving the statement. This prompt action helps ensure the accuracy of your GPF account. Additionally, if you need to know your current GPF balance at any other time during the year, you can request this information from the Accounts Officer once annually. They will provide you with the total amount credited to your account up to the last month for which their records have been updated.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Key Points
- 1The Accounts Officer must send an annual GPF statement to each subscriber after March 31st.
- 2The statement will detail the opening balance, all credits and debits, interest earned, and the closing balance for the financial year.
- 3Subscribers will be asked to review and update their GPF nominations, especially if their family situation has changed.
- 4Subscribers are responsible for checking the accuracy of their annual statement and must report any errors to the Accounts Officer within three months of receipt.
- 5Subscribers can request their current GPF balance from the Accounts Officer once per year.
Practical Example
Ms. Kavita Singh, an Assistant Director in the Ministry of Health, receives her annual GPF statement in May 2024 for the financial year ending March 31, 2024. The statement shows her opening balance as ₹7,20,000 on April 1, 2023, total contributions of ₹1,44,000, a partial withdrawal of ₹75,000 for her daughter's higher education, interest credited of ₹58,000, and a closing balance of ₹8,47,000 on March 31, 2024. Attached to the statement is a form asking if she wants to alter her nomination (currently her husband) or if she has acquired a family. Kavita carefully checks the statement and notices that the interest credited amount seems lower than expected based on her calculations.
Within the three-month window (before August 2024), she contacts the Accounts Officer, Mr. Suresh Reddy, to clarify the interest calculation. Mr. Reddy reviews her account and confirms that there was a minor calculation error on their part, leading to a shortfall of ₹2,500 in interest. He promptly initiates the correction, ensuring Kavita's GPF account is accurate and she receives the correct interest amount.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Cross References
Frequently Asked Questions
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This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Test Your Knowledge
Question 1 of 3
According to Rule 39 of the General Provident Fund Rules, who is responsible for sending the annual statement of accounts to each subscriber?