Rule 6 - GPF Balance Explained
Original Rule Text
RULE 6 : SUBSCRIBER'S ACCOUNT 6. Subscriber's Account - An account shall be opened in the name of each subscriber in which shall be shown-
(i) his subscriptions;
(ii) interest, as provided by Rule 11, on subscriptions;
(iii) bonus, as provided by Rule 11-A on subscriptions; and
(iv) advances and withdrawals from the Fund.
What This Means
This rule explains that when you, as a government officer, contribute to the General Provident Fund (GPF), a dedicated personal account is set up just for you. Think of it like your personal savings account specifically for your GPF contributions, maintained by the government.
In this account, everything related to your GPF will be recorded. This includes the regular amounts you put in from your salary (your subscriptions), any interest your contributions earn over time as per other rules, and any special bonuses that might be added to your fund.
Crucially, if you ever take out money from your GPF, either as a temporary advance or a permanent withdrawal, those transactions will also be clearly shown in your individual account. This ensures complete transparency and helps you keep track of your retirement savings, with the government responsible for maintaining these accurate records.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Key Points
- 1Every government employee who contributes to the General Provident Fund (GPF) will have a unique, individual account opened in their name.
- 2This personal account will meticulously record all the regular contributions made by the subscriber from their salary.
- 3Any interest earned on the accumulated subscriptions, as specified by Rule 11, will be credited and shown in this account.
- 4Special bonuses, if applicable under Rule 11-A, will also be added to the subscriber's GPF account.
- 5All temporary advances taken from the fund and permanent withdrawals made will be clearly debited and reflected in the account.
- 6The primary purpose of this rule is to ensure a transparent and comprehensive record of each subscriber's GPF transactions and balance.
Practical Example
Consider Ms. Priya Sharma, a Senior Clerk in the Department of Revenue. Every month, Rs. 7,000 is automatically deducted from her salary and deposited into her General Provident Fund. According to Rule 6, a specific GPF account is maintained in her name by the accounts department.
In this account, her monthly Rs. 7,000 contributions are meticulously recorded. At the end of the financial year, let's say her total balance earns Rs. 25,000 in interest, and a special loyalty bonus of Rs. 3,000 is also credited to her account as per the relevant rules. Later, Ms. Sharma applies for and receives an advance of Rs. 75,000 from her GPF for her sister's wedding. This Rs. 75,000 is then clearly shown as a deduction from her GPF account, ensuring she has a complete and up-to-date record of her fund's status, including all additions and subtractions.
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 6 of the General Provident Fund Rules, which of the following is NOT a component of the balance at credit in the account of a subscriber?