Admissibility of Option for Non-Interest Bearing GP Fund Account or Vice Versa and Remission/Recovery of Interest on Loans

I have already shared the details of Interest Free Loans i.e Motorcycle, Motorcar, HBA etc, however I am here sharing the details of Admissibility of Option for Non-Interest Bearing GP Fund Account or Vice Versa and Remission/Recovery of Interest on Loans. Summary is as under:

As you know an employee can get Interest Free Loans of Motorcycle, Motorcar and House Building Advance condition is that he does not claim interest on his GP Fund.

An employee can convert his GP Fund Account into with Interest and Interest free. In the same way an employee can get the advance conveyance and HBA with interest and without interest. House Building Advance for the employees of BPS-01 to BPS-15 is already interest free. Further details are available at the copy of the ESTA CODE pages attached below.

 

 

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