Last Updated on August 22, 2019 by Galaxy World
You already know that GP Fund subscription is made from the regular pay of an employee. This amount of GP Fund is deducted on monthly basis and is noted this amount in the GP Fund Card that is in the custody of concerned Accounts Department of the employee. The record of this amount is maintained from July to June of the next year. Thus the calculation of interest is made on the annual basis by the concerned Account Office. After the final calculation a GP Fund slip is issued to the related employee. You can yourself calculate this amount of interest by using this formula.
GP Fund Interest Amount Formula
GP Fund Interest =
(Rate of Subscription x 6.50 + Opening Balance) x Rate of Interest
Rate of GP Fund Subscription
It is the amount that is deducted from the pay bills of the employee on monthly basis
Don’t Miss: GP Fund Subscription Rates Since 1986
It is the amount that is brought forward from the previous year or the last GP Fund slip.
Rate of GP Fund Interest
Rate of interest varies from year to year. Every year new rates of the GP Fund Interest are issued by the concerned department.
Don’t Forget: GP Fund Interest Rates Since 1963