भारत सरकार
Government of India
Government of India
रक्षा मंत्रालय
Ministry of Defence
रक्षा लेखा नियंत्रक (निधि) मेरठ
Controller of Defence Accounts (Funds) Meerut

Subscribers > Calculation of Funds

INTEREST=PRINCIPALXTIME X RATE OF INTEREST/100

Principal means total progressive balance of progressive Balance of each month for the last 12 months.
Rate of Interest is applicable under rules for the financial year i.e. for the year 2004-05.
Rate of Interest = 8% and time = number of months of progressive balance/12 (or number of years)


Formula applicable as model examples for calculation of Interest.
Suppose Closing balance as on 31st March 2005 in respect of subscriber 'A' is Rs. 48,000/- and monthly subscription = Rs. 2000/-P.M. Monthly rate of advance is Rs. 1000/- P.M.

Rate of Interest on GPF for the year 2005-2006 = 8%

Closing Balance as on 31 st March 2005 is Rs.48000/-

Month
Subscription
Refund
Advance/ Withdrawal Rs.
Progressive Balance
  April 2005
2000
1000
51,000
  May 2005
2000
1000
54,000
  June 2005
2000
1000
57,000
  July 2005
2000
1000
60,000
  August 2005
2000
1000
63,000
  September 2005
2000
1000
66,000
  October 2005
2000
1000
NIL
69,000
  November 2005
2000
1000
72,000
  December 2005
2000
1000
75,000
  January 2006
2000
1000
78,000
  February 2006
2000
1000
81,000
  March 2006
2000
1000
84,000
     
Total
8,10,000

Interest as on 1 st April 2006 = 8,10,000/- X 1/12 X 8/100 = Rs. 5400/-

Total Progressive Balance at the end of the year.

(B) Example ‘B’ for part of a year:-
Closing Balance as on 31 st March 2003 is Rs.52000/-

Month 2004
Subscription
Refund
Advance/ Withdrawal Rs.
Progressive Balance
  April
2000
500
54,500
  May
2000
500
57,000
  June
2000
500
6000
53,500
  July
2000
500
56,000
  August
2000
1000
59,000
  September
2000
1000
62,000
  October
62,000
  November
62,000
     
Total
4,66,000

Interest 4,66,000 X 1/12 X 8/100 = Rs. 3,106.67

Rounded off to Rs. 3,107/-

   
 









































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