GIS Revised Rate of Interest (@7.6% p.a) on Accumulated Savings Fund in Andhra Pradesh vide GO 156 Dt 28-09-2018

GIS Revised Rate of Interest (@7.6% p.a) on Accumulated Savings Fund in Andhra Pradesh

Employees Welfare Scheme – Andhra Pradesh State Employees Group Insurance Scheme – 1984 – Revised Rate of Interest (@7.6% p.a) on Accumulated Savings Fund Communication of Tables of Benefits for Savings Fund for the Period from 01-04-2018 to 30-06-2018 – Revised Tables – Order–Issued vide G.O.MS.No. 156 Dated: 28-09-2018

vide G.O.Ms.No.293, Fin. & Plg (FW-Accts.II) Dept., dated: 08-10-1984 orders were issued introducing Group Insurance Scheme to the State Government Employees in place of Family Benefit

Scheme with effect from 01-11- 1984 . According to Para 9 of the reference 1st read above, the accumulations of savings fund part and insurance fund part shall carry interest for the rated prescribed by Government from time to time.

The Sanctioning Authorities / Drawing and Disbursement Officer / Treasury Officers / District Audit Officers / Pay and Accounts Officers / Director of Works Accounts are requested to keep in view of the appended Table while sanctioning and making the final payments under Group Insurance Scheme for proper implementation of the Scheme. Further, the following instructions shall also

1. The Head of the Department / Drawing and Disbursement Officer shall be held responsible for sanctioning the Group Insurance Scheme final payments. If any excess Payments are found, the difference amount shall be collected from the sanctioning authority and such Officers are liable for disciplinary action.
2. The Drawing and Disbursement Officer shall recover the correct rate of subscription according to the eligible group of employees. For any excess / less recovery, the Drawing and Disbursement Officer concerned shall be held responsible.
3. The Director of Insurance, Andhra Pradesh, Amaravati, Ibrahimpatnam shall conduct a regular Audit of all claims paid under Group Insurance Scheme and send a report to the Head of the Department concerned. 
4. The Head of the Department concerned shall take action against the erring officials who are responsible for the excess / less recoveries wherever they are detected. Any excess payment made, if found during the Audit by the Directorate of Insurance, the same shall be immediately recovered from the concerned and remitted through Challan to the concerned Head of Account by the Drawing and Disbursement Officer and the fact of remittance shall invariably be communicated to the Directorate of Insurance.
5. If an employee’s subscription at any period if not recovered during his Service the total subscription along with interest shall be recovered from the payments admissible to him.
6. All the Heads of Offices should take prompt action for recording the necessary subscription entries in the Service Registers of the employees under proper attestation every year at the close of March and a Certificate shall be recorded in the Service Book of each employee that subscription to the Scheme at the appropriate rates have been recovered for the period from April to March. The entries shall be attested by the Drawing and Disbursing Officer.
7. As per G.O.Ms.No.910, Finance (Admn.II) Department, dated: 28-10-2002 “Sanctioning authority shall send a copy of sanction orders of the Group Insurance Scheme Payment including calculation slip to the Directorate of Insurance for verification”.

In view of the circumstances stated above and after careful examination of the matter, Government hereby order that, the revised rates of interest on the Andhra Pradesh Group Insurance Savings Funds shall be allowed at 7.6% per annum as per the G.O.Rt.No.1204, Finance (HR-5-Pension, GPF) Dep., Dated: 22-05-2018 and the Table for GIS subscription and with accumulated interest is issued for the periods covering from 01-04-2018 to 30-06-2018. Further, it is ordered that instructions prescribed at Para 4th above, should be followed scrupulously. The revised Table is annexed below.

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