GIS Revised Rate of Interest - Tables of Benefits for Savings Fund from 1.4.2015 to 31.3.2016 - Revised Tables

FINANCE (ADMN.II) DEPARTMENT

G.O.MS.No. 99 Dated: 06-08-2015

Read the following:

1. G. O. Ms. No. 293, Finance & Planning (FW. Accts.II) Dept., dated:08.10.1984.
2. G. O. Ms. No. 312, Finance & Planning (FW.Admn.II) Dept., dated:06.11.1984.
3. G. O. Ms. No. 367, Finance & Planning (FW.Admn.II) Dept., dated:15.11.1994.
4. G. O. Ms. No. 381, Finance & Planning (FW.Admn.II) Dept., dated:05.12.1994.
5. G. O. Ms. No. 382, Finance & Planning (FW.Admn.II) Dept., dated:05.12.1994.
6. G. O. Ms. No. 54, Finance (Admn.II) Department, dated: 06.04.2011.
7. G. O. Rt. No. 2425, Finance (Pen.II) Department, dated: 10.05.2012.
8. G. O. Ms. No. 148, Finance (Admn.II) Department, dated: 06.06.2012.
9. G. O. Rt. No. 2735, Finance (Pen.II) Department, date: 16.06.2012.
10. Government of India Office Memorandum No. 7(2)EV/2012 Ministry of
FinanceDepartment of Expenditure, dated: 15.01.2013.
11. Dy. Accountant General (Funds) O/O the Principal Accountant General
(A & E),A. P., Hyderabad FM/ GI.II/9-3/2013 – 14/109, dated: 25.04.2013.
12. G. O. Rt. No. 2142, Finance (Pen.II) Department, dated: 30.04.2013.
13. Director of Insurance, Letter No. 2/GIS-I/Tables/2013 – 2014,
dated: 17.04.2013 and 09.05.2013.
14. G. O. Ms. No. 126, Finance (Admn.II) Department, dated: 29.05.2013.
15. Director of Insurance, Letter No. 2/GIS-I/Tables/2014 – 2015,
dated: 01.04.2014
16. G.O. Ms. No. 90, Finance (Admn-II) Department, dt: 01-05-14
17. No. 07 (1) E/014, dated: 22-01-2015 of the Director, Government of
India, Ministry of Finance, Department of Expenditure, New Delhi.
18. Lr. No. 02/GIS-I/Tables/2015-16, Dt: 24-06-2015 of the Directorate
of Insurance, A.P. Hyderabad.

                                              ******
O R D E R:
             
                In the reference 1stread above orders were issued introducing Group
Insurance Scheme to the State Government Employees in place of Family
Benefit Scheme with effectfrom 01.11.1984. According to Para 9 of the
reference 1st read above, the accumulations of SavingsFund part and
Insurance Fund part shall carry interest at the rates prescribed by Government
from time to time.

2. In the reference 2nd read above, orders were issued for apportioning the
subscriptionof each unit of Rs. 10/- between Insurance Fund and Savings
Fund in the ratio of Rs. 3.125/-and Rs. 6.875/- respectively.

3. In terms of the recommendation of the Committee constituted to review
the workingof the Andhra Pradesh State Employees Group Insurance Scheme
in Government orders 3rd above orders were issued for revision of rate of
subscription each unit from Rs. 10/- toRs. 15/- with effect from 01.11.1994. In
modification of the Para 9 of the Government orders 1stread above, orders were
issued in Government orders 4thread above, for fixing the intereston the
accumulations of the Savings Fund of the Member of the Scheme for the State
as awhole and shall be paid at the Rate of 12 % per annum compounded
Quarterly with effect from 01.11.1994. Further, in the Government orders
5thread above, the apportionment of the subscription of each unit Rs. 15/-
between Insurance Fund and Savings Fund was fixed in the ratio of Rs.4.50/-
and Rs. 10.50/- respectively with effect from 01.11.1994. The amount of
insurance coverage will beRs. 15,000/- for each unit of subscription.

4. The rate of interest on accumulations of Savings Fund of the Member of
the Schemeand the interest on the Insurance Fund from time to time is as
follows:

5. In the reference 14th read above, Government has issued orders to
reduce the rate of interest from 8.8 % to 8.7 % per annum with effect from
01.04.2014 on the Provident Fundsand other similar funds i.e., Andhra
Pradesh Government Life Insurance Funds maintainedby the Government of
Andhra Pradesh on par with rates of Government of India until furtherorders.

6. In view of the above circumstances and after careful examination of the
matter,Government hereby order that the revised rates of interest on the
Andhra Pradesh Group Insurance Savings Fundsshall be allowed at 8.7 % per
annum from 01.04.2015 onwards. The Tables are revisedand issued for the
period covering from 01.04.2015 to 31.03.2016. The revised tables ofbenefits I,
II and III, III (A) to III (U) on Savings Fund of Andhra Pradesh State
EmployeesGroup Insurance Scheme – 1984 on cessation of membership during
the period from01.04.2015 to 31.03.2016are appended herewith for making
payments under the Scheme.
7. These orders and Tables shall come in force with effect from
01.04.2015.
8. The Sanctioning Authorities / Drawing and Disbursement Officers /
Treasury Officers/ District Audit Officers / Pay and Accounts Officers /
Director of Works Accounts arerequested to keep in view of the appended Table
while sanctioning and making the finalpayments under Group Insurance
Scheme for proper implementation of the Scheme. Further,the following
instructions shall also be scrupulously followed:
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 collectedfrom the sanctioning authority and such Officers are liable
for disciplinaryaction.
2. The Drawing and Disbursement Officer shall recover the correct rate
ofsubscription according to the eligible group of the employees. For
anyexcess / less recovery, the Drawing and Disbursement
Officerconcerned shall be heldresponsible.
3. The Director of Insurance (FAC), Andhra Pradesh, Hyderabad shall
conduct a regularAudit of all claims paid under Group Insurance Scheme
and send a report tothe Head of the Department concerned.
4. The Head of the Department concerned shall take action against the
erringofficials who are responsible for the excess / less recoveries
wherever theyare detected.
5. Any excess payment made, if found during the Audit by the Directorate
ofInsurance, the same shall be immediately recovered from the
concerned andremitted through Challan to the concerned Head of
Account by the Drawingand Disbursement Officer and the fact of
remittance shall invariably becommunicated to the Directorate of
Insurance.
6. If an employee’s subscription is not recovered during his Service Period,
thetotal subscription along with interest shall be recovered from the
paymentsadmissible to him.
7. All the Heads of Offices should take prompt action for recording
thenecessary subscription entries in the Service Registers of the
employeesunder proper attestation every year at the close of March
and a Certificateshall be recorded in the Service Book of each employee
that subscription tothe Scheme at the appropriate rates have been
recovered for the period fromApril to March. The entries shall be
attested by the Drawing and DisbursingOfficer.
8. 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 GroupInsurance Scheme Payment including
calculation slip to the Directorateof Insurance for verification”.

9. The Director of Insurance (FAC) is further advised to obtain the revised

rates of interest from the Government of India and submit the proposals to the

Government in advance everyyear so as to issue orders in time.

10. The Director of Insurance (FAC), Andhra Pradesh, Hyderabad shall take

further necessaryaction in the matter accordingly.

(BY ORDER AND IN THE NAME OF THE GOVERNOR OF ANDHRA PRADESH)

K. SUNITHA

SECRETARY TO GOVERNMENT (B&A)

To

The Principal Accountant General (Audit – I), Andhra Pradesh, Hyderabad

(20 Copies).

The Principal Accountant General (Audit – II), Andhra Pradesh, Hyderabad

(20 Copies).

The Accountant General (A & E), Andhra Pradesh, Hyderabad (By Name).

The Director of Insurance, Andhra Pradesh, Hyderabad (200 Copies).

The Director of Treasuries and Accounts, Andhra Pradesh, Hyderabad.

The Director of State Audit, Andhra Pradesh, Hyderabad.

The Pay and Accounts Officer, Andhra Pradesh, Hyderabad.

The Director of Works Accounts, Andhra Pradesh, Hyderabad.

The Principal Secretary to Governor of Andhra Pradesh, Hyderabad.

The Principal Secretary / Secretary to the Chief Minister and Private

Secretaries to Ministers.

All Special Chief Secretaries / Principal Secretaries / Secretaries to

Government with arequest to communicate to all concerned.

All Departments of Secretariat.

All Heads of the Departments including Collectors, Superintendents of Police

and DistrictJudges.

The Registrar, Andhra Pradesh High Court, Hyderabad (With a Covering Letter)

The Registrar, Andhra Pradesh Administrative Tribunal, Hyderabad

(With a CoveringLetter).

The Secretary, Andhra Pradesh Public Service Commission, Hyderabad

(With a CoveringLetter).

The Chairman, Tribunal for Disciplinary Proceedings, Hyderabad.

All the Joint Directors of Works Projects.

All the District Treasury Officers / All Sub – Treasury Officers.

All the Chief Executive Officers of all ZillaParishads.

All the District Educational Officers.

All the District Panchayat Officers.

All the Mandal Development Officers.

All the Mandal Educational Officers.

All the Commissioners / Special Officers of the Municipalities / Corporations.

The Registrar, Osmania / Andhra / Sri Venkateswara / Sri Krishanadevaraya

/ Kakatiya /Nagarjuna / Jawaharlal Nehru Technological Universities.

All Recognized Service Associations.

The Finance (Pension – II) Department.

ANNEXURE

Tables 2015-2016

TABLE – I

TABLE SHOWING THE ACCUMULATED SAVINGS OF BENEFITS FROM SAVINGS

FUND PER EACH UNIT OF Rs.10/- upto 31-10-1994.

                                                                         TABLE –II

Table showing the interest payable (Interest only) on the accumulation of Savings fund as

on 31-10-1994 per each unit of Rs.10/- @ 12% p.a. from 1-11-1994 to 31-3-2000 @ 11%

p.a. from 1-4-2000 to 31-03-2001 @ 9.5% p.a. from 01-04-2001 to 31-03-2002 and 9%p.a

from 01-04-2002 to 31-10-2004 ,8% p.a from 1-11-2004to 30-11-2011, 8.6%p.a from 01-

12-2011 to 31-03-2013 and 8.7%p.a from 01-04-2013onwards Compounded Quarterly on

cessation of membership from the scheme.

                                                                TABLE – III

Table showing the benefit i.e. accumulated savings with interest from Savings Fund on

the revised rate of contribution of Rs.15/- p.m. ( Rs.10.50 towards savings fund for each unit

of Rs.15/- p.m.) w.e.f. 1-11-1994 onwards at 12% p.a. from 1-11-1994 to 31-3-2000, @11%

p.a. from 01-04-2000 to 31-3-2001 , @ 9.5 % p.a. from 1-4-2001 to 31-03-2002 and @ 9%p.a

from 1-4-2002 to 31-10-2004, 8% p.a from 1-11-2004 to 30-11-2011, 8.6%p.a from 01-12-2011

to 31-03-2013 and 8.7%p.a from 01-04-2013 onwards compounded Quarterly on cessation of

membership from the scheme.

The following tables are prepared in continuation to the tables as prescribed in

G.O.Ms. No. 90 Finance (AdmnII) Department dated 01-05-2014.

                                                              TABLE-III A

IT IS APPLICABLE TO THE EMPLOYEES WHOSE SUBSCRIPTION/ENHANCEMENT OF

SUBSCRIPTION STARTED FROM NOVEMBER-1994