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Monday 7 September 2020

GIS Revised Rate of Interest from 1st January 2020 to 30th June 2020 - GIS Revised Interest Tables G.O.Ms.No G.O.MS.No. 82 Dated: 09-09-2020

Employees Welfare Scheme - Andhra Pradesh State Employees Group Insurance Scheme 1984 - Revised Rate of Interest (@7.9% per anum with effect from 01.01.2020 to 31.03.2020) and Revised Rate of Interest (@7.1% per anum with effect from 01.04.2020 to 30.06.2020) on Accumulated Savings - Fund Communication of Tables and Benefits for Savings Fund for the Period from 01.01.2020 to 30.06.2020 - Revised Tables-Orders - Issued.

Government has constituted a committee for preparation of Tables for calendar year 2016 on wards on par with CGEGIS tables. The Committee has prepared a simplified table for maturity value of one unit for the calendar year 2016 and in Continuation of the government orders the table for 1st Quarter of 2020 and 2nd Quarter of 2020 is prepared at the applicable interest rates 7.9% per anum and 7.1% per anum.

The Sanctioning Authorities / Drawing and Disbursement Officer / Treasury Officers /District Audit Officers / Pay and Accounts Officers / Director of Works and 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 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 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, Amravati, Ibrahimpatnam shall conduct a regular Audit of all claims paid under Group Insurance Scheme and send are port 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.

5. 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 e-challan to the Head of Account i.e. 8011-107-01 by the Drawing and Disbursement Officer and the fact of remittance shall invariably be communicated to the Directorate of Insurance.

6. 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.

7. 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.

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 Group Insurance Scheme Payment including calculation slip to the Directorate of Insurance for verification”.

Government here by order that the existing 7.9% rate of Interest on the Andhra Pradesh Group Insurance Savings Funds shall be allowed to continue up to 31-03-2020 and revised rate @ 7.1% per anum from 01-04-2020 to 30-06-2020 on Accumulated Savings Fund. The instructions prescribed should be followed scrupulously. The revised Table is annexed and some illustrations are also given in Annexure-II.

Download GIS Revised Rates, Tables upto June 2020

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