Last updated on August 30, 2021
Rate of Mark-Up on State Provident Fund i.e. General Provident Fund for the Fiscal Year 2020-2021 | Government of Pakistan Finance Division (Budget Wing) | August 12, 2021
Rate of Mark-Up on State Provident Fund i.e. General Provident Fund for the Fiscal Year 2020-2021 | Government of Pakistan Finance Division (Budget Wing) | August 12, 2021
Rate of Mark-Up on State Provident Fund i.e. General Provident Fund for the Fiscal Year 2020-2021| Government of the Punjab Finance Department | August 17, 2021
Rate of Mark-Up on State Provident Fund i.e. General Provident Fund for the Fiscal Year 2020-2021| Government of the Punjab Finance Department | August 17, 2021
I am directed to refer to this department’s letter of even number dated August 21, 2020 on the subject cited above and to state that it has been decided that a profit rate of 07.90 % per annum shall apply during the financial year 2020-2021 to the State Provident Fund i.e. General Provident Fund. This rate, however, shall not apply in the case of subscribers who are entitled, under the rules of a particular fund, to a different rate of interest.
Rate of Mark-Up on State Provident Fund i.e. General Provident Fund for the Fiscal Year 2020-2021 | Government of Khyber Pakhtunkhwa Finance Department | August 17, 2021
Rate of Mark-Up on State Provident Fund i.e. General Provident Fund for the Fiscal Year 2020-2021 | Government of Sind Finance Department | August 17, 2021
Where We Can Use These Mark-up Rates?
The recently announced marks-up; we can use for many purposes. These rates are useful for the following:
- Calculation of GP Fund Interest on GP Fund Subscription
- Calculation of Interest of Motorcycle Advance / Motorcar Advance
- To Calculate Interest on House Building Advance
Interest on GP Fund Subscription
Every month the Accounts Office deducts the GP Fund amount from the pay bills. These rates are applicable on the GP Fund that has been subscribed to until 30th June 2021. The employees who have Interest Free GP Fund, It will have no effect on those employees. This category of employees gets Interest Free Loan of House Building Advance; Motorcycle/Motorcar Advance. The non-gazetted employees pay no interest on their HBA.
How to Calculate Interest on House Building Advance?
The non-gazetted employees and employees who get no interest on GP Fund will have to pay no Interest on their HBA. They will get interest free House Building Advance.
The Gazetted employees and employees who get interest on their GP Fund will have to pay interest on their HBA. Employees who got NBA between 1st July 2020 to 30th June 2021 will have to pay interest on HBA @ 7.90.
Calculation of Interest of Motorcycle Advance / Motorcar Advance
They employees who get mark-up on their GP Fund will have to pay interest on their advance of motorcar or motorcycle. These rates will use to calculate the Interest of Motorcycle Advance / Motorcar Advance. The employee who got these advances between 1st July 2020 to 30th June 2021 will have to pay interest @ 7.90%.
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Courtesy: Galaxy World
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