Understanding General Provident Fund Calculations for Teachers: How Is Your Interest Added Up?

General Provident Fund Calculation for Teachers

The file consists of an automatic calculation of the General Provident Fund account for teachers, including yearly interest.

Regards

Friend, your effort is nice. However, I have some questions about the calculation of G.P.F. for teachers. As far as my knowledge goes, the G.P.F. calculation method differs from one state to another. For example, in West Bengal, the G.P.F. calculation method for government teachers and employees does not match with what you have presented. In West Bengal, an employee can deposit the G.P.F. amount once a year. However, your calculation shows deposits made in 12 months in varying amounts. How is this possible? Additionally, the interest rate may vary from year to year, but your fixed interest rate is stated as 8%. According to the W.B.A.G. method for G.P.F. calculation, there is a discrepancy with your approach. Could you please provide a definition and quote the Circular No. for the G.P.F. calculation method so we can determine which is correct?

Thank you,

Pranab Banerjee

Thanks for your valuable comments. But I would like to add something about the topic.

This calculation is only for Government-Aided School Teachers of West Bengal. The rate of interest is not fixed. You can change it by inputting the value, i.e., 8.5 or 9.0, in the K6 box. According to my knowledge, the GPF subscription along with the refund shall be deposited by the staff of a school monthly from their payroll.

General Provident Fund Rules for Government Employees in West Bengal

As per my knowledge, after completing one year of continuous service, joining the General Provident Fund (GPF) scheme is compulsory for government employees in West Bengal. For Group D employees, the head of the office allots a GPF Account number. However, for other groups of employees, the Accountant General (A&E), West Bengal, allots the GPF Account number.

To obtain a GPF Account number, an application in the prescribed format should be sent to the office of the Accountant General (A&E), West Bengal, a few weeks before completing one year of service.

After obtaining the Account number, the subscription to the provident fund should be deducted from the pay bill. The minimum subscription is 6% of the pay, and the maximum subscription does not exceed the maximum amount of pay. Pay is defined as the basic and special pay, if any.

The subscription may be increased or decreased once or twice a year from the pay of March, as per the subscriber's desire.

For more details, please search on Google.

GPF interest calculation for aided school teachers in Tamil Nadu

In Tamil Nadu, aided school teachers are eligible for GPF interest calculation. It is essential for teachers to understand how the interest on their General Provident Fund (GPF) is calculated. By knowing the calculation method, teachers can effectively plan their finances and make informed decisions regarding their savings.

The GPF interest calculation for aided school teachers in Tamil Nadu follows a specific formula based on the applicable interest rate and the amount deposited. Teachers can benefit from being aware of this calculation process to track the growth of their GPF savings accurately.

Understanding the intricacies of GPF interest calculation empowers aided school teachers in Tamil Nadu to manage their financial resources better and secure their future financial well-being.