(1) The account of a subscriber shall be credited with interest and incentive bonus at such rate and subject to such conditions as the Government may from time to time, prescribe.
(2) Interest shall be credited with effect from the 31st March of each year in the following manner, namely:—
(i) On the amount of the credit of a subscriber on the 31st March of the preceding year, less any sums withdrawn during the current year interest for twelve months;
(ii) On sums withdrawn during the current year interest from the 1st April of the current year up to the last day of the month preceding the month of withdrawal;
(iii) On all sums credited to the subscriber’s account after the 31st March of the preceding year interest from the date of deposit unto the 31st March of the current year.
(iv) The total amount of interest shall be rounded to the nearest rupee in the manner provided in sub-rule (7) of Rule 11:
Provided that, when the amount standing at the credit of a subscriber has become payable, interest shall thereupon be credited under this sub-rule in respect of only of the period from the beginning of the current year or from the date of deposit as the case may be up to the date on which the amount standing at the credit of the subscriber becomes payable.
(3)For the purposes of this rule, the date of deposit shall be deemed to be the first day of the month of receipt, if they are received and paid into the Government Treasury at the credit of the Government by the Accounts Officer before the fifth day of that month or, if they are received and paid into the Government Treasury on or after the fifth day of that month the first day of the next succeeding month;
Provided that, where the emoluments for a month are drawn and disbursed on the last working day of the same month the date of deposit shall, in case of recovery of his subscription, be deemed to be the first day of the succeeding month.
(4)Where the recovery of any subscription is delayed due to delay in the withdrawal of pay or leave salary of a subscriber, the interest on such subscriptions shall be payable from the month in which the pay or leave salary of the subscriber was due irrespective of the month in which it was actually drawn.
(5)In addition to any amount to be paid under Rules 29, 30 or 31, interest thereon upto the end of the month preceding that in which payment is made, or upto the end of the six months, after the month in which such amount becomes payable, whichever of these periods be less, shall be payable to the persons to whom such amount is to be paid:
Provided that, no interest shall be paid in respect of any period after the date which the Accounts Officer has intimated to that person (or his agent) as the date on which he is prepared to make payment in cash, or if he pays by cheque, after the date on which the cheque in that person’s favour is put in the post.
(6) The interest shall not be credited to the account of a subscriber if he informs the Accounts Officer that he does not wish to receive it; but if be subsequently asks for interest it shall be credited with effect from the 1st April of the year in which he asks for it.
(7) The interest on amounts which under Rule 29 or Rule 30 are replaced to the credit of the subscriber in the fund, shall be calculated at such rates as may be successively prescribed under sub-rule (1) of this rule and so far as may be in the manner described in this rule.
Note.— Payment of interest on the fund balances beyond a period of six months upto a period of one year may be authorised by the accounts officer if he is satisfied that delay in payment was due to circumstances beyond the control of the subscriber.
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