HomeWest Bengal Government EmployeesWest Bengal Govt Employees Group Insurance Scheme Interest Rates from May 2020

West Bengal Govt Employees Group Insurance Scheme Interest Rates from May 2020

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June 2, 2020

GOVERNMENT OF WEST BENGAL
FINANCE DEPARTMENT
AUDIT BRANCH

No. 1828-F(J) NB Date: 1st June, 2020

MEMORANDUM

Subject: State Government Employees Group Insurance cum Savings Scheme, 1987 – Table of Benefits under Savings Fund for the year of cessation of Membership 2020-2021.

In continuation of this Department’s Memo No. 4114-F(J)WB dated 19.11.2019, the undersigned is directed to say that a new table of benefits showing accumulation of savings fund under the above mentioned scheme corresponding to a unit subscription of Rs. 10/- (Rupees Ten) only per month has been drawn up for the period from 01.05.2020 to 31.07.2020 in matching with the Central Government Employees Group Insurance Scheme, 1980 circulated under GOI’s OM No. 7(2)/EV/2016 dated 13.08.2019.

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2. A copy of the said table is enclosed herewith as ready-reckoner. The figures have been worked out on the basis of the rate of interests as follows:-

From

To

Interest p.a. (compounded quarterly)

From

To

Interest p.a. (compounded quarterly)

01.11.1987

31.10.2001

12%

01.02.2018

30.04.2018

7.9%

01.11.2001

31.10.2002

11%

01.05.2018

31.10.2018

7.8%

01.11.2002

31.10.2003

9.5%

01.02.2018

30.04.2018

7.9%

01.11.2003

31.10.2004

9%

01.05.2018

31.10.2018

7.8%

01.11.2004

31.10.2012

8.0%

01.11.2018

30.04.2019

7.6%

01.11.2012

31.10.2013

8.6%

01.05.2019

31.07.2019

7.6%

01.11.2013

31.10.2014

8.8%

01.08.2019

30.04.2020

8%

01.11.2014

31.10.2017

8.7%

01.05.2020

31.07.2020

7.9%

01.11.2017

31.01.2018

8.0%

The mortality rate continues to remain unchanged.

3. The amounts shown in the table are applicable (with the fractions) for one unit and to be rounded off after calculating the final amount payable.

4. The amounts shown in the table are applicable to a member of Group-D category. Corresponding amounts for the member of higher groups may be calculated proportionately.

5. It is assumed that subscriptions have fully been realized from salary up to the month in which a member ceases to be in service, failing which the same shall be deducted with interest from his/her entitlement.

Additional Secretary to the
Government of West Bengal

Signed Copy

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