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GPF - Calculation Method PDF

This document provides details on calculating interest for a GPF account for the year 2013-14. It lists opening balances, monthly subscriptions, withdrawals, and interest calculations to arrive at a closing balance as of March 31, 2014. The interest rate is 8.7% and is calculated on a progressive monthly basis.

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vivek anandan
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1K views1 page

GPF - Calculation Method PDF

This document provides details on calculating interest for a GPF account for the year 2013-14. It lists opening balances, monthly subscriptions, withdrawals, and interest calculations to arrive at a closing balance as of March 31, 2014. The interest rate is 8.7% and is calculated on a progressive monthly basis.

Uploaded by

vivek anandan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

FORMAT OF GPF CALCULATION

Calculate interest for the year 2013-14 in r/o Y.C M O having following details
Opening balance as on 01/04/2013 89389
Monthly Subscription 2000
Refundable [Link] on 25th June(refundable @500/10 5000
DA arrear(July-2013) 4300
Rate of interest 8.70%

Month Subscription Refund Arrears Total Deposit Withdrawal Progressive


Apr-13 2000 0 0 2000 0 91389
May-13 2000 0 0 2000 0 93389
Jun-13 2000 0 0 2000 5000 90389
Jul-13 2000 500 4300 6800 0 97189
Aug-13 2000 500 0 2500 0 99689
Sep-13 2000 500 0 2500 0 102189
Oct-13 2000 500 2500 0 104689
Nov-13 2000 500 0 2500 0 107189
Dec-13 2000 500 0 2500 0 109689
Jan-14 2000 500 2500 0 112189
Feb-14 2000 500 2500 0 114689
Mar-14 2000 500 2500 0 117189
24000 4500 4300 32800 5000 1239868
Opening balance as on 01/04/2013 89389
Deposits 32800

Interest = Prograssive X Rate of Interest 1239868 X 8.7 = 8989 8989


100 x Months 100 x 12
Total 131178
Withdrawal 5000
Closing balance as on 31.03.2014 126178

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