In the reference 1st read above, revised rates of Interest for 3rd & 4th
Quarters of the calendar year 2017 i.e. 01-07-2017 to 31-12-2017 on the Andhra
Pradesh Group Insurance Savings Funds have been issued.’
2. In the reference 2nd read above, the Director of Insurance while enclosing the
revised tables of the Group Insurance Scheme @ 7.8% for third & fourth Quarters
of the Calendar Year 2017 has requested to approve the same and issue
instructions that has to be followed scrupulously as detailed below:
• The Sanctioning Authorities / Drawing and Disbursing Officers / Treasury
Officers / District Audit Officers / Pay and Accounts Officers / Director of
Works Accounts are requested to keep in view of the appended Table
while sanctioning and making the final payments under Group Insurance
Scheme for proper implementation of the scheme.
• The Head of the Department / Drawing and Disbursing Officer shall be
held responsible for sanctioning the Group Insurance Scheme final
payments. If any excess payments are found, the difference amount shall
be collected from the sanctioning authority and such Officers are liable for
disciplinary action.
• The Drawing and Disbursing Officer shall recover the correct rate of
subscription according to the eligible group of the employees. For any
excess / less recovery, the Drawing and Disbursing Officer concerned shall
be held responsible.
• The Head of the Department concerned shall take action against the
erring officials who are responsible for the excess / less recoveries
wherever they are detected.
• Any excess payment made, if found during the Audit by the Directorate of
Insurance, the same shall be immediately recovered from the concerned
and remitted through Challan to the concerned Head of Account by the
Drawing and Disbursing Officer and the fact of remittance shall invariably
be communicated to the Directorate of Insurance.
• If an employee’s subscription is not recovered during his / her Service
Period, the total subscription along with interest shall be recovered from
the payments admissible to them.
• All the Heads of Offices should take prompt action for recording the
necessary subscription entries in the Service Registers of the employees
under proper attestation every year and a certificate shall be recorded in
the Service Book of each employee that subscription to the Scheme at the
appropriate rates have been recovered. The entries shall be attested by
the Drawing and Disbursing Officer.
• As per G.O.Ms.No.910, Finance (Admn.II) Department, dated: 28-10-
2002 “Sanctioning Authority shall send a copy of sanction orders of the
Group Insurance Scheme Payment including calculation slip to the
Directorate of Insurance for verification”.
3. In view of the above circumstances stated above and after careful
examination of the matter, Government hereby order that, the revised rates of
interest on the Andhra Pradesh Group Insurance Savings Funds shall be allowed at
7.8% per annum and these simplified Tables are applicable to those who are retired
/ deceased from 01-07-2017 to 31-12-2017. The Table is revised and issued for the
periods covering from 01-07-2017 to 31-12-2017. Further, it is ordered that
instructions prescribed at para 2nd read above, should be followed scrupulously. The
revised Table is as follows:
| GIS INTEREST RATES |
| From |
To |
Percentage |
| 11/1/1984 |
10/31/1994 |
10.00 |
| 11/1/1994 |
3/31/2000 |
12.00 |
| 4/1/2000 |
3/31/2001 |
11.00 |
| 4/1/2001 |
3/31/2002 |
9.50 |
| 4/1/2002 |
10/31/2004 |
9.00 |
| 11/1/2004 |
12/31/2011 |
8.00 |
| 12/1/2011 |
3/31/2012 |
8.60 |
| 4/1/2012 |
3/31/2013 |
8.80 |
| 4/1/2013 |
3/31/2016 |
8.70 |
| 4/1/2016 |
12/31/2016 |
8.10 |
| 1/1/2017 |
3/31/2017 |
8.00 |
| 4/1/2017 |
31/6/2017 |
7.90 |
| 7/1/2017 |
12/31/2017 |
7.80 |
CLICK HERE FOR FULL TABLE
4. The Director of Insurance, Andhra Pradesh, Amaravathi, Ibrahimpatnam shall
take further necessary action accordingly and conduct a regular Audit of all claims
paid under Group Insurance Scheme and send a report of the Head of the
Department concerned.
5. Copy of this order is available on Interest and can be accessed at address
http://www.goir.ap.gov.in.
