Overview
Reference: Finance Department’s Memo No. 013-F(J) dated 05.02.2024.
Purpose: This document introduces the updated table of benefits under the Group Insurance Scheme (GISS), which highlights the applicable GISS interest rate for the accumulation of the savings fund.
New Table of Benefits Under GISS
Period Covered: This table is effective from 01.05.2024 to 31.07.2024.
Scheme Basis: The table aligns with the Central Government Employees Group Insurance Scheme, 1980, as outlined in the Government of India’s Office Memorandum No. 7(1)/EV/2023 dated 25th October 2023.
Details of Benefit Calculations
Unit Value: The subscription is set at Rs. 10/- per month.
Fractional Amounts: Final amounts should be rounded off after considering the applicable GISS interest rate.
Applicability to Different Employee Categories
Group-D Category: The specified amounts apply directly to Group-D employees.
Higher Groups: For higher employee groups, amounts should be calculated proportionately, using the same interest rate.
Assumptions and Deductions
- Assumption: Subscriptions are assumed to have been fully deducted from the subscriber’s salary until they leave service.
- Deductions: If there are any outstanding subscriptions, these, along with applicable interest, will be deducted from the subscriber’s entitlement.
GISS Interest Rate Calculation Table
| Period | GISS Interest Rate (p.a.) |
|---|---|
| 01.11.1987 – 31.10.2001 | 12% |
| 01.11.2001 – 31.10.2002 | 11% |
| 01.11.2002 – 31.10.2003 | 9.5% |
| 01.11.2003 – 31.10.2004 | 9% |
| 01.11.2004 – 31.10.2012 | 8.0% |
| 01.11.2012 – 31.10.2013 | 8.6% |
| 01.11.2013 – 31.10.2014 | 8.8% |
| 01.11.2014 – 31.10.2017 | 8.7% |
| 01.11.2017 – 31.01.2018 | 8.0% |
| 01.02.2018 – 30.04.2018 | 7.9% |
| 01.05.2018 – 31.10.2018 | 7.8% |
| 01.11.2018 – 31.07.2019 | 7.6% |
| 01.08.2019 – 30.04.2020 | 8.0% |
| 01.05.2020 – 31.10.2020 | 7.9% |
| 01.11.2020 – 31.01.2021 | 7.9% |
| 01.02.2021 – 30.04.2021 | 7.1% |
| 01.05.2021 – 31.07.2021 | 7.1% |
| 01.08.2021 – 31.10.2021 | 7.1% |
| 01.11.2021 – 31.01.2022 | 7.1% |
| 01.02.2022 – 30.04.2022 | 7.1% |
| 01.05.2022 – 31.07.2022 | 7.1% |
| 01.08.2022 – 31.10.2022 | 7.1% |
| 01.11.2022 – 31.01.2023 | 7.1% |
| 01.02.2023 – 30.04.2023 | 7.1% |
| 01.05.2023 – 31.07.2023 | 7.1% |
| 01.08.2023 – 31.10.2023 | 7.1% |
| 01.11.2023 – 31.01.2024 | 7.1% |
| 01.02.2024 – 30.04.2024 | 7.1% |
| 01.05.2024 – 31.07.2024 | 7.1% |
Note: This table provides a summary of the applicable interest rates under the GISS.
Also Read: West Bengal Government Holiday List 2024
Official Source: Click Here
Frequently Asked Questions ON GISS
For what period is the new table of benefits applicable under GISS?
- The new table of benefits is applicable for the period from 01.05.2024 to 31.07.2024.
What is the unit subscription rate of Group Insurance Scheme?
- The unit subscription value specified is Rs. 10/- (Rupees Ten) per month.(directly applicable to members of the Group-D category).
- For members of higher employee groups, the corresponding amounts should be calculated proportionately.
What action is taken if subscriptions have not been fully realized from a member’s salary?
- If subscriptions have not been fully realized, the outstanding amounts along with interest will be deducted from the member’s entitlement.