State Government Employees Group Insurance Scheme Interest Rate 7.1% for the period from Aug 2023 to Oct 2023
GOVERNMENT OF WEST BENGAL
FINANCE DEPARTMENT
AUDIT BRANCH
No. – 061 -F(J)-W.B,
Date: 10.08.2023
MEMORANDUM
SUBJECT: State Government Employees Group Insurance Scheme, 1987-Table of Benefits under Savings Fund for the year of cessation of Membership 2023-2024.
In continuation of this Department’s Memo No 031-F(J)W.B. dated 1 1.05.2023, 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 01.08.2023 to 31.10.2023 in matching with the Central Government Employees Group Insurance Scheme, 1980 circulated under GOTs OM No. 7(2)/EV/2016 dated 16th December, 2022.
- 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% | 01.05.2020 | 31.10.2020 | 7.9% |
| 01.11.2001 | 31.10.2002 | 11% | 01.11.2020 | 31.01.2021 | 7.9% |
| 01.11.2002 | 31.10.2003 | 9.5% | 01.02.2021 | 30.04.2021 | 7.1% |
| 01.11.2003 | 31.10.2004 | 9% | 01.05.2021 | 31.07.2021 | 7.1% |
| 01.11.2004 | 31.10.2012 | 8.0% | 01.08.2021 | 31.10.2021 | 7.1% |
| 01.11.2012 | 31.10.2013 | 8.6% | 01.11.2021 | 31.01.2022 | 7.1% |
| 01.11.2013 | 31.10.2014 | 8.8% | 01.02.2022 | 30.04.2022 | 7.1% |
| 01.11.2014 | 31.10.2017 | 8.7% | 01.05.2022 | 31.07.2022 | 7.1% |
| 01.11.2017 | 31.01.2018 | 8.0% | 01.08.2022 | 31.10.2022 | 7.1% |
| 01.02.2018 | 30.04.2018 | 7.9% | 01.11.2022 | 31.01.2023 | 7.1% |
| 01.05.2018 | 31.10.2018 | 7.8% | 01.02.2023 | 30.04.2023 | 7.1% |
| 01.11.2018 | 31.07.2019 | 7.6% | 01.05.2023 | 31.07.2023 | 7.1% |
| 01.08.2019 | 30.04.2020 | 8% | 01.08.2023 | 31.10.2023 | 7.1% |
The mortality rate continues to remain unchanged.
- 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.
- 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.
- 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 the same shall be deducted with interest from his/her entitlement.
Sd/-
G.C.Paul
Joint Secretary
to the Government of West Bengal
ENCLOSURE TO THE FINANCE DEPARTMENT MEMO NO: 061-F(J)-WB DATED: 10.08.2023
TABLE OF BENEFITS SHOWING SAVINGS FUND ACCUMULATIONS UNDER THE GROUP INSURANCE SCHEME, 1987 FOR SUBSCRIPTION @ RS. 10/- PER MONTH,
YEAR OF CESSATION 2023-2024.
MONTH OF CESSATION FROM AUGUST, 2023 TO OCTOBER, 2023.
| YEAR OF ENTRY | August 2023 (In Rupees) | September 2023 (In Rupees) | October 2023 (In Rupees) |
| 1987 | 22840.03 | 22981.38 | 23123.55 |
| 1988 | 20410.62 | 20537.67 | 20665.48 |
| 1989 | 18213.05 | 18327.18 | 18441.98 |
| 1990 | 16257.10 | 16359.73 | 16462.96 |
| 1991 | 14518.31 | 14610.71 | 14703.65 |
| 1992 | 12975.44 | 13058.76 | 13142.57 |
| 1993 | 11608.89 | 11684.17 | 11759.90 |
| 1994 | 10389.29 | 10457.39 | 10525.91 |
| 1995 | 9306.82 | 9368.57 | 9430.67 |
| 1996 | 8346.81 | 8402.91 | 8459.34 |
| 1997 | 7494.56 | 7545.64 | 7597.03 |
| 1998 | 6735.37 | 6781.99 | 6828.88 |
| 1999 | 6059.44 | 6102.08 | 6144.98 |
| 2000 | 5467.44 | 5506.60 | 5545.99 |
| 2001 | 4937.80 | 4973.84 | 5010.10 |
| 2002 | 4461.35 | 4494.59 | 4528.03 |
| 2003 | 4031.67 | 4062.38 | 4093.27 |
| 2004 | 3639.47 | 3667.88 | 3696.45 |
| 2005 | 3278.79 | 3305.07 | 3331.51 |
| 2006 | 2945.57 | 2969.90 | 2994.37 |
| 2007 | 2637.73 | 2660.25 | 2682.89 |
| 2008 | 2353.34 | 2374.18 | 2395.14 |
| 2009 | 2090.60 | 2109.90 | 2129.31 |
| 2010 | 1847.87 | 1865.74 | 1883.71 |
| 2011 | 1623.63 | 1640.18 | 1656.82 |
| 2012 | 1416.29 | 1431.62 | 1447.05 |
| 2013 | 1225.78 | 1239.99 | 1254.29 |
| 2014 | 1051.00 | 1064.18 | 1077.44 |
| 2015 | 890.70 | 902.94 | 915.25 |
| 2016 | 743.62 | 754.99 | 766.43 |
| 2017 | 608.67 | 619.25 | 629.89 |
| 2018 | 484.34 | 494.19 | 504.09 |
| 2019 | 369.16 | 378.33 | 387.56 |
| 2020 | 262.63 | 271.18 | 279.77 |
| 2021 | 163.89 | 171.86 | 179.87 |
| 2022 | 71.88 | 79.31 | 86.77 |