| Objective
The
objective of the RSF is to enable contributors
to benefit from a “Lump Sum” on retirement
or on reaching the statutory retirement age.
Membership
Membership
of the fund is open to any person not having reached
the statutory retirement age.
The
monthly contribution is in multiple of Rs50. Contribution
can be increased or decreased at any time.
Payment
of lump sum
A
lump sum consisting of contributions plus interest
accrued thereon is payable on
a).
Retirement from employment; in the case of self-employed,
on reaching the age of 60.
b).
Dismissal from employment
c).
Resignation from employment
d).
Death before retirement.
However if a member decides to withdraw from the Fund and to be paid back his contributions, payment will be effected net of penalty. The penalty will be applicable on both capital and accrued interests as follows:
SN. |
YEARS OF CONTRIBUTION |
% PENALTY |
1 |
0 ≤ 10 |
25 |
2 |
> 10 ≤ 20 |
15 |
3 |
>20 ≤ 30 |
10 |
4 |
> 30 ≤ 40 |
5 |
5 |
> 40 |
0 |
Rate
of Interest
The
rate of interest shall be determined by the Board
each year but shall be at least 2%
above the average savings rate.
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