Objective

The objective of the RSF is to enable contributors to benefit from a “Lump Sum” on retirement or on reaching the age of 60.

Membership

Membership of the fund is open to any person not having reached the age of 60.

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.

In case of voluntary withdrawal from the scheme, only half of the amount contributed and accrued interests will be payable..

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.