FBF Scheme

FBF-Family Benefit Fund Scheme

Family Benefit Fund Scheme Introduced with effect from Dt. 01.08.1975 (G.O.Ms.No.307,F&P(FW.Pen.II), Dt.09.11.74).

Subscription with effect from salary of 08/1975 (G.O.Ms.No.181, F&P, Dt.16.07.75)

For Gazetted & Non-Gazetted Officer’s - Rs.10/- p.m.

For Class IV employees                         - Rs. 5/- p.m.

Subscription to Class IV employees was enhanced from Rs.5/- to Rs.10/- w.e.f.01.05.1983  (G.O.Ms.No.155, F&P, Dt.27.04.83)

This scheme was cancelled w.e.f.1.11.1984 due to introduction of G.I.S.

The accumulated benefits ( Principle + interest) in this scheme will be paid to the retired employees on the day of retirement and deceased employees on the day of death.  (G.O.Ms.No.100, F&P(FW.Accts.II), Dt.31.03.86 and Memo No.17224/213/Accts/4A-88-1, Dt.12.09.88)

Interest rates are as per GPF interest rates

The scheme was continued from 01.08.1975 to 31.10.1984 (for a period of 9 years and 3 months)

Interest during that period         for

Gazetted & Non-Gazetted Officer’s        = 4*n*n

Class IV                                                  = 2*n*n

                                                        (where n= no. of years)

Interest for one financial year is added to the principle and the total amount is taken as principle from 1^st April of next financial year.

        The total accumulated amount as on 31.10.1984 was to be entered in S.R. of the employee.

                   (i)   Such an entry (or)

                   (ii)  regular deduction entry (or)

                   (iii) a card issued by the H.O.O. for

         This scheme at the time of entry was the criterion for the final payment of the accumulated amount.

           The subscription amount  was not recovered if an employee had availed EOL for a period in excess of 15 days.  Such amount should be deducted at the time of final payment.

Final Payment of FBF: in APTC form 40

Head of Account: 8011 Insurance & Pension Fund

        106 Other Insurance & Pension Fund

          01 State Employee FBF

        001 Principle

        002 Interest