Section 32: Interest on accounts.
(1)
Subject to the provisions of this section, the Board may after consultation if it thinks fit with the Advisory Council, from time to time fix the rate of interest to be allowed on accounts of members of the Fund at the end of each financial year.
(2)
In determining the rate of interest, the Board shall have regard to the net income of the Fund for the previous financial year, and the rate shall be fixed so that the amount of interest allocated shall not exceed the net income of the Fund for the previous financial year.
Cite this section
Section 32, NATIONAL PROVIDENT FUND ACT (1961).
https://repo.podus.ai/laws/national-provident-fund-act/section/32/