(1) The share of money contributed by the Corporation along with interest accrued thereon standing in the Contributory Provident Fund account to the credit of an employee of a Corporation, who opts for these rules or who is governed by these rules, shall stand transferred to the Fund to the extent it was contributed by the Corporation during the period of service of the employee alongwith any loss caused to the contribution either by the Corporation or by the employee through withdrawal during the tenure of service of the employee or due to any other reason which shall be made good by the Corporation or the employee, as the case may be, by paying the amount alongwith interest due for that period to the Fund.
(2) The Corporation shall make monthly contribution towards the Fund at the rate of [twenty per cent of the basic pay plus dearness pay]2 of the employee. The rate of monthly contribution shall be subject to any change which may be made by the Government from time to time.
(3) The amount of the Fund shall be kept in any branch of the State Bank of India or the State Bank of Patiala or the Punjab State Co-operative Bank and where there is no branch of either of these banks, it may be kept with any other Scheduled Bank.
Rule 6