For govt employees buying computers, interest rate fixed
1 min read 17 Jun 2022, 02:26 PM ISTInterest rate for computer advance in FY23 has been fixed at 9.80 per annum
PremiumCentral government employees mulling to buy computer availing of computer advance, there is a piece of news for them. The central government has fixed interest rate for computer advance for the financial year 2022-23. As per the office memorandum issued by the Department of Post, Establishment Department under the Ministry of Communication, the interest rate for computer advance in FY23 has been fixed at 9.80 per annum.
The Department of Post, Established Department under the Ministry of communication issued an office memorandum in this regard citing, "The undersigned is directed to state that the rate of interest for advance sanctioned to the Government servants for purchase of computer during 2022-23 i.e. from 1st April, 2022 to 31st March, 2023 is as under: Advance for purchase of computer, rate of interest per annum is 9.80 per cent."
For further information, the central government has also made an amendment in computer advance rules. Now, a central government employee can buy an iPad using this computer advance at an interest of 9.80 per cent per annum. The Department of Expenditure under the Ministry of Finance has issued an office memorandum in this regard.
While issuing a clarification whether iPad also comes under the definition of personal computer for the purpose of grand of computer advance, the department replied, "The requests have been considered in this Department and it has been decided that an official can also purchase and iPad by availing computer advance."
In October 2016, the department had amended the rules enabling central government employees for a PC advance of ₹50,000 or actual price of the PC, whichever is lower.
