Server default time zone is
CST, that is
GMT-0600 currently. The time runs off the system-time, not account-time.
You can setup an offset from the server-time to your local-time, in the PHP scripts in your account, such that they display you local-time on browser outputs. One method of doing the same is to enter the following command in your scripts .htaccess to enable scripts to show local time zone for example
SetEnv TZ CDT-5:30 SetEnv TZ America/Indianapolis
For a list of valid options (time zone) goto
http://in.php.net/manual/en/timezones.php