|
|
Interest on deposits in Post Office Savings Bank.
|
14.—(1) In this section, the word “deposit” means the total amount for the time being standing to the credit of a depositor's account in the Post Office Savings Bank, but does not include moneys standing to the credit of a trustee savings bank in the name of the Minister for Finance in the Post Office Savings Bank.
|
|
| |
(2) On and after the 1st day of July, 1948, the rate of interest on a deposit shall be two and one-half per cent. per annum.
|
|
| |
(3) (a) The minimum period for which interest on a deposit shall be calculated shall be a month, and the interest shall be calculated by reference to the amount maintained continuously on deposit during each month.
|
|
| |
(b) For the purposes of this paragraph—
|
|
| |
(i) the word “month” means any of the months January to December,
|
|
| |
(ii) an amount shall not be regarded as maintained continuously on deposit during a month unless it was on deposit on the last day of the immediately preceding month.
|
|
| |
(4) The minimum amount of a deposit in respect of which interest is to be calculated shall be one pound and any part of a deposit less than one pound shall be disregarded.
|
|
| |
(5) For the purposes of this section, a deposit or part of a deposit shall be deemed to be withdrawn on the date of issue of the warrant by means of which payment is intended to be effected.
|
|
| |
(6) Subject to the foregoing provisions, interest on a deposit shall be calculated to the 31st day of December in every year and shall then be added to and form part of the principal money.
|
