Interest reduction on premature deposit repayment requires companies to lower payable rate when deposits are repaid before maturity. Repayment of a deposit made after the deposit has run for more than six months but before maturity requires the company to reduce the payable interest rate by one per cent from the rate that would have applied had the deposit run to its accepted period; specified regulatory and conversion exceptions are preserved. Renewal before expiry to obtain a higher rate is permissible only if the renewal extends beyond the unexpired period, complies with the rules, and the original or renewed rate is reduced by one per cent for the expired portion and adjusted. Fractional years under six months are excluded; six months or more count as a year. Joint deposits up to three with survivorship clauses are allowed.