Interest on investment deposits set as simple interest with bank-determined annual rates and monthly-balance calculation on withdrawals. Deposits earn simple interest at the initial fixed rate and thereafter at annual rates specified by the Development Bank, calculated from the first day of the month following the month the deposit is credited; if any withdrawal occurs during a financial year, interest is computed on the basis of the minimum monthly balance; interest for the year or part thereof is credited to the designated account soon after the financial year closes.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Interest on investment deposits set as simple interest with bank-determined annual rates and monthly-balance calculation on withdrawals.
Deposits earn simple interest at the initial fixed rate and thereafter at annual rates specified by the Development Bank, calculated from the first day of the month following the month the deposit is credited; if any withdrawal occurs during a financial year, interest is computed on the basis of the minimum monthly balance; interest for the year or part thereof is credited to the designated account soon after the financial year closes.
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