Premature encashment of social security certificates allowed with discount rules, interest calculation, and limited exceptions for pledge or court order. Rule 17 allows premature encashment of a certificate after three years at a discount: payable amount equals face value plus simple interest calculated at the Post Office Savings Bank single account rate on the encashment date, and the discount is the difference between that simple interest and interest under rule 16. Exceptions permit earlier encashment on pledge forfeiture conforming to the rules or by court order; within one year only face value is payable, and between one and three years encashment is at the discount and amount specified for three-year encashment.
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Premature encashment of social security certificates allowed with discount rules, interest calculation, and limited exceptions for pledge or court order.
Rule 17 allows premature encashment of a certificate after three years at a discount: payable amount equals face value plus simple interest calculated at the Post Office Savings Bank single account rate on the encashment date, and the discount is the difference between that simple interest and interest under rule 16. Exceptions permit earlier encashment on pledge forfeiture conforming to the rules or by court order; within one year only face value is payable, and between one and three years encashment is at the discount and amount specified for three-year encashment.
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