Interest on deposit: monthly interest payable and creditable to savings accounts if authorised, with rounding and excess deposit rules. Rule 8 sets the interest rates for Monthly Income Account deposits according to the date of deposit, requires monthly payment of interest from completion of each month, permits crediting monthly interest to the depositor's savings account (including Core Banking accounts) if authorised and subject to balance limits, provides that unclaimed monthly interest does not earn further interest, mandates rounding to the nearest rupee, and requires post offices to secure withdrawal of deposits exceeding prescribed ceilings and to pay interest on such excess at the Post Office Savings Account rate until the month before the withdrawal request.
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 deposit: monthly interest payable and creditable to savings accounts if authorised, with rounding and excess deposit rules.
Rule 8 sets the interest rates for Monthly Income Account deposits according to the date of deposit, requires monthly payment of interest from completion of each month, permits crediting monthly interest to the depositor's savings account (including Core Banking accounts) if authorised and subject to balance limits, provides that unclaimed monthly interest does not earn further interest, mandates rounding to the nearest rupee, and requires post offices to secure withdrawal of deposits exceeding prescribed ceilings and to pay interest on such excess at the Post Office Savings Account rate until the month before the withdrawal request.
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