Post-maturity interest on Monthly Income Account deposits accrues from maturity to repayment and is paid in a lump sum. Where repayment of a Monthly Income Account deposit inclusive of bonus has become due but not made, interest is allowed from date of maturity to date of repayment. The interest is simple, calculated at the rate applicable to savings accounts of the single or joint account type; any period less than one month is ignored, and the interest is paid to the depositor in a lump sum at repayment.
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.
Post-maturity interest on Monthly Income Account deposits accrues from maturity to repayment and is paid in a lump sum.
Where repayment of a Monthly Income Account deposit inclusive of bonus has become due but not made, interest is allowed from date of maturity to date of repayment. The interest is simple, calculated at the rate applicable to savings accounts of the single or joint account type; any period less than one month is ignored, and the interest is paid to the depositor in a lump sum at repayment.
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