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Cash payment of interest must be by account-payee cheque or draft when deposit-related thresholds are met. Interest payments that meet the statutory monetary threshold must be made by account payee cheque or account payee bank draft because interest credited on a deposit partakes of the character of a deposit; consequently, repayment of deposit together with any interest reaching the threshold is subject to the same non-cash payment requirement.
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Provisions expressly mentioned in the judgment/order text.
Cash payment of interest must be by account-payee cheque or draft when deposit-related thresholds are met.
Interest payments that meet the statutory monetary threshold must be made by account payee cheque or account payee bank draft because interest credited on a deposit partakes of the character of a deposit; consequently, repayment of deposit together with any interest reaching the threshold is subject to the same non-cash payment requirement.
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