Interest rate amendment for Post Office Monthly Income Account prescribes a revised annual rate applied retrospectively from the effective date. Amendment inserts a new clause to rule 8 fixing the annual interest rate at 8.4 per cent. per annum for deposits made on or after 1 April 2013; the Post Office (Monthly Income Account) Amendment Rules, 2013 are made under the rulemaking power conferred by section 15 of the Government Savings Banks Act and are deemed to have come into force on 1 April 2013, with certification that retrospective effect will not prejudicially affect deposit holders.
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Provisions expressly mentioned in the judgment/order text.
Interest rate amendment for Post Office Monthly Income Account prescribes a revised annual rate applied retrospectively from the effective date.
Amendment inserts a new clause to rule 8 fixing the annual interest rate at 8.4 per cent. per annum for deposits made on or after 1 April 2013; the Post Office (Monthly Income Account) Amendment Rules, 2013 are made under the rulemaking power conferred by section 15 of the Government Savings Banks Act and are deemed to have come into force on 1 April 2013, with certification that retrospective effect will not prejudicially affect deposit holders.
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