Interest accrual and reinvestment defines yearly accrual, reinvestment and staged encashment values for specified savings certificates. The rules insert a new sub-rule prescribing a fixed post-maturity encashment amount for a Rs.100 certificate purchased on or after 1 April 2013, an annual ten-year interest accrual table with interest for the first four years deemed reinvested and aggregated with face value, and proportionate treatment for other denominations. They also amend transitional wording and add a staged encashment schedule for certificates encashed after three years, specifying payable amounts in successive half-year bands up to ten years for a Rs.100 certificate, proportionate for other denominations.
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Interest accrual and reinvestment defines yearly accrual, reinvestment and staged encashment values for specified savings certificates.
The rules insert a new sub-rule prescribing a fixed post-maturity encashment amount for a Rs.100 certificate purchased on or after 1 April 2013, an annual ten-year interest accrual table with interest for the first four years deemed reinvested and aggregated with face value, and proportionate treatment for other denominations. They also amend transitional wording and add a staged encashment schedule for certificates encashed after three years, specifying payable amounts in successive half-year bands up to ten years for a Rs.100 certificate, proportionate for other denominations.
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