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of <h1>Post Office Monthly Income Account deposits after 1 Jan 1999 get 12% interest, earlier deposits keep 13% u/r 8(1) (1)</h1> Rule 8(1) of the Post Office (Monthly Income Account) Rules, 1987 is amended to prescribe a reduced interest rate for deposits made on or after 1 January 1999, fixing such interest at 12% per annum. Deposits made after 2 September 1993 and before 1 January 1999 continue to bear interest at 13% per annum under the existing provision. The amendment takes effect from the date of publication in the Official Gazette, and it lowers the applicable interest payable on qualifying Monthly Income Account deposits made on or after 1 January 1999.
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