Premature withdrawal rules revised: altered interest computation and new deposit rate table effective from December onwards. The amendment inserts Table-R, applicable to deposits made on or after 1 December 2011, specifying annual interest rates for one-, two-, three- and five-year deposits and revises rule 7's Notes to reference Table Q or Table R. Rule 8 is revised so that premature withdrawals after six months but before one year earn simple interest at the Post Office savings rate, while withdrawals after one year in multi-year accounts earn interest for completed years and months at a rate one percent less than the relevant tenure rate specified in the applicable Table under rule 7.
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Provisions expressly mentioned in the judgment/order text.
Premature withdrawal rules revised: altered interest computation and new deposit rate table effective from December onwards.
The amendment inserts Table-R, applicable to deposits made on or after 1 December 2011, specifying annual interest rates for one-, two-, three- and five-year deposits and revises rule 7's Notes to reference Table Q or Table R. Rule 8 is revised so that premature withdrawals after six months but before one year earn simple interest at the Post Office savings rate, while withdrawals after one year in multi-year accounts earn interest for completed years and months at a rate one percent less than the relevant tenure rate specified in the applicable Table under rule 7.
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