Simple interest entitlement for retained post office recurring deposits after maturity clarified; monthly deposit timing rules updated. Amendments require the first monthly deposit at account opening and set deadlines for subsequent monthly deposits based on the account opening date. They also entitle depositors who retain amounts beyond maturity, whose accounts are discontinued, or whose defaults remain unrectified, to simple interest at the rate for post office savings accounts from the date of maturity until account closure; Rule 9A's wording is changed to specify simple interest and Rule 11 is supplemented to secure the same entitlement after the completion of the required monthly deposits during the maturity period.
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Provisions expressly mentioned in the judgment/order text.
Simple interest entitlement for retained post office recurring deposits after maturity clarified; monthly deposit timing rules updated.
Amendments require the first monthly deposit at account opening and set deadlines for subsequent monthly deposits based on the account opening date. They also entitle depositors who retain amounts beyond maturity, whose accounts are discontinued, or whose defaults remain unrectified, to simple interest at the rate for post office savings accounts from the date of maturity until account closure; Rule 9A's wording is changed to specify simple interest and Rule 11 is supplemented to secure the same entitlement after the completion of the required monthly deposits during the maturity period.
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