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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Post Office Monthly Income deposits: new Rule 9A adds savings-rate interest for up to two-year delayed maturity repayments</h1> In the Post Office (Monthly Income Account) Rules, 1987, rule 9A is substituted to prescribe post-maturity interest where repayment of a deposit (including bonus) due under rule 9 is not made on maturity. Simple interest is payable on the amount due for a maximum period of two years from the date of maturity until repayment, at the savings account rate applicable from time to time for the relevant single or joint account; any period of less than one month is ignored for interest computation, and the interest is paid in a lump sum at the time of repayment. The amendment takes effect from the date of publication in the Official Gazette.
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