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Post-maturity interest rules updated: interest payable on matured National Savings Certificates for up to two years. The rules insert a provision allowing post-maturity interest for up to two years on amounts due where repayment has not been made; interest is simple, calculated at the savings-account rate applicable to single or joint accounts, incomplete months are ignored, and interest is paid in lump sum on repayment. The amendment also revises and increases delegated sanctioning limits for various postal officer grades by substituting the existing table of limits.
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Post-maturity interest rules updated: interest payable on matured National Savings Certificates for up to two years.
The rules insert a provision allowing post-maturity interest for up to two years on amounts due where repayment has not been made; interest is simple, calculated at the savings-account rate applicable to single or joint accounts, incomplete months are ignored, and interest is paid in lump sum on repayment. The amendment also revises and increases delegated sanctioning limits for various postal officer grades by substituting the existing table of limits.
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