Post-maturity interest: simple interest payable up to two years at the savings account rate on overdue National Savings Certificates. A new rule provides that where repayment inclusive of interest is due but unpaid, post-maturity interest is allowed on the amount due for up to two years from maturity to repayment. The interest is simple, calculated at the savings-account rate applicable to the account type, disregards any part-months for computation, and is payable in a lump sum on repayment. The amendment also substitutes higher authoritywise sanction limits in the rules' Table and replaces the earlier monetary ceiling, with the rules to take effect on publication in the Official Gazette.
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Post-maturity interest: simple interest payable up to two years at the savings account rate on overdue National Savings Certificates.
A new rule provides that where repayment inclusive of interest is due but unpaid, post-maturity interest is allowed on the amount due for up to two years from maturity to repayment. The interest is simple, calculated at the savings-account rate applicable to the account type, disregards any part-months for computation, and is payable in a lump sum on repayment. The amendment also substitutes higher authoritywise sanction limits in the rules' Table and replaces the earlier monetary ceiling, with the rules to take effect on publication in the Official Gazette.
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