Para 7 - Interest - Investment Deposit Account Scheme, 1986

Interest. 7. (1) Subject to sub-paragraph (2), the deposit shall carry simple interest at the rate of 10 per cent per annum for the financial year ending with the 31st March, 1987, and thereafter at such rates as may be specified by the Development Bank for each subsequent year to be calculated from the first day of the month immediately following the month in which the amount of deposit is credited to the account. (2) Where during any financial year any part of the deposit is withdrawn, the interest payable on the deposits shall be calcu lated on the basis of minimum monthly balance in the account during that financial year. (3) The interest payable for any financial year or part thereof shall soon after the close of the financial year be credited to the designated account.