9A - Post-maturity intere - POST OFFICE (MONTHLY INCOME ACCOUNT) RULES, 1987

Post-maturity interest 9A. Where repayment of a deposit, inclusive of bonus, under rule 9 has become due but has not been made, interest shall be allowed on the amount due [] from the date of maturity to the date of repayment of the deposit subject to the following conditions, namely:- (a) The interest shall be simple and shall be calculated at the rate applicable from time to time to savings accounts of the type of single or joint account. (b) For the purpose of payment of interest, any part of the period which is less than one month shall be ignored. (c) The interest shall be paid to the depositor in lump sum at the time of repayment of amount due. ******* Notes 1. Omitted vide NOTIFICATION NO. G.S.R. 741(E) DATED 04/10/2011 before it was read as for a maximum period of two years