(1) The deposit made under this Scheme shall bear interest at the rate of 7.6 per cent.
per annum.
(2) Interest shall be payable to the account holder on completion of a month from the date of deposit.
(3) If the interest payable every month is not claimed by the account holder such interest shall not earn any additional interest.
(4) Interest shall be rounded off to nearest multiple of one rupee and for this purpose any amount of fifty paisa or more shall be treated as one rupee and any amount less than fifty paisa shall be ignored.
(5) Where a deposit in excess to the ceiling specified under sub-paragraph (2) of paragraph 4 has been made, the accounts office shall refund the excess deposit to the account holder immediately.
(6) The excess amount referred to in sub-paragraph (5), shall carry an interest at the rate applicable from time to time to the Post Office Savings Account and shall be payable to such depositor on such amount.
(7) The interest referred to in sub-paragraph (6) shall be admissible from the date of deposit of the excess amount till the end of the month preceding the month in which the deposit has been refunded.
(8) If the date of payment of monthly interest falls on Sunday or a holiday, the payment shall be deemed to be due on the business day immediately preceding that Sunday or a holiday.
(9) If the deposit is made on 29 th , 30 th and 31 st of a month and if these dates do not come in the following month, the payment of monthly interest shall be made on the last date of the following month and if such last day is a holiday, monthly interest shall be paid on the preceeding day.