(1) The interest at the rate of four per cent per annum shall be allowed for a calendar month on the lowest balance at the credit of an account between the close of the tenth day and the end of the month, and such interest shall be calculated and credited in the account at the end of each year.
(2) The interest shall be allowed only on sums of whole rupees and shall be rounded off to the nearest 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.
(3) No interest shall be allowed on an account for any month in which the balance at credit is below five hundred rupees at any time between the tenth and the last day of the month.
(4) If an account is closed during a year, interest shall be allowed upto the end of the month preceding the month in which the account is closed.
(5) In the event of death of an account holder, the interest in his account shall be paid only in the end of the month preceeding the month in which the account is closed.