No. 368/1946:

POST OFFICE SAVINGS BANK (INTEREST ON DEPOSITS) ORDER, 1946.

POST OFFICE SAVINGS BANK (INTEREST ON DEPOSITS) ORDER, 1946.

The Minister for Finance, in exercise of the powers conferred on him by section 28 of the Finance Act, 1946 (No. 15 of 1946), hereby orders as follows :—

1. (1) This Order may be cited as the Post Office Savings Bank (Interest on Deposits) Order, 1946.

(2) This Order shall come into operation on the 1st day of January, 1947.

2. (1) The rate of interest to be payable in respect of a deposit shall be two per cent. per annum, but where the amount of a deposit exceeds three hundred pounds—

(a) interest on so much thereof as does not exceed three hundred pounds shall be payable at the rate of two per cent. per annum, and

(b) interest on the remainder thereof shall be payable at the rate of one and one-quarter per cent. per annum.

(2) (a) The minimum period for which interest on a deposit shall be calculated shall be a month, and the interest shall be calculated by reference to the amount maintained continuously on deposit during each month.

(b) For the purposes of this paragraph—

(i)the word " month " means the month of January, February, March, April, May, June, July, August, September, October, November or December,

(ii) an amount shall not be regarded as maintained continuously on deposit during a month unless it was on deposit on the last day of the immediately preceding month.

(3) The minimum amount of a deposit in respect of which interest is to be calculated shall be one pound and any part of a deposit less than one pound shall be disregarded.

(4) For the purposes of this Article, a deposit or part of a deposit shall be deemed to be withdrawn on the date of issue of the warrant by means of which payment is intended to be effected.

(5) In the calculation of the total amount of interest to be credited in respect of a deposit any fraction of a penny shall be disregarded.

(6) Subject to the foregoing paragraphs of this Article, interest on a deposit shall be calculated to the 31st day of December in every year and shall then be added to and form part of the principal money.

GIVEN under the Official Seal of the Minister for Finance this 20th day of December, 1946.

(Signed) J. J. McELLIGOTT.