7. Interest
Feedback & supportInterest shall be paid on all Treasury Deposits in accordance with this section.
Treasury
“Treasury” means the Minister charged with the responsibility for finance and includes any officer under the administrative control or direction of the Minister;
The Minister shall from time to time by notification in the Gazette prescribe the rates of interest to be paid per annum on Treasury Deposits of different durations.
The rate of interest to be paid on any Treasury Deposit shall be that in force at the date of making the deposit.
Treasury Deposit
“Treasury Deposit” means any money deposited in accordance with section 3;
Interest on all Treasury Deposits shall become due annually on the anniversary of the date of making the deposit and shall be paid to the holder of the Treasury Deposit Receipt relating to such deposit on presentation of the said Treasury Deposit Receipt at the office of the Treasury and the particulars of the date and of the amount of interest so paid shall be endorsed on the back of that Treasury Deposit Receipt; and such endorsement shall be conclusive evidence that the interest specified in the endorsement has been paid.
Treasury Deposit Receipt
“Treasury Deposit Receipt” means a receipt given in accordance with section 5.
No interest shall be due or payable on any Treasury Deposit after the expiration of the period for which the deposit was made.