National Savings Bank Act 1971
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Change 1
5 Interest on ordinary deposits.
(1) The Director of Savings may, with the consent of the Treasury, from time to time determine the rate or rates at which interest is to be payable on amounts deposited in ordinary accounts or that no interest is to be payable on such amounts, and any such determination in relation to amounts deposited in any ordinary deposit account may be madeby reference to any one or more of the following factors, namely— (a) the balance of the account at any time or over any period or the aggregate balance of that account and the depositor’s other ordinary deposit accounts at any time or over any period; and (b) the number of withdrawals from that account over any period or the number of withdrawals from that account and the depositor’s other ordinary deposit accounts. (1A) The Director of Savings shall give notice in the London, Edinburgh and Belfast Gazettes of any determination under subsection (1) above; and any such determination may affect deposits received at or before, as well as after, the time the determination is made. (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3) Interest on an ordinary deposit shall not commence until the first day of the month next following the day of deposit, and shall cease on the first day of the month in which the deposit is withdrawn. (4) Interest on ordinary deposits shall be calculated to 31st December in every year and shall be added to and become part of the principal; but interest shall not be calculated on any amount less than one pound or some multiple of one pound. (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6),(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5 Interest on ordinary deposits.
(1) The Director of Savings may, with the consent of the Treasury, from time to time determine the rate or rates at which interest is to be payable on amounts deposited in ordinary accounts or that no interest is to be payable on such amounts, and any such determination in relation to amounts deposited in any ordinary deposit account may be madeby reference to any one or more of the following factors, namely— (a) the balance of the account at any time or over any period or the aggregate balance of that account and the depositor’s other ordinary deposit accounts at any time or over any period; and (b) the number of withdrawals from that account over any period or the number of withdrawals from that account and the depositor’s other ordinary deposit accounts. (1A) The Director of Savings shall give notice in the London, Edinburgh and Belfast Gazettes of any determination under subsection (1) above; and any such determination may affect deposits received at or before, as well as after, the time the determination is made. (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3) Interest on an ordinary deposit shall not commence until the first day of the month next following the day of deposit, and shall cease on the first day of the month in which the deposit is withdrawn. (4) Interest on ordinary deposits shall be calculated to 31st December in every year and shall be added to and become part of the principal; but interest shall not be calculated on any amount less than one pound or some multiple of one pound. (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6),(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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