41.
| (1) Subject to the further provisions of this section, interest shall be payable on moneys lying to the credit of deposit and savings accounts, but not on moneys transferred to the Unclaimed Deposits Fund or to a special reserve, at rates determined by the Board with the concurrence of the Minister, and such rates may be varied in respect of different classes of accounts and in respect of the amounts lying to the credit of accounts. |
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| (2) The interest payable shall be at not less than a minimum rate of six per centum per annum. |
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| (3) The minimum rate of interest specified in sub section (2) may be varied from time to time by Order made by the Minister on the advice of the Central Bank and published in the Gazette, but in no case shall it be decreased below six per centum per annum. |
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| (4) Where, in any year, the profits are insufficient to pay the minimum rate of interest specified in sub- section (2) or the varied minimum rate of interest referred to in sub-section (3), the deficit shall be paid from the Interest Equalization Reserve and, if the funds to the credit of that Reserve are insufficient shall, to the extent of that insufficiency, be a charge on the Consolidated Fund. |
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| (5) Interest shall be payable on every complete sum of ten rupees for every complete period of three months or such other period as the Board may determine, the division of the year into periods Of three months or into periods of longer or shorter 'duration; being fixed by the Board, taking into consideration the financial year of the Bank. |
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| (6) Interest on any amount paid into a deposit or savings account shall not commence to accrue until the first day of the period next following the period during which such amount was paid in, and interest on any amount withdrawn from a deposit or savings account shall cease to accrue on the first day of the period in which such amount was withdrawn. |
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| (7) Interest payable shall be credited to each account not later than two months after the close of the financial year and shall be added to and become part of the principal amount. |
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Sri Lanka Consolidated Acts