§ 60. Sir R. Youngasked the Postmaster-General whether his regulations force a Post Office depositor who has reached the permitted limit of deposits to withdraw the yearly interest accruing, in order that he may keep within the statutory limit; or does the accruing sum also bear interest and is it added, without necessity of withdrawal, to the total amount allowed when further personal deposits cease.
§ Mr. Wilfred PalingThe Savings Bank (Limits of Deposits) Order, 1946, provides that the limits of deposits shall not operate to prevent the crediting to a depositor's account of interest on the deposits in the account. Such interest is calculated to the 31st December of each year when it is added to the principal sum in the account and ranks for interest in the subsequent year.