Common use of Payment of Interest on an Account Clause in Contracts

Payment of Interest on an Account. The rate of interest payable on any account shall be in conformity with the provisions of the Banking Act as may from time to time be amended (currently stated to be at a minimum of 70% of the quoted Central Bank Rate) and further, the Customer hereby accepts that this rate of interest payable by the Bank is subject to change from time to time. Interest on any account will accrue as determined by the Bank in its absolute discretion and will be credited by the Bank to the relevant account(s) at such a time as the Bank may determine. The Bank will deduct all taxes on interest prior to payment of the net interest to the Customer unless the Bank can pay interest without deducting taxes under existing legislation.

Payment of Interest on an Account. The rate of interest payable on any account shall be in conformity with the provisions of the Banking Act as may from time to time be amended (currently stated to be at a minimum of 70% of the quoted Central Bank Rate) and further, the Customer hereby accepts that this rate of interest payable by the Bank is subject to change from time to time. Interest on any account will accrue as determined by the Bank in its absolute discretion and will be credited by the Bank to the relevant account(s) at such a time as the Bank may determine. The Bank will deduct all taxes on interest prior to payment of the net interest inter- est to the Customer unless the Bank can pay interest without deducting taxes under existing legislation.

Payment of Interest on an Account. The rate of interest payable on any account shall be in conformity with the provisions of the Banking Act as may from time to time be amended (currently stated to be at a minimum of 70% of the quoted Central Bank Rate) and further, the Customer hereby accepts that this rate of interest payable by the Bank is subject to change from time to time. Interest on any account will accrue as determined by the Bank in its absolute discretion and will be credited by the Bank to the relevant account(s) at such a time as the Bank may determine. The Bank will deduct all taxes on interest prior to payment of the net interest inter-est to the Customer unless the Bank can pay interest without deducting taxes under existing legislation.