Examples of Interim Interest in a sentence
However, if Interim Interest has been paid, the difference between Interim Interest paid (where two or more Interim Interest Payment Dates exist, the total amount of Interim Interest paid on each Date) and interest on cancellation before maturity shall be settled.
In general, if the GIC is not held in a Registered Account, the Interim Interest must be included in your income in the year in which the GIC is issued.
SMBC Trust Bank shall designate the last Business Day of each month during the period from the deposit date to the maturity date as the "Interim Interest Payment Date" and shall pay the interest (the "Interim Interest") for each month in accordance with the Applicable Interest Rate provided in 3.(1) (however, if the number of days from the deposit date to the first Interim Interest Payment Date is less than one (1) month, the calculation shall be made on a prorated daily basis).
If you cancel this Agreement by the Cancellation Deadline, your Deposit will be returned to you in full, without any Interim Interest.
Interim Interest: Interest will accrue on the Deposit during the period between the Date of Deposit and the Date of Issue at the rate of 3.00% per annum.