Section 7

The Minister of Finance shall from time to time by order notified in the Gazette prescribe the rates of interest to be paid per annum on treasury deposits of different durations.

Treasury Deposit Receipts 7

The rate of interest to be paid on any treasury deposit shall be that in force at the date of making the deposit.

Interest on all treasury deposits shall become due annually on the anniversary of the date of making the same and shall be paid at the Federal Treasury to the holder of the treasury deposit receipt relating to such deposit on presentation of the said treasury deposit receipt to the Minister of Finance, who shall endorse the particulars of the date and of the amount of interest so paid on the back of the said treasury deposit receipt; and such endorsement shall be conclusive evidence that the interest specified in the endorsement has been paid.

No interest shall be due or payable on any treasury deposit after the expiration of the period for which the deposit was made.

Repayment of treasury deposits