sch.1-sec.15Interest on security deposit

sch.1-sec.15 Interest on security deposit

If the holder has received a security deposit from a small exempt customer, the holder must pay interest to the small exempt customer on the deposit at the bank bill rate. Interest is to accrue daily and is to be capitalised (if not paid) every 90 days. For the purposes of this condition, bank bill rate means a daily published rate no less than the pre-tax rate of return the holder would earn over the period the holder retains the security deposit if it were invested in bank bills that have a term of 90 days. (sch.1-sec.15-ssec.1) If the holder has received a security deposit from a small exempt customer, the holder must pay interest to the small exempt customer on the deposit at the bank bill rate. (sch.1-sec.15-ssec.2) Interest is to accrue daily and is to be capitalised (if not paid) every 90 days. (sch.1-sec.15-ssec.3) For the purposes of this condition, bank bill rate means a daily published rate no less than the pre-tax rate of return the holder would earn over the period the holder retains the security deposit if it were invested in bank bills that have a term of 90 days.