35Interest rate

### 35 Interest rate > [*\[Section 35 Substituted by No. 6 of 2002, Sched. 2, Applied:30 May 2002\]*](/view/html/inforce/2002-05-30/act-2002-006#JS2@Ja2@GC2@EN) > > > (1)  The interest rate is the sum of – > > > > > > (a) the market rate component; and > > > > > > > (b) [*\[Section 35 Subsection (1) amended by No. 8 of 2021, s. 19, Applied:01 Jul 2021\]*](/view/html/inforce/2021-07-01/act-2021-008#GS19@Hpa@EN) the premium component. > > > (2)  The market rate component is – > > > > > > (a) unless an order is in force under [paragraph (b)](#GS35@Gs2@Hpb@EN) , the Bank Accepted Bill rate rounded to the second decimal place (rounding 0.005 upwards); or > > > > > > > (b) the rate the Minister specifies by order published in the *Gazette*. > > > (3)  The Bank Accepted Bill rate in respect of any day is the yield rate for 90-day Bank Accepted Bills published by the Reserve Bank for the month of May in the financial year preceding the financial year in which the day occurs. > > > (4)  [*\[Section 35 Subsection (4) inserted by No. 8 of 2021, s. 19, Applied:01 Jul 2021\]*](/view/html/inforce/2021-07-01/act-2021-008#GS19@Hpb@EN) The premium component is – > > > > > > (a) unless an order is in force under [paragraph (b)](#GS35@Gs4@Hpb@EN) , 8% per annum; or > > > > > > > (b) the rate the Minister specifies by order published in the *Gazette*.