Regulation 61 Accrual of interestI1

This regulation applies in relation to—

The amount of interest accruing on a particular day in relation to a children’s certificate to which this regulation applies must be calculated using the following formula—

A = (V × I%)/365

where—

A is the amount of interest accruing in respect of the children’s certificate on the particular day;

V is the capital value of the certificate on that day; and

I% is the annual rate of interest fixed for the current term of the certificate, excluding any bonus that may apply.