6.A bank may terminate a Re-deposit early prior to the maturity date, subject to
the Bank's approval. The interest on early termination of Re-deposit shall be
calculated as follows:
(1) Where the interest rate for the Re-deposit is determined in accordance with
subparagraph 1 or 2 of Direction 4, the following shall apply:
i. No interest shall be paid, if the duration of Re-deposit is less than one
month.
ii.One-month interest shall be paid based on the simple rate in effect at
the time of Re-deposit, if the duration of Re-deposit is over one month
but less than three months.
iii.Three-month interest shall be paid based on the simple rate in effect at
the time of Re-deposit, if the duration of Re-deposit is over three months
but less than six months.
iv. Six-month interest shall be paid based on the simple rate in effect at the
time of Re-deposit, if the duration of Re-deposit is over six months but
less than nine months.
v. Nine–month interest shall be paid based on the simple rate in effect at
the time of Re-deposit, if the duration of Re-deposit is over nine months
but less than one year.
(2) Where the interest rate for the Re-deposit is determined in accordance with
subparagraph 3 of Direction 4, the following shall apply:
i. No interest shall be paid, if the duration of Re-deposit is less than
thirty days.
ii. Thirty-day interest shall be paid based on the simple rate in effect at
the time of Re-deposit, if the duration of Re-deposit is over thirty days
but less than ninety-one days.
iii. Ninety-one-day interest shall be paid based on the simple rate in effect
at the time of Re-deposit, if the duration of Re-deposit is over ninety-
one days but less than one hundred and eighty-two days.
iv. One hundred and eighty-two-day interest shall be paid based on the simple
rate in effect at the time of Re-deposit, if the duration of Re-deposit is
over one hundred and eighty-two days but less than three hundred and sixty-
four days.