The National Savings Bank (Amendment) (No. 2) Regulations 1996

7.  Regulation 42 shall be amended—

(a) in paragraph (2), by substituting for the words from “calculated on” to the end of the paragraph, the following—

“calculated—

(a) in the case of a treasurer’s account, on any amount less than one penny or some multiple of one penny;

(b) in any other case, on any amount less than £1 or some multiple of £1.

(2A) For the purposes of this regulation, a deposit made by bank giro credit in accordance with regulation 29F(1) above shall be deemed to have been made on the day on which the relevant amount is credited to the approved bank account.”; and

(b) in paragraph (3), by substituting for the words from “withdrawn on” to the end of the paragraph, the following—

• “withdrawn—

  (a)

  where payment was made by warrant, on the earliest day on which that warrant was payable,

  (b)

  where payment by electronic transfer was initiated in accordance with regulation 29H(3) or 29I(3) above, the day on which the payment would, in the normal course, have been received as a result thereof by the banker or other person with whom the receiving account was kept.”.