APPENDIX  B

159

(c)  Interest  shall  be  computed  upon  the  lowest ­
  monthly  balance  to  the  credit  of  the  account
during  each  month  of  the  fiscal  year  and  shall  be
placed  to  the  depositor’s  credit  at  the  end  of
each  fiscal  year:  Provided,  That  if  the  account
is  closed  during  the  fiscal  year  the  interest  shall
be  added  at  the  time  the  account  is  closed.
(d)  No  interest  shall  be  allowed  upon  fractions ­
  of  a  peso  or  for  the  fractional  part  of  a
calendar  month.
(e)  The  Philippine  Government  reserves  the
right  to  alter  the  rate  of  interest  at  the  end  of
each  fiscal  year.
(/)  At  the  end  of  each  fiscal  year  the  chief  of
the  postal  savings  bank  division  shall  send  a
statement  of  the  interest  accrued  on  each  deposit
to  every  depositor,  and  a  duplicate  statement  of
the  same  to  the  postmaster  of  the  postal  savings
bank  most  convenient  to  the  residence  of  said
depositors,  respectively,  and  said  postmasters
shall,  upon  presentation  of  the  deposit  books  by
the  respective  depositors,  together  with  the
above-mentioned  statement,  enter  the  amount  as
a  deposit  in  the  deposit  book  of  said  depositor
in  the  manner  provided  in  section  eight  of  this
Act.
(g)  Any  postal  savings  bank  account  upon
which  there  has  not  been  made,  for  a  period  of
ten  years,  any  deposit,  withdrawal,  or  other
operation  made  on  demand  of  the  depositor,  or
his  legal  representatives  or  assignees,  shall  cease
to  be  productive  of  interest  and  shall  be  reimbursable ­
  at  the  amount  existing  to  the  credit  of
said  depositor  upon  the  thirtieth  of  June  following ­
  the  date  upon  which  said  ten-year  period
shall  have  expired:  Provided,  That  in  the  case
of  deposits  made  by  one  person  or  society  to  the
credit  of  another  person  or  society  under  the
stipulation  that  the  latter  person  or  society  shall