The rate of interest payable on ordinary deposits, except deposits in accounts closed before 1st January 1972, shall be 3 ½ per cent, per annum or such other rate as may be specified in an order of the Treasury under this section.

The rate of interest payable on ordinary deposits in accounts closed before 1st January 1972 shall be 2 ½ per cent, per annum or such other rate as may be specified in an order of the Treasury under this section.

Interest on an ordinary deposit shall not commence until the first day of the month next following the day of deposit, and shall cease on the first day of the month in which the deposit is withdrawn.

Interest on ordinary deposits shall be calculated to 31st December in every year and shall be added to and become part of the principal; but interest shall not be calculated on any amount less than one pound or some multiple of one pound.

The Treasury may by order alter the rate of interest payable on ordinary deposits, but not so as to reduce it to a rate of less than 2 ½ per cent, per annum.

An order under this section, so far as it relates to interest for a period before 1st January 1972, may be made so as to apply only as respects deposits in accounts not closed before that date, or so as to make different provision for such deposits and other deposits.

An order under this section may be revoked or varied by a subsequent order.