Rule 24 — RPR

24. Interest on loans.– (1) Interest shall be charged at the rate notified by the Government for any particular loan or for the class of loans concerned.

(2) A loan shall bear interest for the day of payment but not for the day of repayment. (3) Interest for any shorter period than a complete year shall be calculated as under,-

Number of days x yearly rate of interest 365 (366 in case of a leap year), unless any other method of calculation is specified in any particular case or class of cases.