Deposit Protection Act · s 36

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s 36Annual premium

(1)

Every member institution shall, for each assessment year following the assessment year in which it becomes a member institution, pay an annual premium for all protected deposits placed with it.

(2)

The maximum annual premium rates under this Act shall not exceed 0.5 per cent of the total protected deposits.

Deposit Protection 30

(3)

The quantum of such annual premium paid under subsection (2)

shall not be lower than the first premium.

(4)

A member institution shall pay the annual premium within 30 days upon the receipt of the notice of payment.