1. (1) The rate of interest payable from time to time on money deposited in accounts in the Province of Ontario Savings Office shall be calculated as follows: 1. Where the depositor so elects, the rate of interest payable from time to time shall be calculated on the lowest closing daily balance within the month for each complete calendar month in which there is a balance on deposit and shall be paid on the last days of March and September in each year. 2. Where the depositor so elects, the rate of interest payable from time to time shall be calculated on the closing daily balance on deposit and shall be paid on the last day of each month.  R.R.O. 1990, Reg. 942, s. 1 (1). (2) The rates of interest payable by the Province of Ontario Savings Office on the types of accounts referred to in subsection (1) shall not exceed by more than ½ of 1 per cent the rates of interest being paid from time to time by financial institutions on similar types of accounts with respect to money deposited with them.  R.R.O. 1990, Reg. 942, s. 1 (2). (3) Where in an account described in paragraph 2 of subsection (1), the balance on deposit upon which a calculation of interest is based is an amount on which a higher rate of interest is paid by financial institutions with respect to a balance on deposit of that amount, a higher rate of interest may be paid with respect to that balance on deposit than would be payable with respect to a lesser balance on deposit.  R.R.O. 1990, Reg. 942, s. 1 (3). (4) Subject to subsection (5), the higher rate of interest payable by the Province of Ontario Savings Office on a balance on deposit referred to in subsection (3) shall not exceed by more than ½ of 1 per cent the rate of interest being paid by financial institutions with respect to a balance on deposit of that amount or more on similar types of accounts.  R.R.O. 1990, Reg. 942, s. 1 (4). (5) Where the balance on deposit in an account referred to in subsection (1) forms part or all of the assets of an Ontario home ownership savings plan of which the Province of Ontario Savings Office is the depositary under the Ontario Home Ownership Savings Plan Act, the rate of interest payable by the Province of Ontario Savings Office on the account may exceed by more than ½ of 1 per cent the rate of interest being paid by financial institutions with respect to a balance on deposit of that amount on similar types of accounts but shall not exceed the highest rate of interest payable by the Province of Ontario Savings Office on accounts having higher balances on deposit.  R.R.O. 1990, Reg. 942, s. 1 (5). (6) The rates of interest to be paid on money deposited in accounts in a Province of Ontario Savings Office shall be rates that will maintain the Office in a competitive position with other financial institutions.  R.R.O. 1990, Reg. 942, s. 1 (6). (7) Where there is a change in the rates of interest referred to in subsections (2) and (4) that are generally paid by financial institutions, the rates of interest payable by the Province of Ontario Savings Office shall be examined to determine whether or not a corresponding change is required to be made.  R.R.O. 1990, Reg. 942, s. 1 (7). (8) For the purpose of this section, “financial institutions” include banks listed in Schedule I or II to the Bank Act (Canada) and trust corporations carrying on business in Ontario.  R.R.O. 1990, Reg. 942, s. 1 (8).