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Fixed deposits

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(Querist)
08 March 2010 Sir/Madam

What are the ceilings on public fixed deposits & rates of interest by a private company?

What are the consequences for delay in repayment of Interest/Principal?

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Rasesh

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Rasesh (Expert)
08 March 2010 On public fixed deposits: 12.5%.

On deposits by Private Limited comapny: no limit, as the Companies (Acceptance of Deposit) Rules are not applicable to such companies.

consequences for delay in repayment:Rule 8A

Penal rate of interest.- A penal rate of interest of eighteen per cent. shall be paid for the overdue period in case of public deposits matured and claimed but remaining unpaid. In case of deposit made by a small depositor, the penal rate of interest shall be twenty per cent. compoundable on an annual basis. Explanation.- For the purposes of this rule, the expression “a small depositor” has the same meaning as assigned to it in the explanation to Section 58AA of the Act.
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Ankur Garg

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Ankur Garg (Expert)
08 March 2010 Agree with expert.
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Pawan Verma

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Pawan Verma (Querist)
08 March 2010 thanks for the feedback.
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