Fixed Deposits

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CA Atulesh Lachure

CA Atulesh Lachure (Querist)
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14 April 2010 What points should be kept in consideration while checking Fixed Deposit Receipts.

Ankur Garg

Ankur Garg (Expert)
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14 April 2010 1. Check whether receipt has been provided to the depositor within a period of eight weeks from the date of receipt of money or realisation of cheques.

2. Check whether Receipt has been signed by an officer of the company duly authorised by the company in this behalf.

3. Check whether the date of deposit, the name and address of the depositor, the amount received by the company as deposit, the rate of interest payable thereon and the date on which the deposit is repayable has been mentioned on the receipt.

4. Check whether company is following the terms and conditions of deposits.

5. Also check the full compliance of Companies (Acceptance of Deposits) Rules, 1975.

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