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How and when banks are required to pay interest on the deposits maturing on holiday/non-business working day/Sunday?

April 26, 2017Banks deposits holiday maturing non-business pay working

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How and when banks are required to pay interest on the deposits maturing on holiday/non-business working day/Sunday?

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Banks should pay interest at the originally contracted rate on the deposit amount for the holiday/Sunday/Non-business working day intervening between the date of expiry of the specified term of the deposit and the date of payment of the proceeds of the deposits on the succeeding working day.