UES 37. Please tell us something on rate of interest payable by RNBCs on deposits and maturity period of deposits?
ANS 37. The amount payable by way of interest, premium, bonus or other advantage, by whatever name called by a residuary non-banking company in respect of deposits received shall not be less than the amount calculated at the rate of 5% (to be compounded annually) on the amount deposited in lump sum or at monthly or longer intervals; and at the rate of 3.5% (to be compounded annually) on the amount deposited under daily deposit scheme. Further, a RNBC can accept deposits for a minimum period of 12 months and maximum period of 84 months from the date of receipt of such deposit. They cannot accept deposits repayable on demand.
Related Questions
- UES 37. Please tell us something on rate of interest payable by RNBCs on deposits and maturity period of deposits?
- UES 35. We understand that there is no ceiling on raising of deposits by RNBCs, then how safe is deposit with them?
- Please tell us something on rate of interest payable by RNBCs on deposits and maturity period of deposits?
