What is the course of action if in any case it is found that investment made by an individual is in excess of maximum prescribed limit?
Ans. A declaration has to be obtained from the depositor while opening MIS account in SB-3 in manuscript that the deposits in all accounts taken together do not exceed the maximum limit. Despite tliis, if in any case, investment is found in excess of prescribed limit, a notice has to be sent to the depositor to withdraw excess amount immediately. Interest at the rate\>f savings account will be given on the excess amount from the date of opening of account till the date of issue of notice and the excess interest paid will be adjusted from the refund of excess amount. – .
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