Renewal of overdue deposits

¹[²[9AC]. A miscellaneous non-banking company may, at its discretion, allow interest on an overdue deposit or a portion of the said overdue deposit from the date of maturity of the deposit provided that :

a) the total amount of overdue deposit or the part thereof is renewed from the date of its maturity till some future date in accordance with the other provisions of these directions; and

b) the interest allowed shall be at the appropriate rate operative on the date of the maturity of such overdue deposit which shall be payable only on the amount of deposit so renewed.]

Note :

1.  Inserted, vide Notification No. 79 DG(T)/94 dated 31-12-1994 ,

2.  Renumbered, vide Notification No. 181 dated October 5, 2004