Deposits — Secretarial Practice STD 12 Commerce / Arts — Question
Maharashtra BoardEnglish MediumSTD 12 Commerce / ArtsSecretarial PracticeDeposits2 Marks
Question
Deposit Repayment Reserve Account
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Answer
DRRA is an account opened in a scheduled bank for repaying the deposit amount.
Every company has to open DRRA that accepts deposits.
Every year, on or before 30 April, the company has to deposit an amount not less than 15% of the number of deposits maturing during the current year and following financial year.
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