Deposits — Secretarial Practice STD 12 Commerce / Arts — Question
Maharashtra BoardEnglish MediumSTD 12 Commerce / ArtsSecretarial PracticeDeposits2 Marks
Question
Interest on Deposit
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Answer
The return received on the deposit amount is called Interest on Deposit.
The rate of interest on deposits is decided by the Reserve Bank of India from time to time.
In case of premature repayment of deposits, the company can deduct 1% interest from the rate of interest stated at the time of acceptance of the deposit.
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