Mode of repayment for large deposits requires account payee instruments, with option to credit depositor's bank account. Section 269T mandates that companies, co-operative societies and firms must repay qualifying deposits by account payee cheque or account payee bank draft, with banking companies and co-operative banks permitted to credit the payee's account instead. Subsection (2) applies the same requirement to branches and to repayments where either a single deposit with interest or the aggregate deposits held by a person with that branch or entity (including joint holdings) meets the statutory threshold. The section contains provisos linked to the Act's presidential assent and explanatory definitions of banking company and deposit.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Mode of repayment for large deposits requires account payee instruments, with option to credit depositor's bank account.
Section 269T mandates that companies, co-operative societies and firms must repay qualifying deposits by account payee cheque or account payee bank draft, with banking companies and co-operative banks permitted to credit the payee's account instead. Subsection (2) applies the same requirement to branches and to repayments where either a single deposit with interest or the aggregate deposits held by a person with that branch or entity (including joint holdings) meets the statutory threshold. The section contains provisos linked to the Act's presidential assent and explanatory definitions of banking company and deposit.
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