Rate of interest on term deposits: bank-set rates with lump-sum or periodic payment options and maturity disclosure. Rate of interest on bank term deposits under the Bank Term Deposit Scheme, 2006 is fixed by the scheduled bank from time to time. Interest may be paid in lump sum at maturity or periodically (monthly or quarterly) in accordance with regulatory guidelines. If interest is paid in lump sum at maturity, the term deposit receipt must state the yearly rate of interest applicable to the 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.
Rate of interest on term deposits: bank-set rates with lump-sum or periodic payment options and maturity disclosure.
Rate of interest on bank term deposits under the Bank Term Deposit Scheme, 2006 is fixed by the scheduled bank from time to time. Interest may be paid in lump sum at maturity or periodically (monthly or quarterly) in accordance with regulatory guidelines. If interest is paid in lump sum at maturity, the term deposit receipt must state the yearly rate of interest applicable to the deposit.
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