Interest on site restoration fund deposits calculated at highest SBI rate, credited only to account and usable on authorised withdrawals. The scheme requires interest on deposits to be calculated at the highest State Bank of India rupee term deposit rate prevailing at the end of the financial year; withdrawals during a year cause interest to be computed on the minimum monthly balance. Interest is credited only to the scheme account and payable to the depositor only for authorised utilisation or on account closure; gross interest credited is evidenced by Form C and deemed a new deposit in that year.
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.
Interest on site restoration fund deposits calculated at highest SBI rate, credited only to account and usable on authorised withdrawals.
The scheme requires interest on deposits to be calculated at the highest State Bank of India rupee term deposit rate prevailing at the end of the financial year; withdrawals during a year cause interest to be computed on the minimum monthly balance. Interest is credited only to the scheme account and payable to the depositor only for authorised utilisation or on account closure; gross interest credited is evidenced by Form C and deemed a new deposit in that year.
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