Post-maturity interest entitlement on unpaid deposits continues for a limited period, payable at the prevailing savings account rate on repayment. Rule 9A provides that where repayment of a deposit, inclusive of bonus, is due but unpaid, simple interest is allowed on the amount due for a maximum period of two years from maturity to repayment at the rate applicable to savings accounts of the account type; periods less than one month are ignored and interest is paid in lump sum at repayment.
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.
Post-maturity interest entitlement on unpaid deposits continues for a limited period, payable at the prevailing savings account rate on repayment.
Rule 9A provides that where repayment of a deposit, inclusive of bonus, is due but unpaid, simple interest is allowed on the amount due for a maximum period of two years from maturity to repayment at the rate applicable to savings accounts of the account type; periods less than one month are ignored and interest is paid in lump sum at repayment.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
