Repayment of Deposits.

Meaning: - Company accepts the deposits from the general public on certain terms and conditions. The deposit is accepted for a specific period which is specified in the advertisement. The rules pertaining to the repayment of deposits are also given in companies (Acceptance of Deposits) Rules, 1975 revised from time to time are as under.

(A)    Maintenance of Liquid Assets: - Every company should deposit or invest a sum not being less that 15% of the amount of its deposit in

i)      A current account or other deposit account with any scheduled bank or

ii)    In unencumbered (imaginative/ creative) securities of the central or any state government or

iii)   In unencumbered securities mentioned in Section 20 (a), (d) and (e) of the Indian Trust Act.

iv)  In unencumbered (creative) bond issued by the HDFC bank.

(B)    Repayment of Deposits: -

i) Every deposit received by a company should be repaid according to the terms and conditions of the deposits.

ii) Repayment made before 6 months is not allowed.

iii) Repayment made between 3 months and 6 months will be allowed without interest on the deposits.

iv) Repayment after six months will be given 2% less interest than the rate of interest applicable.

v) A company must intimate the depositor's details of maturity, at least 2 months before the deposit.

vi) Problem companies are prohibited from making premature repayment, Problem Company means a company suffering from lacunas (weak) in administrative, financial, legal aspects.

vii) Repayment can be made after lock-in-period of 6 months by normal companies.

viii) In case of death of depositors, premature repayment can be made during the lock-in-period.

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