Para 12 - Rate of interest - Bank Term Deposit Scheme, 2006 - U/s 80C(2)(xxi)

Rate of interest. 12. (1) The rate of interest on the term deposit shall be in accordance with the rate fixed by the scheduled bank from time to time. (2) The interest may be paid either in lump sum at the time of maturity or it may be paid every quarter or every month in accordance with the regulatory guidelines for payment of interest on the term deposit. (3) Where the interest is paid by the scheduled bank in lump sum at the time of maturity, the term deposit receipt shall bear the yearly rate of interest on the term deposit.