A listed company declared interim dividend on 31 August 2021, on the 25th anniversary of the company. It deposited the amount with an NBFC on 4 September 2021. This is:

1. Rule 3 of Dividend Rules — amount of declared dividend must be deposited in a SEPARATE ACCOUNT of a SCHEDULED BANK within 5 days of declaration. 2. NBFCs are not scheduled banks for this purpose. 3. Hence (C). _Source: ICAI BoS CA Inter Paper 2 — Declaration and Payment of Dividend_