Interest for delayed collection of bills is paid above the savings rat…

Question

Interest for delayed collection of bills is paid above the savings rate by:

Accepted Answer

B. 2 per cent

1. The lodger's bank pays the lodger for the delay.
2. The benchmark is the savings bank rate.
3. The margin over it is 2 per cent per annum.
_Source: Reserve Bank of India (Commercial Banks - Responsible Business Conduct) Directions, 2025_

Answer

5 per cent

Answer

3 per cent

Answer

4 per cent

Interest for delayed collection of bills is paid above the savings rate by:

Keep practising Negotiable Instruments Act