Gurmeet Kaur (Chartered Accountant) (64 Points)
23 January 2014As per RBI Circular no.RBI/2013-14/457 DPSS.CO.EPPD No.1583/04.03.01/2013-14 dated 21st Jan 2014 regarding NEFT – Customer Service and Charges – Adherence to Procedural Guidelines and Circulars, following is mentioned:
"Ensure that in case of delayed credits or delayed returns, the penal interest as applicable is paid suo-moto to the customer without necessitating a request for the same by the customer"
What would be the rate of Penal Interest in such case and how to calculate the same.
S R P .
(.)
(420 Points)
Replied 23 January 2014
The savings bank interest rate claculated on daily bais for delayed period
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
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