Question

Attempt the following.

Draft a letter to depositor informing him about payment of interest electronically.

Answer 1

The company can pay interest on the deposits to the depositors electronically through ECS or NEFT.

HULK MOTORS LTD.

Registered office: Plot No. 05, Commercial Towers, P.K. Road,
Mumbai - 400067

CIN: R20020 MH 1000 PLC123456

Website: www.hulkmotors.in
Email: [email protected]
Date: 17th Oct, 2020

Phone: 022 12345678
Fax: 022 - 11112222
Ref. No.: C/2060/20-18
Mr. John Methiw
508, Lokesh Apartments,
AK.D. Road,
Mumbai – 4000089

Sub: Payment of Interest on Fixed Deposit Electronically through ECS or NEFT.

Dear Sir,

        I am instructed by the Board of Directors to convey to you that the Board has passed a resolution in the Board Meeting held on 12th Oct, 2020 to pay interest @ 10% on deposits for the year ending 31st March, 2020.

      Your company has complied with all the provisions relating to the payment of interest on deposits.

      The details of payment of interest payable to you are as follows:

1	2		3	4	5	6
Fixed Deposit Receipt. No	Deposit Amount (₹)		Rate of interest (%)	Gross Amt. of Interest (₹)	TDS (10%)	Net Amt. of Interest Payable (₹)
123	50,000		10	5000	NIL	5000

      Interest will be paid by electronic transfer i.e. by crediting the said interest to your bank account, as per details provided by you to the company.

     Thanking You,

Yours Faithfully,    
For Hulk Motors Ltd.

 Sign           
Mr. Kamlesh Gaikwad
Company Secretary