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Question
Explain the following term/concept.
Deposit Receipt
Solution
(1) The company has to issue a Deposit Receipt to every deposit holder within 21 days from receipt of the money or realization of cheque or date of renewal.
(2) The receipt has to be signed by the officer duly authorized by the Board of Directors. The receipt contains:
The name and address of the depositor, Amount of deposit, Rate of interest payable, and Date on which it is repayable
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