Banking · Service Standards
According to banking customer service guidelines in India, what is the mandated interest payment threshold if there is a delay in the collection of outstation cheques beyond fourteen days from the date of deposit?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1A flat penalty of 100 rupees per day regardless of the cheque amount or deposit date.
- 2Interest at fixed deposit rate for the corresponding period of delay beyond 14 days or at 2 percent above savings rate, whichever is higher.✓
- 3Savings bank rate of interest for the period of delay beyond 14 days.
- 4Compensation is voluntary and left to the discretion of the individual bank board.
Correct answer
Interest at fixed deposit rate for the corresponding period of delay beyond 14 days or at 2 percent above savings rate, whichever is higher.
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