Banking · RBI Guidelines
According to the RBI's Compensation Policy guidelines for delayed collection of outstation cheques, what is the mandatory interest payable by a bank to a customer if the collection is delayed beyond 14 days from the date of deposit?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The bank is only required to pay the standard savings bank interest rate for the entire period of delay.
- 2The bank must pay interest at the savings bank rate for the first 14 days and thereafter at the fixed deposit rate for the corresponding period.
- 3For delays beyond 14 days, the bank must pay interest at the savings bank rate plus 2% p.a. for the period of delay beyond 14 days.✓
- 4No interest is payable if the delay is caused by clearing house operational issues.
Correct answer
For delays beyond 14 days, the bank must pay interest at the savings bank rate plus 2% p.a. for the period of delay beyond 14 days.
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