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Sunday, Feb 10, 2002

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DCA cuts interest rate ceiling on public deposits

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THE Department of Company Affairs (DCA) has reduced the ceiling on interest rate on public deposits in companies by 150 basis points to 12.5 per cent from the existing 14 per cent. The department has issued a notification amending the Companies (Acceptance of Deposits) Rules, 1975, to this effect.

The move is in keeping with the general trend of falling interest rates and is linked to rates offered in other contractual savings.

The reduction has been done at the instance of the Reserve Bank of India and would govern all companies under the Companies Act, SEBI Act and NBFC rules, sources said.

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