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Interest rate on recovery notice

(Querist) 27 February 2014 This query is : Resolved 
Dear Members,

Can any one tell me that what should be the rate of interest on recovery notice for pending dues?

is there any specified rate of interest prescribed under law.

we sending recovery notice our self (as company)

Regards
Sanjeev
Report Abuse
Devajyoti Barman (Expert) 27 February 2014
Not more than 18%.
Nadeem Qureshi (Expert) 27 February 2014
yes, but if there is any written agreement then the rate of interest may be increased.
Sankaranarayanan (Expert) 27 February 2014
yes 18% normally
Rajendra K Goyal (Expert) 28 February 2014
Agreed interest rate or max. 18% in absence of it.

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