Statutory intrest rate
B POLI REDDY
(Querist) 17 July 2015
This query is : Resolved
Sir,
Court awarded that all the dues to be paid along with statutory interest rate . Please advice Rate of interest. judgement given in 2015.
Thanks
Kumar Doab
(Expert) 17 July 2015
Interest rate decisions are taken by the Reserve Bank of India's Central Board of Directors.
Probably this is referred to.
You may wait for more posts from experts.
M/s. Y-not legal services
(Expert) 17 July 2015
its may differ state to state..
in TamilNadu usually till the date of judgement Interest rate will be as 9%. after the judgement till realization the interest rate will be as 6%
Rajendra K Goyal
(Expert) 18 July 2015
Could not trace exact definition of Statutory rate of Interest.
As per Interest Act 1978:
2. (b) “Current rate of interest” means the highest of the maximum rates at which interest may be paid on different classes of deposits (other than those maintained by charitable or religious institutions) by different classes of scheduled banks in accordance with the directions given or issued to banking companies generally by the Reserve Bank of India under the Banking Regulation Act, 1949 (10 of 1949).
Explanation. -In this clause,” scheduled bank,” means a bank, not being a co-operative bank, transacting any business authorised by the Banking Regulation Act, 1949 (10 of 1949);
Section 34 of Civil Procedure Code, 1908 confers a discretion on the Court to award interest at such rate as the Court deems reasonable from the date of the suit to the date of the decree with further reasonable interest on the aggregate sum till date of payment .
