Amendment status not verified — confirm the current text below against the official source.
(1) A Financial Establishment shall not receive or renew any deposit which is repayable on demand (2) A Financial Establishment shall not receive or renew any deposit which is repayable before a period of 6 (six) months or after expiry of 36 (thirty-six) months. (3) A Financial Establishment shall not invite, receive or renew any deposit at a rate of interest which is more than 3 (three) per cent by a Scheduled commercial bank for the corresponding amount and period of deposit. () (1) A Financial Establishment shall not accept or renew any deposit except on a written application from the depositor in the form as may be prescribed to be supplied by the Financial Establishment at its own cost. (2) Such application form shall inter alia contain the following particulars, namely:- (a) the name, address and phone number of the registered office of the Financial Establishment; -3- Receipts to be issued for deposits. Record of money received from depositors. Security deposits from employees. (b) the name, address and phone number of the main office of the Financial Establishment in Sikkim; (c) the category" of the depositor, namely whether the depositor is a shareholder or a director or a promoter the Financial Establishment or a member of the public; (d) introduction of the depositor if he/she is a new depositor; (e) the period of deposit; (f) the rate of interest, and the total amount payable to the depositor by the financial Establishment on maturity of the deposit; (g) the date on which the maturity amount will be payable to the depositor; (h) the rate of interest which will be payable to the depositor incase the depositor withdraws the deposit prematurely.