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Question
Explain the following term/concept.
Interest on Deposit
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Solution
The company accepts deposits in order to meet the short-term requirement of the company. A deposit is a borrowed capital. The company is liable to pay a fixed rate of interest on the amount invested in deposits by the depositors. The company pays interest through interest warrant or electronic mode i.e. NEFT, ECS etc.
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A Private Company can accept the deposits from the general public.
