(1) Every insured bank shall, so long as it continues to be registered, be liable to pay a premium to the Corporation on its deposits at such rate or rates as may 3[with the previous approval of the Reserve Bank, be notified by the Corporation, from time to time, to the insured banks and different rates may be notified for different categories of insured banks:]
Provided that the premium payable by any insured bank for any period shall not exceed fifteen paisa per annum for every hundred rupees of the total amount of the deposits in that bank at the end of that period or, where its registration has been cancelled during that period, on the date of its cancellation:
Provided further that where the registration of any insured bank is cancelled under section 13 4[or under section 13C] such cancellation shall not affect the liability of that bank for payment of premium for the period before such cancellation and of any interest due under the provisions of this section.
(2) The premium shall be payable for such periods, at such times and in such manner as may be prescribed.
(3) If an insured bank makes any default in payment of any amount of premium, it shall, for the period of such default, be liable to pay to the Corporation interest on such amount at such rate 5[not exceeding eight per cent. over and above the bank rate as may be prescribed].
1. Subs. by Act 56 of 1968, s. 8, for "banking company" (w.e.f. 1-7-1971).
2. Subs. by Act 21 of 1976, s. 33, for "banking company" (w.e.f. 26-9-1975).
3. Subs. by Act 21 of 1978, s. 8, for certain words (w.e.f. 15-7-1978).
4. Ins. by Act 56 of 1968, s. 9 (w.e.f. 1-7-1971).
5. Subs. by Act 21 of 1978, s. 8, for "not exceeding eight per cent. per annum as may be prescribed" (w.e.f. 15-7-1978).