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Report No. 63

7.9. Deposit.-

In the case of security deposits, if a demand for interest is not made, interest is not recoverable at present.1 We are of the view that the position in this regard should be altered. Now-a-days, deposits are often taken for the performance of contractual or statutory obligations, and it is but fair that interest from the date of deposit should be allowed on such deposits by an express statutory provision. A specific provision on the subject is desirable.

1. Sheikh Mahtah v. Dharamsae, AIR 1944 Nag 330 (332, 333).

Interest Act, 1839 Back

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