# Deposit Receipt (Rule 12)

## Rule

Every company shall furnish a deposit receipt to the depositor or his agent on acceptance or renewal of a deposit.

## Time Limit

Within 21 days from the:

date of receipt of money, OR
date of realisation of cheque, OR
date of renewal

— whichever is applicable.

## Memory Aid

> '21 Days from Receipt / Realisation / Renewal' — the 3 R's of when the 21-day clock starts.

## Why This Matters

The receipt is the depositor's primary evidence of the deposit.
Delay = irregularity attracting penalties under Rule 21.

⚠️ Common exam mistakes

Counting the 21 days from the date of cheque rather than the date of realisation.
Forgetting that renewals also trigger a fresh 21-day receipt requirement.

Bare-Act text Rule 12, Companies (Acceptance of Deposits) Rules, 2014 · Companies Act, 2013 · click to expand

Every company shall, on the acceptance or renewal of a deposit, furnish to the depositor or his agent a receipt for the amount received by the company, within a period of 21 days from the date of receipt of money or realisation of cheque or date of renewal, as the case may be.

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Deposit Receipt (Rule 12)

Worked example

⚠️ Common exam mistakes