Q.Write a letter to depositor regarding renewal of his deposit.
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Start your 14-day free trial to unlock the full solution →A letter to a depositor regarding renewal of deposit is a formal correspondence from the secretary confirming that the depositor's deposit has been renewed for a further period at the current rate of interest, stating the amount, tenure and enclosing a fresh deposit receipt. The properly formatted specimen letter is the answer.
A deposit accepted by a company is for a fixed term (between 6 and 36 months). On maturity, the depositor may choose to renew the deposit for a further period instead of withdrawing it. On receiving such a request (or offering renewal), the secretary sends a letter confirming the renewal, the renewed amount, the new period, the applicable rate of interest and the details of the fresh deposit receipt.
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