Q.State whether the following statement is True or False.
The deposit can be accepted for a maximum of 6 months.

The correct option is 36. The maximum term for which a company can accept or renew a public/member deposit is 36 months (3 years).

The acceptance of deposits is regulated so that a company does not lock up depositors' money for too long or repay it too soon. The law fixes the tenure of deposits between a minimum of 6 months and a maximum of 36 months from the date of acceptance or renewal.

…

Under the Companies (Acceptance of Deposits) Rules, deposits are accepted for 6 months (minimum) to 36 months (maximum). So the correct figure is 36 months.

A deposit is money accepted by a company by way of loan or otherwise from members or the public, other than certain excluded amounts. Because deposits are meant to meet short-term and medium-term finance needs, the law caps their tenure:

• Minimum period: 6 months.
• Maximum period: 36 months (3 years). …

The correct option is six months. Public deposits must be for a minimum of six months and a maximum of thirty-six months.

A deposit is money that a company borrows from members or the public for a short period. To protect depositors, the Companies Act, 2013 and the Deposit Rules fix a time band within which such deposits must fall. A company cannot accept or renew a deposit that is repayable on demand or in a period shorter than six months, and it cannot keep it beyond thirty-six months. This keeps deposits genuinely short-term and ensures depositors get their money back within a reasonable time.

…

The statement is False. The maximum period for accepting a deposit is 36 months, not 6 months.

Under the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, a company may accept deposits only for a period fixed by law.

• The minimum period for which a deposit can be accepted is 6 months.
• The maximum period is 36 months (three years). …