Maturity of a Bill

Maturity is the date on which a bill of exchange or promissory note becomes due for

payment. To arrive at the maturity date, three days of grace are added to the date on

which the period of the bill actually expires.

Thus, a bill dated March 5 payable 30 days after date falls due on April 7 (33 days

after March 5). If it were payable one month after date, the due date would be April 8

(one month plus three days after March 5).

Two special situations affect the due date:

• If the date of maturity is a public holiday, the bill becomes due on the preceding business day. So if April 8 is a public holiday, April 7 becomes the maturity date.
• If an emergency holiday is declared under the Negotiable Instruments Act, 1881 (by the Government of India) and it happens to fall on the maturity date, the bill becomes due on …