Section 6(2) in The Banking Companies (Acquisition And Transfer Of Undertakings) Act, 1970
(2)The amount of compensation referred to in sub-section (1) shall be given to every existing bank, at its option,-(a)in cash (to be paid by cheque drawn on the Reserve Bank) in three equal annual instalments, the amount of each instalment carrying interest at the rate of four per cent. per annum from the commencement of this Act, or(b)in saleable or otherwise transferable promissory notes or stock certificates of the Central Government issued and repayable at par, and maturing at the end of-(i)ten years from the commencement of this Act and carrying interest from such commencement at the rate of four and a half per cent. per annum, or(ii)thirty years from the commencement of this Act and carrying interest from such commencement at the rate of five and a half per cent, per annum, or(c)partly in cash (to be paid by cheque drawn on the Reserve Bank) and partly in such number of securities specified in sub-clause (i) or sub-clause (ii), or both, of clause (b), as may be required by the existing bank, or(d)partly in such number of securities specified in sub-clause (i) of clause (b) and partly in such number of securities specified in sub-clause (ii) of that clause, as may be required by the existing bank.
