Section 3(1) in The Companies (Acceptance of Deposits) Rules, 2014
(1)On and from the commencement of these rules,-(a)no company referred to in sub-section (2) of section 73 and no eligible company shall accept or renew any deposit, whether secured or unsecured, which is repayable on demand or upon receiving a notice within a period of less than six months or more than thirty-six months from the date of acceptance or renewal of such deposit:Provided that a company may, for the purpose of meeting any of its short-term requirements of funds, accept or renew such deposits for repayment earlier than six months from the date of deposit or renewal, as the case may be, subject to the condition that-(a)such deposits shall not exceed ten per cent. of the aggregate of the paid up share capital and free reserves of the company, and(b)such deposits are repayable not earlier than three months from the date of such deposits or renewal thereof.
