Section 6(3) in Banking Companies (Acquisition And Transfer of Undertaking) Act, 1969
(3)The amount of compensation determined in accordance with the foregoing provisions shall be paid to each existing bank, at its option,-(a)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 ten years from the date of commencement of this Act and carrying interest at the rate of four and a half per cent, per annum; or(b)in saleable or otherwise transferable promissory notes or stock certificates of the Central Government, issued and repayable at Parliament, and maturing at the end of thirty years from the date of commencement of this Act and carrying interest at the rate of five and a half per cent.Per annum; or(c)partly in such number of securities specified in clause (a) and partly in such number of securities specified in clause (b), as may be required by the existing bank.
