due date and time for payment of instalment.

Querist : Anonymous (Querist) 24 April 2010 This query is : Resolved
This in reference of instalment due on loan. Suppose instalment due date is 7th of a month. There is no money in the account on 7 th at 10 am to say 11.30 am in borrowers account. Borrowers cheque was cleared into his account by 12.30 o clock. Therefore sufficient funds were in the borrowers account after 12.30 o clock on 7th of a month.Bank bounced the installment ch. presented on 7th before 12.3 o clock for want of funds. Please advice what is the time when liability to pay instalment on particular date is fixed.does it make any difference if instalment iscollected through ECS.
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Akhilesh Kumar (Expert) 24 April 2010
if due date is 7th of a month. Then it is whole working time of bank of that day.ie 9:30 am to 8 or 9 PM it differs bank to bank working hour.
No main motive is payment of Installment not mode of payment.

mahendrakumar (Expert) 24 April 2010
to the best of my knowledge and belief,at 10.00am itself on 07th ,you must maintain the balance,because whoever presenting the cheque for the due on 07th is entitled to present the same at 10.00 am or later according to his/her choice.

aman kumar (Expert) 30 April 2010
agree with expert

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