Interest Calculation on Overdue Payments

posted Oct 17, 2009, 4:50 AM by Unknown user   [ updated Feb 16, 2010, 12:17 AM by Archana B ]
  1. After due date, late payment charges/interest @ 2% per month will be added to outstanding balances on next day for the full month.
  2. Late payment will be calculated on 1st of every month for that month on the outstanding balance on 1st. Any payment made after that will be considered only for next month’s interest calculation.
  3. SWA defines list of defaulter (based on pending amount) after 1 month of due date and publish notices and other actions as approved by MC. Refer SWA Bye Laws for same.
  4. For consideration of late charges, payment date is considered in following way….
    1. NEFT and Self Deposited Cheques: date on which amount is credited in SWA bank account will be considered. All payments should reach on or before due date (Example : 31st July ) - Suggested:  Please submit your NEFT atleast 3 working daysand Self deposited cheques atleast 5 working days.
    2. Cheques dropped in drop box/SWA Office - date on register will be considered as payment date for realized cheques. If cheque is rejected because of error on Owner's side, resubmition date for next cheque will be considered. Cheques should be dropped before close of club house on due date. If register entry is not made, date of SWA payment receipt will be treated as payment date. Suggested: Please submit cheques atleast 7-10 days before due date.
    3. Cheques Couriered: DO NOT COURIER TO SWA. SWA will not be responsible for any lost/misplaced cheque DD. Suggested: Send courier to any resident who can deposit cheque to SWA
    4. Cheque delivered to MC : Not to give cheques to MC. 
    5. CASH: Accountant WILL NOT accept any cash payments for payments more than 5000 Rs. SWA is not responsible for any lost payments made to unauthorized people. Authorized people are treasurer and accountants. For all cash payment, please collect receipt immediately.