Common use of DEMAND PROMISSORY NOTE Clause in Contracts

DEMAND PROMISSORY NOTE. ON DEMAND, I / We, , jointly and severally promise to pay to AXIS BANK LTD. or order, the sum of Rs...........................................(Rupees. only ) together with interest from the date hereof, at percent per annum or such other rate the Bank may fix from time to time, compounding and payable with daily/monthly/ quarterly rests, for value received. X Borrower Stamp Place : ................................................... Date : ................................................... X (Signature of the borrower)