RIGHT TO VARY RATE OF INTEREST ON OUTSTANDINGS Sample Clauses

RIGHT TO VARY RATE OF INTEREST ON OUTSTANDINGS. The Bank shall be entitled to vary / change the rate of interest (including any change as may be directed by Reserve Bank of India and / or any other regulatory / statutory body) from time to time or method of computation of such rate of interest or to charge an additional or penal rate and send to the Borrower an intimation in that regard. Upon intimation of such change / variation in the interest rates Borrower shall be deemed to have consented to such change / variation. The Borrower agrees / undertakes to pay interest at the rates as may be revised from time to time. Interest shall be charged on the outstanding(s) in the accounts opened in respect of the Facilities at such rate(s) as may be determined by the Bank from time to time at the Bank’s sole discretion provided that the rate(s) shall be subject to changes in the Bank’s Benchmark Prime Lending Rate and / or changes in interest rates prescribed by the Reserve Bank of India from time to time.
Sample 1
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RIGHT TO VARY RATE OF INTEREST ON OUTSTANDINGS. The Borrower hereby specifically agrees/agree that the Bank shall be entitled to change/ vary the interest rates on account of any change as may be directed by Reserve Bank of India and/or any other regulatory /statutory body from time to time. The Borrower agrees/agree to pay interest at such revised rates as aforesaid. It is agreed that it will not be necessary for the Bank to send intimation of change of rate of interest to the Borrower and a publication either in the newspaper or on the notice board will be sufficient and the Borrower will be deemed to have consented to such change. Interest shall be charged on the outstanding(s) in the account(s) opened in respect of the Facilities at such rate(s) as may be determined by the Bank from time to time at the Bank's sole discretion provided that the rate(s) shall be subject to changes in the Bank's Benchmark Prime Lending Rate and/or changes in interest rates prescribed by the Reserve Bank of India from time to time.
Sample 1

Related to RIGHT TO VARY RATE OF INTEREST ON OUTSTANDINGS

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