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    Question

    What is the limitation period for money in account that

    is payable on demand?
    A 3 years. Correct Answer Incorrect Answer
    B 2 years. Correct Answer Incorrect Answer
    C 6 months. Correct Answer Incorrect Answer
    D 12 years. Correct Answer Incorrect Answer
    E 7 years. Correct Answer Incorrect Answer

    Solution

    As per Art. 22. Of the Limitation Act, 1963-   For money deposited under an agreement that it shall be payable on demand, including money of a customer in the hands of his banker so payable. It is Three years. When the demand is made.

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