[amp_mcq option1=”31st March of every Financial Year” option2=”1st April of every Financial Year” option3=”the date of sanction for renewal” option4=”the date of application for renewal” correct=”option3″]
The correct answer is C. the date of sanction for renewal.
The renewal charges for all advance accounts are to be recovered on the date of sanction for renewal. This is because the renewal charges are payable only after the account has been renewed. The date of sanction for renewal is the date on which the bank approves the renewal of the account.
The other options are incorrect because they are not the dates on which the renewal charges are payable. Option A is the date on which the financial year ends. Option B is the date on which the next financial year begins. Option D is the date on which the application for renewal is submitted.
I hope this explanation is helpful. Please let me know if you have any other questions.