The Negotiable Instruments Act, 1881
79. Interest when rate specified.-
When interest at a specified rate is expressly made payable on a promissory note or bill of exchange , interest shall be calculated at the rate specified, on the amount of the principal money due thereon, from the date of the instrument, until tender or realization of such amount, or until such date after the institution of a suit to recover such amount as the Court directs.
The Negotiable Instruments Act, 1881
