Security deposits from employees

(1) A Financial Establishment receiving any amount in the ordinary course of its business as security deposit from any of its employees for due performance of his/her duties in shall keep such amount an account at a Scheduled commercial bank or post office Sikkim in the joint names of the employee and the company. The account shall be operated only jointly by the employee and the company. (2) The amount shall be repayable to the employee along with interest payable on such deposit account, unless such amount or any part thereof is liable to be appropriated by the company for the failure on the part of the employee for due performance of his/her duties.