How to find out the maturity date of the bill ? Plz give it in detail both for months if it may a february and with months

The maturity date of the bill is find out by adding the three days of grace to the due date of the bill. The calculation of maturity date of the bill depends on whether the period of the bill is given in the months or in days.

If Period of the Bill is given in Months- In this case maturity period of the is calculated by considering the calendar months without considering the number of days in a month. For example: A bill dated 15^th January, 2013 is payable 4 months after the date. In this case, the maturity date of the bill is 18^th May, 2013 (i.e. 4 months + 3 days of grace).

If Period of the Bill is given in Days- In this case maturity period is calculated by considering the number of days in a month. While calculating the maturity date of the bill in days, date of payment is included and date of transaction is excluded. For example: A bill dated 15^th January, 2013 is payable 45 days after the date. In this case, the maturity date of the bill is 4^th March, 2013 (i.e. 16 days of January + 28 days of February + 1 day of March + 3 Days of Grace)

Points to be noted while calculating the Maturity Period of the Bill:

• If the maturity date of the bill happens to be a gazette or public holiday, then the bill is due for the payment one day before. However, if the maturity date happens to be a casual holiday, then the bill is due for payment after one day.
• If the bill is payable on demand or at sight then in this case Grace days are not allowed.