Explanation:

- When a financial instrument like a bill of exchange or promissory note hits its maturity date, there are usually a few “grace days” before it must be paid.

- This grace period is a little buffer—think of it as extra time allowed after the due date before any penalties or dishonors kick in.

- Here’s what the options really mean:

- Option 1 (1 day): Just a single extra day after maturity. That’s not the standard for most instruments.

- Option 2 (2 days): Two grace days, a bit more, but still not the usual practice.

- Option 3 (3 days): This is the traditional rule for grace days on promissory notes and bills of exchange. Three days are provided after the due date before payment is considered overdue.

- Option 4 (5 days): Five days would be unusually generous—not what most legal systems use.