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Bank interest

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Querist : Anonymous

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Querist : Anonymous (Querist)
07 June 2013 Sir, i would like to know how bank calculates interest on cash credit loan and whether bank charges extra interest on OD.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
14 June 2013 Interest will be calculated on daily balance method, so apply interest rate with multiply by number of days on the particular balance divided by 365

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