How to calculate interest on overdraft
This query is : Resolved
17 May 2015
I wanna take overdraft from a recognised govt bank of india... but not able to undrstand how interest is been calculated on overdraft,1thing i know interest will be charged only when i used that overdraft money for my business....Thinking to take overdraft against "FD" or "HOUSEPAPERS".... PLZ HELP ME TO UNDRSTAND HOW INTRST IS BEEN CALCULATED WITH EXAMPLES... n will interest will be paid monthly?
17 May 2015
How interest is calculated on overdraft
18 May 2015
Interest will be calculated on debit balance in your account at applicable rate and shall be debited to your account on last day of month. Example can be considered on an excel sheet..simply put some date in excel sheet and calculate running balance and on every date change calculate no. Of days debit balance was there. Then calculate interest on running balance for those no of days. In the last of month sum up the interest amount.
21 May 2015
Not able to understand at all.... can any1 give me some example.... how to calculate it
21 May 2015
Giving u an example plz solve it so tht i can understand... i have taken od limit of 5lac,from which i use 3lac for exact 1month n my rate of interest is 9%.... tel me how much interest i have to pay for using 3lac for 30days at 9%intrst...
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- HSN Details in IFF/GSTR-1 & in GSTR 9
- Tax on capital gains revoked us 54f
- Should I include march foreign salary received in April in my income for FY 2023-24?
- Refund of AY 22-23
- TDR receipts for agreement holder
- Inventory of finished goods
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Company Incorporation - CA and directors signing from different states
- Applicability of Ind As to associate of associate
- Confusion around Form 26QB fields
- GSTR9 and 9c
- Ineligible ITC taken
- Vivad se vishwas scheme 2024 new
- 115TD on cancellation of 12A 80G Registration
- MIS MATCH OF INVOICE NUMBER
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- CASE INTIMATION OF LIABILITY UNDER SECTION 73(5)(Rule 142(1A)
Trending Online Classes
CAclubindia
