Overdue interest

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Arindam Banerjee (Querist)
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12 March 2014 penal or overdue interest in bank

Anand Dad (Expert)
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13 March 2014 ?????????????

Can u please give some details about your Query.....

Anand Dad (Expert)
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13 March 2014 Is this in regards to the penal Interest charged by the bank

Anand Dad (Expert)
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13 March 2014 Penal Interest is basically charged on a CC account.

Anand Dad (Expert)
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13 March 2014 that is a Cash Credit/OD Account

Anand Dad (Expert)
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13 March 2014 Penal Interest is Charged by the bank in addition to the regular monthly interest

Anand Dad (Expert)
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13 March 2014 Penal Interest is the amount of interest taht is charged by the bank on the excess amount overdrawn by the account holder

Anand Dad (Expert)
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13 March 2014 i.e.

if your Limit is 20 Cr. n you have withdrawn more than this limit, the penal interest is charged on the excess withdrawn amount

Anand Dad (Expert)
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13 March 2014 Penal Interest is generally 2% more than the regular Rate of Interest charged by the bank

Anand Dad (Expert)
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13 March 2014 However it may vary from case to case

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