Nayanmoni (proprietor) (33 Points)
07 November 2017How do banks charge interest on cash credit account? for eg. my limit is 5 lacs and i utilse this amount for say 20 days will they charge me for the entire month or 20 days?in plain words i withdraw the entire 5 lacs on the 1 january and deposit full on 20 january how do they charge me?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(171213 Points)
Replied 07 November 2017
In Cash Credit the interest is charged on the withdrawal amount and not the limit amount
Here the interest will be charged for 20 days for the actual amount withdrawn.....
Nayanmoni
(proprietor)
(33 Points)
Replied 08 November 2017
Thank you Sir for your promt reply. it will definitely help in my respective field.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(171213 Points)
Replied 08 November 2017
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