I wanted to know as to how do Bank calculate daily balance interest chargeable on Cash Credit Accounts, i.e. whether Average, Highest, lowest, Weighted Average etc.
Mayur Khetshi Nisar (Practice) (139 Points)
28 October 2009I wanted to know as to how do Bank calculate daily balance interest chargeable on Cash Credit Accounts, i.e. whether Average, Highest, lowest, Weighted Average etc.
RITESH KOTHARI
(B.COM, FCA, DISA(ICAI))
(778 Points)
Replied 28 October 2009
ON DAILY CLOSING BALANCES DAILY INTEREST IS CHRGED FOR 1 DAY AND ACCUMULATED AND DEBITED ON A MONTHLY BASIS.
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Course on Foreign Exchange Management Act (FEMA)(without recording)
CAclubindia
