At what time does the Bank record the Overdraft "used amount" for charging interest for the day?

[kumar111]

As many of us know , interest is charged on the utilised amount of the overdraft limit on a daily basis..

I am curious to know , at what particular time does the Bank will record the 'usage' on the overdraft amount?

For eg : if bank records it at 10pm every day .. that means .If one withdraws amount from overdraft in the morning and deposit it bank before 10pm .... That doesn't count as per the bank as the usage? And no interest is charged?

Waiting for your answers..

 

[VISHESH_BANSAL]

As many of us know , interest is charged on the utilised amount of the overdraft limit on a daily basis..

I am curious to know , at what particular time does the Bank will record the 'usage' on the overdraft amount?

For eg : if bank records it at 10pm every day .. that means .If one withdraws amount from overdraft in the morning and deposit it bank before 10pm .... That doesn't count as per the bank as the usage? And no interest is charged?

Waiting for your answers..

End of Day Balance is considered .
You utilized it in morning and deposit it by evening, your end of Day Balance remains 0 .
Therefore no interest for that day.

Interest calcution method for Overdraft Account and Savings Account is Same, unless specified otherwise.

 

[kumar111]

End of Day Balance is considered .
You utilized it in morning and deposit it by evening, your end of Day Balance remains 0 .
Therefore no interest for that day.

Interest calcution method for Overdraft Account and Savings Account is Same, unless specified otherwise.

End of the day means .. 11:59:59 pm??

 

[VISHESH_BANSAL]

End of the day means .. 11:59:59 pm??

Yes but it does not mean you will deposit at sharp 11:59:59 PM, to avoid interest for that day

Deposit the Amount well in advance like by 10 PM

 

[RaviAglRaviAgl is verified member.]

Yes but it does not mean you will deposit at sharp 11:59:59 PM, to avoid interest for that day

Deposit the Amount well in advance like by 10 PM

Aur bank uskey liye khulla rahega utni bajey tak.

Atm mein deposit karey to baat alag hai.

 

[Rahul Gupta]

Aur bank uskey liye khulla rahega utni bajey tak.

Atm mein deposit karey to baat alag hai.

Au bank ka CDM rarely dikhta h and i think wo bhi chargeable hoga after working hours.

 

[VISHESH_BANSAL]

Au bank ka CDM rarely dikhta h and i think wo bhi chargeable hoga after working hours.

AU CDM is not Chargeable.
Check your nearest Branch CDM must be there.

Axis jaisa Koi nhi hai, charges aur services dono m.

 

[VISHESH_BANSAL]

Aur bank uskey liye khulla rahega utni bajey tak.

Atm mein deposit karey to baat alag hai.

Digitally Transfer kardega.

Mne dekha Hai khud Certain people took in Morning 50k and by Evening return 51k

 

[RaviAglRaviAgl is verified member.]

Digitally Transfer kardega.

Mne dekha Hai khud Certain people took in Morning 50k and by Evening return 51k

Yeh bhi sahi hai