FEATURES
Interest Rates & Charges
Interest Calculation
Interest is calculated on a daily basis as a SIMPLE INTEREST and charged only on the amount drawn and the period for which it is utilised.
The Interest accrued is auto debited from Salary account at the last day of month.
In case of insufficient balance, debited Interest must be serviced by Salary Credit or any other Credit within 30 days of Debit.
Sample Interest Calculation:
Customer has INR 5,000 balance in Salary account and withdraws/draw a chq for INR 10,000.
INR 5000 will be swept from OD limit and interest charges will start from the date of withdrawal.
Customer funds the Salary Account to the tune of INR 10,000 after 5 days.
INR 5000 will be swept into OD account for settling the dues and customer will have INR 5000 left in his Salary Account
INTEREST CHARGED = 5,000 * (INTEREST RATE/100) * (5/365)
Day | Narration | Debit | Credit | Bank Balance | SmartDraft Limit |
|
|
|
| 5000 | 25,000 |
Day 1 | Cheque drawn | 10000 |
| -5000 | 20,000 |
Day 2 |
|
|
| -5000 | 20,000 |
Day 3 |
|
|
| -5000 | 20,000 |
Day 4 |
|
|
| -5000 | 20,000 |
Day 5 |
|
|
| -5000 | 20,000 |
Day 6 | Transfer from other account |
| 10000 | 5000 | 25,000 |
Interest Charged for 5 Days only | Rs 10.27/- | 5,000 * (15%/100) * (5/365) | |||
