25 September 2012
Both are banking facility, you can make use of it..od - you can get against your deposit and assets..cc - you can get only on your assets.depends upon your requirement and your holdings (securities) you can get it from the bankers.
25 September 2012
The main points of difference between an overdraft and cash credit are as follows.
(1) Overdraft is a temporary arrangement and is usually for a very short period. The cash credit on the other hand is a borrowing on a comparatively long term and on regular basis.
(2) Overdraft facilities are allowed in current account only. Cash credit needs opening a separate cash credit account.
(3) The rate of interest on overdraft is relatively lower but on cash credit it is higher.
CAclubindia
