Bank audit

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Subhrajit Bhattacharjee (Querist)
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08 March 2014 What amount of penal interest should be charged for non-submission of stock statement at the end of every month by CC account holders?

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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08 March 2014 It depending on the bank, Because of each bank has its individual norms for charging of interest interests. Generally it from 0.5% to 2 %p.a. This interest will charge in addition to the normal rate of interest charging.

OM SAI SRI SAI JAI JAI SAI

Subhrajit Bhattacharjee

Subhrajit Bhattacharjee (Querist)
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08 March 2014 Is it 0.5% of the current account balance for each month?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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09 March 2014 Dear Subhrajit,

that depends on the sanction letter. there is no standard rule for the same

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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09 March 2014 I already said the rate of penal interest shall depending on the bank. And this penal interest shall be charged on daily bases on the book balance of every day for the default continued period.

In simple words how normal interest will compute and charge on such way also compute and charge penal interest but penal interest charging period shall be the actual due date to submit stock statement and date of actual submission of stock statement.

For example the due date to submit stock statement is 5th of this month but you submitted it on 15th of this month then penal interest shall be charge for 10 days from 5th to 15th on the day balances of each day.

OM SAI SRI SAI JAI JAI SAI

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