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Bank concurrent audit

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Hardik Patel (Querist)
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26 January 2012 I am a Concurrent auditor of Central Bank of India. I want to know that if, stock statement not received in prescribed time limit then penal interest to be charged. Now penal interest charged on what amount if system does not calculated interest properly.

G soni

G soni (Expert)
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27 January 2012 Penal interest is charged as an additional rate of Intrest over and above the noraml interest. For Example if your normal interest rate is 11% and stock statement is not received then bank may charge penal interest as per the rate given in sanction letter -- say for Example 2% then bank will charge additional 2 % for the delayed receipt of stock statemnet. Even diffrent bank have diffrent policy for interest. but generally in this case say for example - we have not received dec statement till date then for the month of December interest will be charged seperately @ 11% and 2% penal inetest for the same amount. Hope i clarified the doubt

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