Cc account

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LAXMI (Querist)
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11 October 2013 Hi Expert,
How to close a CC bank account . for eg i have a cc account for Rs.75 lac limit against stock now want to close this account. wl i have to pay the whole 75lac or only the extra amount used on the date of closure of account.

Kinly explain.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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11 October 2013 CC account is fund based loan a/c. so need to pay complete Rs.75 lakh with interest due and close the account

Nikhil Kaushik

Nikhil Kaushik (Expert)
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13 October 2013 Hi Laxmi, In any of the loan account, liability of Borrower is limited to the actual outstanding in the loan account e.g. if you have availed facility and present outstanding is Rs. 55.76 lacs, then you are required to pay Rs. 55.76 lacs alongwith interest payable for the current month besides other related bank charges. Since, interest is charged on such accounts on monthly basis, its assumed that interest till previous month forms part of outstanding balance.

LAXMI

LAXMI (Querist)
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14 October 2013 Thank you all

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