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Whether interest on overdraft charged on monthly basis

This query is : Resolved 
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(Querist)
25 January 2025 whether interest on overdraft is charged on Monthly basis.
whether may be on 31st March Dr. Balance or Cr. Balance.
And what would be the accounting group if Dr. and Cr. Balance on 31st March.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
26 January 2025 Yes, most of the banks charge monthly.
The group remains same as Bank overdraft account.
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