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what is the diffrence between bank o/d & bank occ?
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Answer Posted / h.r. sreepada bhagi
A business entity can open a Current A/c or Cash Credit A/c
(CC) with a bank. When the bank allows the borrower to draw
money in excess of the balance in the current A/c to tide
over a short term working capital requirement, the amount
drawn in excess of the balance in the A/c is called
'Overdraft' or OD.
Where as in case of Cash Credit A/c the borrower can
regularly utilise funds up to the sanctioned limit. Cash
Credit is a working capital facility provided by the banker
to the borrower. Bank will charge interest on overdraft
amount or the cash credit a/c at the agreed or prevailing
bank rate. So long as the Current A/c is not overdrawn, the
balance in it appears under Current Assets & the balance in
the CC A/c appears under Current Liabilities. Overdraft in
teh Current A/c will also appear under Current Liabilities.
OCC means Open Cash Credit.
| Is This Answer Correct ? | 66 Yes | 5 No |
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