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Question on calculating Interest on Overdraft amount (Doc ID 2616195.1)

Last updated on OCTOBER 21, 2021

Applies to:

Oracle FLEXCUBE Universal Banking - Version 12.0.3 and later
Information in this document applies to any platform.

Goal

Question: How to collect charges from customers with OD facility on overdrawing on monthly basis

Example: Customer A having Credit Balance of 1000.00 and availing facility of 10,000.00 and therefore total credit balance is 11,000.00. After 10 days, customer has overdrawn account by 20,000.00 based on special condition approval by management (AC-OVD01 is Override in system) and therefore the total debit balance is 9,000.00 after 10 days. Query from Bank as to how system can calculate charges of x% on overdraw amount on monthly basis.


 

Solution

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In this Document
Goal
Solution
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