POSTED BY December 29, 2012 8:11 pm COMMENTS (2)ON
Some one asked me this and I didnt knew the answer , so taking help from forum . Please answer if you know
You bank calculates interest on your account balance each day, but what is the cut off time for that ? Is it 12 am , 8 am or midnight ?
SOmeone on blog said that he asked 3 banks and all the customer care people answered differently !
Bank 1 – Cut off timing is 8 p.m .After that any debit or credit transcation will not be considered for calulating the EOD/AB.
Bank 2 – Cut off timing is 12 midnight.
Bank 3 – Cut off timing doesnot matter .
Whats the right answer ?
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2 replies on this article “What is Cut Off Time in Bank to calculate EOD balance ?”
Manish, my cousin who manages a PNB branch says it is 12 midnight since ATM transactions have to be taken into account for interest calculation
RBI notification on this only specifies ‘end of day’. So I think banks are free to make a call on this as they are on their working hours and business hours, cut-off times for NEFT, RTGS etc.