What is the full form of Bank OCC?
In terms of banking, An OCC account refers to an “Open Cash Credit” account. As we all know, a person can use a bank account to deposit money into a bank. Business owners can use an "open cash credit" account to access cash credit from their bank account without filing a loan application. Up to the sanctioned limit, the money may be used by the account owner. The Bank OCC a/c is a subset of liabilities. Since the loan entails liability in the books of accounts, as implied by the title. The account provides loans and credits to the account holder without formally applying for a loan. The main beneficiaries of an OCC account are small and medium-sized enterprises (SMEs or MSMEs).
OCC A/C holders have access to a cash credit facility against their stocks and receivables. The criteria utilised by various banks and financial institutions to establish the limit on an OCC A/c might vary. The firm's turnover is frequently taken into account while determining the OCC limit. On the money that the account holder uses, the bank charges some interest. For small and medium-sized firms, the OCC account is effective (SMEs). OCC, the bank's "cash credit" service, enables account holders to routinely use funds up to a pre-approved amount. In contrast, an overdraft limit must be made in an OD (Overdraft) account.
Difference Between OCC and OD Accounts
Different small business owners are referred to as OCCs or Open Cash Credits. A cash credit facility may be used by the owner of an OCC account against their goods and receivables. The loan's goal is to make up for the shortfall in operating capital experienced by SME businesses. The standards used by various banks to establish a limit for an OCC account differ. The SMEs annual turnover is often used to determine the OCC limit. The limit of such an account may occasionally be established using the cash budget method or an MPBF. The amount that can be taken from an OCC holder depends on the number of finished items that are on hand, as well as the total amount of unpaid invoices, raw materials, and presently made goods. The OCC account does not allow for unsafe withdrawals. It can be necessary to attach securities to the bank, such as stocks and receivables. A bank may occasionally need additional security in the form of real estate or machinery. The drawing limit is assessed annually, and depending on the condition of the SME, it may be raised.
To put it simply, an OD account is a current account with the overdraft allowance that holders of current accounts with any bank that operates a small business are entitled to. Only certain banks may allow access to this feature at an account holder's request. Once an account is open, the owner may write a check-up to the permitted maximum even if there is no money in the account. Only the amount that is overdrawn, however, is liable to interest charges at the applicable rate. Even though OD is flexible, it is comparable to a bank loan in that money can be deposited and interest is only charged on the amount that is taken out compared to the amount that is left in the account.
Frequently Asked Question (FAQs)
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Are ODs and OCCs different?
Yes, they are different types of accounts for the bank
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What is the full form of OCC?
Full form of OCC is Open Cash Credit
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On what amount is the interest levied?
Only the amount owed is subject to interest; the bank does not grant the firms the entire amount of the credit line.
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What can be kept as a mortgage for the OCC?
You can keep some fixed assets like furniture and current assets like receivables as a mortgage for the OCC account
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What is the maximum amount of OCC extended?
The OCC amount varies based on the kind of funds that are kept in the business account.
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