I follow your blog on a regular basis and I find it really helpful. now the question is. .
1. I have kept mortgage and my bank will give me an overdraft amount of 950000.Will the entire money be credited at once?
2.How will interest be charged?
3. How overdraft account is closed?
iamsubo-1) Yes, the whole amount will be available for usage. But the interest will be calculated only on the amount you withdraw.
2) As I said above, interest will be on the amount you withdraw but not on whole Rs.9,50,000.
3) Once you pay all the outstanding dues along with interest, then you can apply for closure.