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Question
Bank OCC a/c is a group defined under which group?
Bank OCC a/c is a group defined under which group?
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Solution
A bank account is an account that enables one to deposit money into the bank.
The Bank OCC a/c is a category that falls under the group of liability. The complete form of the Bank OCC is Open Cash Credit, as the title implies that the loan exists, and the loan implies liability in the books of accounts. The account gives loans & credits to individuals.
- Open cash credit (OCC) account is a kind of bank account that basically serves small & medium enterprises (SME).
- An OCC A/c holder can have a cash credit facility against his stocks & receivables. Different banks and financial institutions have different criteria to assess the limit of an OCC A/c.
- In a majority of cases, the OCC limit is calculated depending upon the turnover of the SME.
A bank account is an account that enables one to deposit money into the bank.
The Bank OCC a/c is a category that falls under the group of liability. The complete form of the Bank OCC is Open Cash Credit, as the title implies that the loan exists, and the loan implies liability in the books of accounts. The account gives loans & credits to individuals.
- Open cash credit (OCC) account is a kind of bank account that basically serves small & medium enterprises (SME).
- An OCC A/c holder can have a cash credit facility against his stocks & receivables. Different banks and financial institutions have different criteria to assess the limit of an OCC A/c.
- In a majority of cases, the OCC limit is calculated depending upon the turnover of the SME.
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