Common use of Overdraft interest Clause in Contracts

Overdraft interest. The overdraft interest is calculated based on your published □benchmark interest rate/□fixed deposit interest rate index with an additional annual rate of _____% (the current annual rate is ____%)according to the highest overdraft balance of each day from _____ to _________. The interest will be calculated based on the new interest rate adding the above-mentioned additional interest rate ever since the adjustment day when your bank adjusts the benchmark interest rate/fixed deposit interest rate index later. The interest will be settled on of each month and merged into the former principal; the promiser should pay off the excessive amount immediately if the sum of principal and interest exceeds the loan limit, and your bank is entitled to deduct or countervail the excessive amount in the deposit or other fund of promiser. If the promiser does not repay the overdraft on time and/or does not pay off the excessive amount immediately if the sum of principal and interest exceeds the loan limit, the promiser agrees to calculate the interest according to the former interest rate as well as pay the penalty equal to 10% of the former overdraft interest if the overdue period is within 6 months and 20% of the former overdraft interest if the overdue period exceeds 6 months.

Overdraft interest. The overdraft interest is calculated based on your published □benchmark interest rate/□fixed deposit interest rate index with an additional annual rate of _____% (the current annual rate is ____%)) according to the highest overdraft balance of each day from ____________ to _________. The interest will be calculated based on the new interest rate adding the above-mentioned additional interest rate ever since the adjustment day when your bank adjusts the benchmark interest rate/fixed deposit interest rate index later. The interest will be settled on of each month and merged into the former principal; the promiser should pay off the excessive amount immediately if the sum of principal and interest exceeds the loan limit, and your bank is entitled to deduct or countervail the excessive amount in the deposit or other fund of promiser. If the promiser does not repay the overdraft on time and/or does not pay off the excessive amount immediately if the sum of principal and interest exceeds the loan limit, the promiser agrees to calculate the interest according to the former interest rate as well as pay the penalty equal to 10% of the former overdraft interest if the overdue period is within 6 months and 20% of the former overdraft interest if the overdue period exceeds 6 months.