Thanks for posting the sample code but you always need to provide your full version for sql developer and tell us what platform you are on.
My procedure is not displaying the out param(Record type) values while debugging the procedure. I am using SQL developer
What does 'not displaying' mean?
By default there will be no output from the execution but if you uncomment and modify the DBMS_OUTPUT line when you run/debug the code you will get output.
O_ID => O_ID
DBMS_OUTPUT.PUT_LINE('O_ID = ' || O_ID.acct);
I modified the anonymous block sql developer generates to output the 'acct' value.
Executing PL/SQL: CALL DBMS_DEBUG_JDWP.DISCONNECT()
O_ID = 01
That output shows up in the LOG window and NOT the dbms_output window.
Show us what is being executed.