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Overdraft Facility is a credit-based facility offered by various banks and financial institutions. With overdraft, you can withdraw money from your Current or Savings Account even if the account balance has bottomed out and gone below zero.
Jan 3, 2024 · What is Overdraft facility? An Overdraft is a financial tool that allows individuals or businesses to withdraw money from their bank account on credit, even if the account balance is zero. It provides a credit line for relief against temporary cash flow issues.
Jan 16, 2024 · Overdraft Facility is a type of financial product through which you can withdraw money from your savings or current account, even if your account balance is zero. This feature is offered by various Private and Public Sector Banks. An overdraft facility is a type of short-term loan to be repaid in defined tenure, as required by the lender.
An Overdraft (OD) is a credit facility, which is offered by a number of banks like ICICI Bank. It lets a borrower take an OD Loan for financing business expenses. This facility allows borrowing money from the bank, even if their Savings or Current Accounts do not have funds.
Salary Plus is extended to all HDFC Bank Salary Account customers based on their eligibility and credit history. Benefits of Salary Plus Facility: Quick – Activate the overdraft facility in just 3 steps. Convenient – Draw you pre-approved limit at any time and from anywhere.
May 15, 2019 · Overdraft facility is a financial facility or instrument that enables you to withdraw money from your bank account (savings or current), even if you do not have any account balance.. Like any other credit facility, the bank levies an interest rate when you avail the overdraft facility.
Aug 25, 2023 · 25 August 2023. 4 min read. An overdraft facility provided by the bank allows you to withdraw more money than what is available in your account up to a particular approved limit. It is like a short-term credit agreement between you and your bank.
An overdraft facility in a Current Account allows you to withdraw from even though the balance is zero. It is a form of extension of a stipulated limit offered by banks; the said amount of funds is known as overdrawn.
Mar 10, 2023 · An overdraft facility is a financial instrument that allows customers to withdraw money or make eligible spends from their bank account even if their balance is zero. The lender, however, typically charges a fixed rate of interest on the amount utilised over and above the available balance, i.e., the overdraft amount.
In the whirlwind of managing finances, unexpected expenses can throw your budget off balance. That's where the overdraft facility in India comes in – a lifesaver that lets you borrow money from your bank even when your account balance dips to zero.
