What do you mean by bank overdraft? Explain the procedure for granting overdraft by bank?

3 years ago
Banking

Overdraft facility is the result of an agreement with the bank by which a current account holder is allowed to withdraw a specified amount over and above the credit balance in his/her account. It is a short term facility. This facility is made available to current account holders only who operate their account through cheques. Overdraft facility is generally granted by bank on the basis of a written request by the customer.

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Susmita Sah
Susmita Sah
Jan 16, 2022
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