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Banking Term: Overdraft

May 22, 2015 16:50 IST

    Overdraft means the situation in which individual is allowed to withdraw money continually even if the account has no funds in it. Basically the bank allows people to borrow a set amount of money.

    There is a prior agreement with the account provider for an overdraft, and the amount overdrawn is within the authorized overdraft limit, then interest is normally charged at the agreed rate

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