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OD LIMIT
Bank offers Car Loans at attracAn overdraft facility allows the facility holder to withdraw money from the account despite having no balance. There is usually a limit on the amount that can be overdrawn from the account. The overdraft limit is usually set by the bank basis the amount of working capital and credit worthiness of the facility taker.tive interest rates to both salaried and self-employed individuals who meet our age and income eligibility criteria.
Over Draft Objectives
- Handles timing mismatch of funds flow.
- Timely Payments.
- Less Paperwork.
- Flexibility.
Silent Features
- Easy Documentation.
- No Preclosure Charges.
- Easy to Use.
- Interest Only on Utilised amounts.
Required Documents
- What is an overdraft?
An overdraft facility allows the facility holder to withdraw money from the account despite having no balance. There is usually a limit on the amount that can be overdrawn from the account. The overdraft limit is usually set by the bank basis the amount of working capital and credit worthiness of the facility taker. - What types of transactions can cause my account to become overdrawn?
- The payment of checks, electronic funds transfers or other withdrawal requests.
- Payments authorized by you.
- The return of unpaid items deposited by you.
- Bank service charges.
- A hold on funds that you deposit with the Bank which, according to the Bank’s Funds Availability Policy, are treated as not yet available or finally paid.
- What can I do to avoid overdraft or non-sufficient fund situations?
The best way to avoid overdraft or non-sufficient fund situations is to regularly monitor your account activity and balance your account frequently. - How does the Bank determine whether it will allow my account to be overdrawn?
The Bank has an automated system to determine whether transactions are paid or not. In making these decisions, we consider factors that include, but are not limited to, the length of your relationship with the Bank, the frequency of your deposits and your overdraft history. Since these factors can change over time, the Bank may decide to pay or not to pay transactions differently than it has in the past. You should not rely on the Bank to pay an overdraft just because we have in the past. - How much time do I have to make a deposit to cover an overdraft?
Overdrawn balances are due on demand, so it is important to keep your account in good standing by making a deposit to cover an overdraft as quickly as possible.
Testimonials
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