Current bank overdraft rates
Current bank overdraft rates Bank overdraft is a credit facility in which the money can be withdrawn from the current or savings account, even if the account balance is zero or even below. A Banks overdraft is a type of extension of the credit limit offered by banks. The sanctioned limit is said to be ‘overdrawn’. An authorized Overdraft limit is assigned for each customer depending on their relationship with the bank . Banks overdraft fees customer can withdraw money up to the assigned limit. Banks charge interest rates only on the utilized amount from the total sanctioned limit and are renewed every 12 months. Features Overdraft is a credit facility that can be availed by maintaining any bank account (savings or current) Interest rate is charged only on the utilized amount from the total sanctioned limit Several Private Sector and Public Sector Banks offer this facility for both salary and savings account holders Money extension is granted on the basis of the c...