Deposit in need is deposit indeed
Over Draft (OD) Facility
An overdraft occurs when there isn't enough money in an account to cover a transaction or withdrawal, but the bank allows the transaction anyway. Essentially, it's an extension of credit from the financial institution that is granted when an account reaches zero.
You can take money from your savings or current account using an overdraft facility, even if there is no money in your account. Several banks in the public and commercial sectors offer this feature.
An overdraft facility is a form of short-term loan that must be returned over a specific time period, per the lender's specifications. According to the terms and conditions of the bank, lenders must charge the interest rates that the borrower must pay back. The types of interest rates that the lenders give are both fixed and not fluctuating in the case of overdrafts.
You can take money from your savings or current account using an overdraft facility, even if there is no money in your account. Several banks in the public and commercial sectors offer this feature.
An overdraft facility is a form of short-term loan that must be returned over a specific time period, per the lender's specifications. According to the terms and conditions of the bank, lenders must charge the interest rates that the borrower must pay back. The types of interest rates that the lenders give are both fixed and not fluctuating in the case of overdrafts.
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