• Business Banking
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  • Overdrafts

Overdrafts

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Overdrafts

  • It shall be opening bank account.
  • It shall be a kind of loan permitted by bank to be borrowed more than the amount in the current account of customer.
  • Permitted amount can be withdrawn till the limit required and it can be deposited back into the loan account if it does not need /if it is surplus so that it shall be relief in interest.
  • Interest is calculated for each day upon the loan issued.
  • Interest is calculated only on the expiration date of quarterly month within financial year in calendar.
  • Loan period is for one year (short term) from the date of issue.
  • It is not allowed to withdraw cash more than the amount permitted, or after ending date of loan period.
  • Application for loan extension can be done before the end of loan period.
  • Capital and interest of loan shall be paid back in full if there is no any extension.