Loan arrangement under which a bank extends credit up to a maximum amount (called overdraft limit) against which a current (checking) account customer can write checks or make withdrawals

Overview
  1. An overdraft facility is arranged with us in advance and is then available for you to use when you need it.
  2. An overdraft gives your business financial flexibility by assisting with working capital, managing seasonal fluctuations or covering short term cash flow requirements
  3. Interest is calculated on a daily basis so you only pay debit interest on the balance that is overdrawn.
  4. Overdraft facilities are usually subject to an overdraft set up fee.
Documents
  1. Address Proof : Latest Electricity/Telephone Bill or Receipt of Maintenance Charges or Valid Passport or Voter's Identity Card or Purchase/Lease Deed/ Leave & License Agreement of Residence or Office Premises
  2. Identity Proof : Valid Passport, PAN Card, Voter's Card, Any other photo identification issued by Government Agencies
  3. Authorisation for credit bureau report
  4. overdraft contract (after approval )