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प्रश्न
What is an overdraft?
लघु उत्तर
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उत्तर
- A type of credit facility known as an overdraft is provided to current account customers by commercial banks.
- A bank user can use this facility to write checks for amounts up to the overdraft limit on their account, which is greater than the amount available in their account.
- Typically, overdraft facilities are provided by banks based on the customer’s personal security or as collateral for certain assets.
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