English

Define the following term: Overdraft

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Question

Define the following term:

Overdraft

Definition
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Solution

An overdraft is a temporary financial facility provided by commercial banks that allows an account holder to withdraw or pay out more money than what is currently available in their account balance.

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Chapter 7: Commercial Banks - Exercise [Page 173]

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Goyal Brothers Prakashan Economics [English] Class 10 ICSE
Chapter 7 Commercial Banks
Exercise | Q 5. (a) | Page 173
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