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What is the meaning of overdraft

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What is the meaning of overdraft

Posted by Nikhil Ladha 8 years, 4 months ago

CBSE > Class 11 > Accountancy

1 answers

Amar Kumar 8 years, 4 months ago

Overdraft:A credit agreement made with a financial institution that permits an account holder to use or withdraw more than they have in their account, without exceeding a specified maximum negative balance.

Establishing an overdraft facility with a bank can help an individual or small business with short term cash flow problems, although the negative balance typically needs to be repaid within a month.

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