Bank Overdraft Facility: If there is no money in your account. That means there is zero balance. Even in this situation, you can withdraw up to Rs 10,000. Many banks provide overdraft facility in savings and current accounts. The overdraft limit is decided by the bank. This is a kind of loan. Hence it has to be repaid with interest
Bank Overdraft Facility: Many times such a situation arises when people suddenly need money. In such a situation, if your bank account is empty then you may have to face many difficulties. Therefore, many people resort to loans to compensate for the lack of money. But for your information, let us tell you that there are many banks which provide overdraft facility to their customers. This is such a facility. In which you can withdraw money from the bank even if there is zero balance in your account.
Therefore, whenever you open your account in any bank, do ask them once whether they provide overdraft facility or not. People who have Jan Dhan account get the facility of overdraft. In this you can withdraw at least Rs 10,000.
Know what is overdraft
Overdraft is a type of loan. This is offered by the bank to its customers. The special thing about this loan is that for this you do not need to go to the bank and fill the form. OD facility is available immediately. You can withdraw money through ATM. But how much money can be withdrawn? This is decided by the bank. It is also important to know here that there are many big differences between loan and overdraft facility. For example, in loan, interest is calculated on monthly basis, whereas in overdraft facility, interest is calculated on daily basis. The biggest difference is that you have to pay more interest on overdraft facility.
These people can get benefit
If you have operated the Basic Savings Account well for at least six months, you can easily get an OD of up to Rs 10,000. Your account should be linked to Aadhaar number. This facility is also available in Jan Dhan account. The age of the applicant should be between 18 to 65 years.
