Question

Name the deposit account which allows overdraft facility. Mention any other features of that deposit account.

Answer 1

Overdraft facility is allowed only in current accounts for a short period of time.

Current accounts are those accounts in which there are almost no limits on the numbers of withdrawals.

Generally these accounts offer no interest or a minimum rate of interest.

Overdraft facility helps the businessman to arrange for short term funds in an emergency situation.

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