Question

Overdraft facility is given to saving account holders. (State with reason whether the given statement is true or false)

Answer 1

Now many private banks offer overdraft facility to their customers holding savings accounts and salary accounts as well. So the given statement is true.

The savings account holders can draw overdrafts of 5000 or the amount that is 4 times the monthly accent balance.

However, it is necessary that the concerned savings account should be well operated for the last 6 months and overdraft facility is given only to the main earning member of the family.