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Resource Mobilization — Entrepreneurship STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEntrepreneurshipResource Mobilization4 Marks
Question
Explain the features of overdraft.
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Answer

  1. Overdraft: A temporary arrangement in the form of a permission granted to the customers to withdraw more than the amount standing to his/ her credit.
  2. How it works:
  1. Under overdraft, the bank permits the customer to overdraw his account up to a certain limit for an agreed period.
  2. To avail of this facility, a customer should have a current account with that bank.
  3. Interest is charged on the amount actually overdrawn.
  4. Overdraft may be allowed on the security of assets or customer's personal security.

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