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Resource Mobilization — Entrepreneurship STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEntrepreneurshipResource Mobilization3 Marks
Question
State the features of overdraft facility.
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Answer

The distinct features of overdraft facility are as follows:
  1. Under this facility the bank permits the customer to overdraw his account upto a certain limit for an agreed period.
  2. To avail this facility, a customer should have a current account with the bank.
  3. Interest is charged on the amount actually overdrawn.
  4. Overdraft may be allowed on the security of assets or on customer's personal security.

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