A bank overdraft is an unsecured line of credit. The size of the line is negotiated with the bank and the rate is generally tied to the Prime rate (or LIBOR).
yes, because in OD LIMIT interest is charged on closing balance means on that we have used and no fixation of installments. But in case of LOAN interest is charged on the whole amt of loan and repayment of loan periodically is an extra complication.
TT - telegraphic transfer OD - on demand, i.e. currency notes Buying TT or OD = bank buying from you Selling TT or OD = you buying from bank
Yes. As long as you don't use your overdraft facility and take money out of that account, it is fine. But, if you happen to withdraw money from the OD account, it becomes the money you owe the bank and you must repay the bank the money you took from your OD account. Therefore it becomes a debt you owe the bank.
It depends on the bank. But, to get an OD limit of 1 crore, you must have to maintain an average minimum balance of atleast 1 crore or more. Usually OD limit is set as 60% of fixed monthly earnings. So if you have regular monthly earnings of 2-3 crores you can expect the bank to give you an OD of 1 crore.
Overdraft limit refers to the limit to the amount of money a customer can withdraw from his account even though there is zero balance in his account. For example, large companies get this features of OD by pledging shares of their company with the bank. The company has a month's time to pay back the OD amount failing which the bank can sell the shares to recover the money.
yes, because in OD LIMIT interest is charged on closing balance means on that we have used and no fixation of installments. But in case of LOAN interest is charged on the whole amt of loan and repayment of loan periodically is an extra complication.
TT - telegraphic transfer OD - on demand, i.e. currency notes Buying TT or OD = bank buying from you Selling TT or OD = you buying from bank
Syndicate Bank accounts have 14 digits. First 4 digits stand for Branch, next 3 digits for Product (SB/CA/OD/Loan) and the next 7 digits unique numbers for each customers.
You can definitely get an online college loan. This is a great website that you can check out. distancelearn.about.com/od/payingforschool/a/student_loans.htm. It has a lot of tips and suggestions for getting a college loan.
OD in banking typically stands for overdraft or overdrawn, meaning more cash was taken than was in the account.
A bank-breaking $1.17
In the books of customer cash a/c Dr. To Bank (OD) A/c (Being cash withdrawl from bank overdraft account)
Yes. As long as you don't use your overdraft facility and take money out of that account, it is fine. But, if you happen to withdraw money from the OD account, it becomes the money you owe the bank and you must repay the bank the money you took from your OD account. Therefore it becomes a debt you owe the bank.
The Jewish ghetto police secured the deportation of Jewish people to the concentration camps. They were also not permitted to carry weapons.
OD stands for Over Draft or Over Drawn. Over Draft - is a facility wherein a bank will allow you to withdraw money from your bank account even if you don't have sufficient funds currently in your account. Over Drawn - An account is said to be over drawn if the customer has utilized his overdraft facility and withdrawn funds from his account.
It depends on the bank. But, to get an OD limit of 1 crore, you must have to maintain an average minimum balance of atleast 1 crore or more. Usually OD limit is set as 60% of fixed monthly earnings. So if you have regular monthly earnings of 2-3 crores you can expect the bank to give you an OD of 1 crore.
Overdrawn. Means the bank account in question doesn't have enough money to supply a check written or a recent withdrawal. Generally a bad thing.