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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).
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Is a bank overdraft better than a loan?
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.
What does it mean by buying TT or OD or selling TT or OD in foreign exchange?
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
Can an overdraft become a debt?
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.
What is the criteria for availing overdraft of Rs10000000 for a consignment sales agent from banks in India?
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.
What is an overdraft limit?
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.
Is a bank overdraft better than a loan?
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.
What does it mean by buying TT or OD or selling TT or OD in foreign exchange?
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
How many digits are there in Syndicate Bank account?
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.
Where can I get an online college loan?
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.
What is stands for OD bank account?
OD in banking typically stands for overdraft or overdrawn, meaning more cash was taken than was in the account.
How much did a loaf od bread cost in 1997?
A bank-breaking $1.17
How will make entry for bank over draft?
In the books of customer cash a/c Dr. To Bank (OD) A/c (Being cash withdrawl from bank overdraft account)
Can an overdraft become a debt?
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.
What was the OD Jewish ghetto police?
The Jewish ghetto police secured the deportation of Jewish people to the concentration camps. They were also not permitted to carry weapons.
Does od mean overdraught on bank statement?
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.
What is the criteria for availing overdraft of Rs10000000 for a consignment sales agent from banks in India?
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.
What does OD mean on a bank statement?
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.
