Overdraft (OD)

An Overdraft (OD) is a flexible credit facility that allows individuals and businesses to withdraw more money than the available balance in their bank account, up to a pre-approved limit. It acts as a financial cushion during cash flow shortages and helps manage short-term financial needs efficiently.

With an overdraft facility, interest is charged only on the amount utilized and for the duration it is used, making it a cost-effective borrowing option. OD facilities can be secured (against property, fixed deposits, or other assets) or unsecured, depending on eligibility and bank policies.

 

 

Overdraft is especially beneficial for businesses to manage working capital, pay salaries, purchase inventory, or handle urgent expenses without disrupting operations. Individuals can also use it to meet temporary financial gaps without applying for a full-term loan.

With easy access to funds, flexible repayment, and quick processing, an Overdraft (OD) facility provides financial convenience and better cash flow management.

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