Business Studies

Select a word or a term or phrase which can substitute the following statement:
Permission to withdraw over and above the credit balance from the current account.


ANSWER

Overdraft facility


SOLUTION
Overdraft facility is usually given to the current account holders to resolve short-term financial crisis. It is a facility attached to an existing account. Amount over and above the credit balance can be withdrawn with a limit as agreed for.
Cash credit and Loan are separate accounts opened for the purpose of raising funds.
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Single Correct Medium Published on 18th 08, 2020
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