Business Studies

State the following statement is True or False:
The facility given by the bank to draw money over and above the actual account balance is called overdraft.


ANSWER

True


SOLUTION
Overdraft facility allows to withdraw cash or to issue cheques for the amount over and above the account balance. Usually overdraft facility is provided to current account-holders. It is a short term credit facility and carries an interest on the amount overdrawn, to be paid to the bank.
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TRUE/FALSE Medium Published on 18th 08, 2020
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