Over Draft Limit

Overdraft limit is the money value or credit limit sanctioned by the Bank which can be withdrawn additional to the bank balance. Moreover, the bank also charges extra fees, if a customer exceeds his/her overdraft limit, or for bounced payments. As per this facility, the customer is allowed to withdraw money from their bank account even though the balance shows zero. It is important to know that, an overdraft facility is usually offered to withdraw a limited amount. OD Limit against property is also offered by financial institutions.