Creative Finserve Pvt Ltd

Borivali West, Mumbai, Maharashtra

Overdraft is an extention from financial institution when an account reaches zero. In this situation the bank covers cheques which would otherwise bounce. As per the bank records the bank decides on the authorized overdraft limit and the interest charged at the agreed rate. The maximum overdraft limit is sanctioned by the bank and is agreed upon by the customer. The excess amount withdrawn is charged interest upon and must be settled by the customer on demand from the bank.

Having an overdraft feature on your bank account gives numerous benefits.Drop Line Overdraft account protection is a customized feature which lets you spend beyond what is in your account. If you are qualified, your financial institution can give you overdraft protection although it usually comes with a fee. It is not uncommon to be charged a fee as well as a percentage rate on the amount of money that you use in your overdraft. Drop Line Overdraft protection can be extremely useful in the event that you do not have enough money in your account for a pre-authorized bill. If you are protected by overdraft you will not get charged a non-sufficient funds fee which accompanies a payment in the event that it is declined by your financial institution. It can also be a great back up for unexpected expenses. If you need to dig into your overdraft account in an emergency situation overdraft provides peace of mind that it is there for you to do so. Drop Line Overdraft is a facility granted to you whereby you can overdraw your current account up to an agreed limit. Drop Line Overdraft is an efficient form of borrowing as you pay interest only for the time you use the money. It gives you flexibility. You can at any time deposit money into the account to reduce the outstanding balance or can draw out money whenever you need it as long as you do not exceed the limit. Interest is calculated daily on the fluctuating outstanding balance and is normally charged at the end of each month. Drop Line utilized determines the interest that will be payable by the customer. Drop Line Overdraft is a flexible product offering that allows you facility against residential or commercial property. This product is useful for professionals, Sole Proprietors, Proprietorship Firms, Partnership Firms or a Private Limited Company.