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Overdrafts are an extension of credits from lending institutions granted when the account reaches zero. It enables the account holder to withdraw money when the account has zero funds or insufficient funds for covering the withdrawal amount.

Overdrafts are a vital part of banking. Students pursuing banking are often assignments on this topic. However, many students do not understand the concept properly and they look for Overdrafts assignment help from BookMyEssay. We have hired competent banking experts who can offer best banking assignment help. We shall prepare top-notch overdraft assignments that will fetch you top grades.

What is Overdraft?

An overdraft happens if the bank account balance of a person reaches zero, leading to a negative balance. This happens when there are zero funds in the account, however, an outstanding transaction has been processed making the account holder incurring debts.

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It is a financial instrument where money can be withdrawn from the savings or current account even when the account balance becomes zero. This is a kind of extension of the money limit provided by banks and money is overdrawn. There is an authorized overdraft limit assigned to all customers depending on the relationship with its bank. Customers can withdraw money till the assigned limit. Banks charge interest on the money withdrawn as an overdraft.

What are the Features of an Overdraft?

The features of an overdraft are explained in our Overdrafts assignment help online as follows:

  • It is a facility that can be availed of when a bank account whether current or savings is maintained.
  • The minimum age limit is 18 and the maximum age limit is 65 years for the account holders only.
  • The overdraft money is given based on the account value of customers, credit score, or repayment history.
  • Many private banks offer this facility for savings as well as salary holders.
  • This is a short-term credit offered by banks that should be paid within the time limit mainly 12 months or even less.
  • The overdraft or credit amount attracts interest from the time it is being used. It can be from a few days or weeks.
  • The banks decide the repayment tenure and they have complete authority over the account and its use.

Overdraft is a helpful feature offered by banks because it helps businesses regarding cash flow for meeting their working capital expenditure. With the help of overdraft facilities, they can sign cheques beyond the funds available in their accounts. It prevents cheque dishonour and also maintains the reputation of a business.

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The Advantages of Overdrafts

The advantages of overdrafts are stated in our Overdradts homework assignment help online as follows:

  • It is suitable for short-term financing needs
  • There is no charge to clear the overdraft amount earlier than expected
  • It can be easily and quickly arranged with instant access to the funds after this facility has been agreed upon.
  • the interest should be paid on the overdrawn amount
  • this facility can meet the business needs such as cash flow and back up against unexpected expenses
  • interest and other fees are generally tax-deductible.
  • it is ideal for situations where accessing funds is very difficult
  • As it has short-term the balance of overdraft is not used to calculate the financial gearing of the business.
  • Less paperwork needed for credit sanctioning
  • No security or collateral needed by the bank

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