What is Overdraft (OD)?
If you surf in internet, you will find several definitions of OD.
Def 1 : A short-term loan where a bank gives permission to a borrower to have a negative bank balance up to a pre-arranged limit.
Def 2 : An overdraft occurs when withdrawals from a bank account exceed the available balance which gives the account a negative balance – a person can be said to have gone “overdrawn”.
Benefit from OD is, interest is charged on amount overdrawn/borrowed from your OD account. And the interest is daily rest.
The best OD’s facility now for personal use is with RHB Bank.
-95% of ASB certificate (Min RM10,450)
-Interest rate = BLR + 0%
-Service available : Cheque book, ATM card, Dotcom card(for online banking)