Current Accounts with Overdraft

A current account with an attached overdraft functionality allows customers to withdraw funds from the account even if the available balance goes below zero. If there is a prior agreement with the account provider for an overdraft, and the amount overdrawn is within the authorized overdraft limit, then interest is normally charged at the agreed rate. If the negative balance exceeds the agreed terms, then additional fees may be charged and higher interest rates may apply. The customer may use the account beyond their available balance (credit balance) and may have a debit balance as low as the approved overdraft/ limit. The overdraft can be added on top of existing current accounts.

Creating Current Accounts with Overdraft

To create a new current accounts with overdraft from scratch, navigate to main menu > Banking Product Factory > Banking Products, and click the Insert button. A new page opens, with a series of tabs that assist you in configuring the banking product.

Alternatively, you can create a current account with overdraft by duplicating an existing one. Click the Duplicate button on the Banking Products List page. Make sure you change the Banking Product Code and Name according to your business needs.