1) Overdraft, shortly known as OD, is one of the financial services planned by the financial institutions/banks to their customers keeping in mind their comfort and ease. OD is a service provided to customers under which one can withdraw extra money, except their account balance, from their current account. Every bank or institution has set its own limit for overdraft.
2) An overdraft is issued generally for a short-term monetary need. Repayment is not as strict as that of regular loans and it has both the options, secured as well as unsecured ODs depending upon your choice and eligibility. One such bank that provides overdraft facility is ICICI bank. The Overdraft Facility in ICICI Bank is very simple and easy to understand. Overdraft can get sanctioned up to the maximum amount of Rs. 15 lakh.