Overdraft Facility Agreement

Bank name*

Account holder's name*

Overdraft limit (INR)*

Interest rate on utilized amount (%)*

Facility review period*

Date of sanction*

Format:

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OVERDRAFT FACILITY AGREEMENT This Agreement is executed on [sanction_date] between [bank_name] and [account_holder_name], sanctioning an overdraft facility of up to Rs. [overdraft_limit] against the account holder's current account. 1. INTEREST Interest at [interest_rate]% per annum shall apply only on the amount actually utilized, calculated on a daily reducing balance basis. 2. REVIEW This facility shall be reviewed [review_period] and may be renewed, reduced, or withdrawn by the bank based on the account's conduct. 3. REPAYMENT The account holder agrees to keep the account within the sanctioned limit and to regularize any excess utilization immediately upon notice from the bank. FOR [bank_name] ACCOUNT HOLDER [account_holder_name]

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