For business purposes, we can offer you a current account on which you can draw beyond your credited balance, up to a certain ceiling, either in one or more installments, according to such conditions as the Bank shall lay down, against sufficient guarantees; either in money or in real estate.
This facility is usually granted for a period of one year, renewable as per the Branch's wish, at a fixed interest rate and a fixed commission, provided that this amount is used for business purposes (for which this loan was granted in the first place).
A commission on any amount drawn in excess of the agreed overdraft ceiling shall be collected; it will be computed for the whole month on the basis of the highest overdraft in excess of the agreed ceiling in the relevant month. It shall be recorded at the end of the month. As for the amounts drawn within the ceiling, interest shall be collected on the basis of the highest daily debit balance and shall be charged on the customer's account on a monthly basis.
A check book shall be issued to the customer and regular ( weekly or monthly) statements of account shall be sent, indicating the number and value of debits and credits, as well as the debit interest and the commission on the overdraft in excess of the agreed ceiling (if any).