A home loan overdraft facility is like a current account. This facility helps deposit surplus funds into a home loan account and the amount you deposit is considered as prepayment against the home loan principal-amount. The bank revises the home loan principal amount in sync with periodic deposits and computes the interest considering the difference between the total deposits made and the outstanding principal-amount.

An IMPS is Immediate Payment Service. It is an instant inter-bank payment transfer service that helps transfer funds using mobile banking apps or net banking accounts. The key features of the IMPS service are it can be availed anytime accross the year, including public holidays and bank holidays. Other fund transfer services like RTGS and NEFT remains operational only on bank working days.

As the name suggests a bearer cheque is payable to the bearer of the cheque. A bearer cheque does not have any name designated as the payee and the person having a bearer cheque can go to the bank for encashment. A bearer cheque does not have any name written on it, but just the amount authorized for withdrawal.