overnight money

Funds borrowed or lent for one business day, which is the shortest period for which a loan can be made. Such loans are made commonly in the interbank market and are callable by 11 a.m. next day. Banks usually borrow/lend at the end of the business day when interest rate is typically at the lowest level. If the intervening period includes a weekend, the loan is called weekend money, on which three days interest is payable. also called day-to-day money.

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