Point here duly covers state of bank account (2,3,3)
I believe the answer is:
in the red
'state of bank account' is the definition.
The definition suggests an adjective which matches the answer.
'point here duly covers' is the wordplay.
'covers' indicates the answer is hidden within the clue (I've seen 'covering' mean this).
'IN THE RED' is hidden within 'point here duly'.
Can you help me to learn more?
(Other definitions for in the red that I've seen before include "Santa appears thus" , "Flashing lamp" , "Broke" , "needing cash injection" , "Colourfully in debt to the bank" .)