Overdraft against FD/Super Saver
Note:
  • This facility is available on NetBanking only to customers having a Savings or Current account with the Bank where the holding pattern is SINGLE i.e. there are no JOINT holders.


  • A minimum amount of Rs. 25,000 for a minimum tenure of 6 months is required to open an Overdraft against FD/Super Saver account.


  • In case of a Overdraft against FD/Super Saver facility lien is marked on the Fixed Deposit in favor of the Bank. In case the overdraft limit (Overdraft against FD/Super Saver) set-up on the account is not removed prior to the maturity of the Fixed Deposit, the Bank shall auto renew the Fixed Deposit for the same tenure at prevailing rates Through this facility, upto 90% of your Fixed Deposit Principal amount will be granted as an Overdraft facility.


  • The rate applicable on the Overdraft facility will be 2% p.a over and above the Fixed Deposit Rate.


  • On Auto renewal of the Fixed Deposit, the quantum of the Overdraft limit will remain unchanged.


  • In case of premature liquidation of the Fixed Deposit, against which the Overdraft has been taken, the rate applicable on the overdraft utilised will remain unchanged as per RBI regulations.


  • To discontinue with the overdraft against fixed deposit (Overdraft against FD/Super Saver) facility, please approach the nearest Branch.


  • In case you choose any Sweep-in Fixed Deposit for linking for a Overdraft against FD/Super Saver facility, please note that a lien will be marked on the said Fixed Deposit for the Overdraft against FD/Super Saver facility.
    This will mean that in future in case of shortage of funds, the sweep-in will not trigger, however, the Overdraft against FD/Super Saver limit will be utilised.


  • In case you have 2 separate deposits which you have linked to your SB a/c - a sweep in FD and a Overdraft against FD/Super Saver limit, then in case of shortfall of funds, first the OD amount will get utilised and if the shortfall still remains, then the sweep in shall trigger.
  • OD facility on FCNR FD cannot be applied through net-banking. Kindly contact your nearest branch to avail the same.