Bank : State Bank of Indai Overdraft Against Fixed Deposits

Monday, June 1, 2015 | comments

State Bank of India has published that Get Maximum Amount @ Minimum Interest Rate.  Detailed information for availing Overdraft for Limited Period @ 0.5% above FDR Rate  is given below:-

SBI OVERDRAFT AGAINST FIXED DEPOSITS

Eligibility
Customer holding TDR/STDR/e-TDR/e-STDR with SBI in Single name only
(No Joint Account Holders)
Security
e-TDR/e-STDR/TDR/STDR
Facility
Overdraft
Margin
e-STDR / STDR : 10%

e-TDR / TDR : 25%
Interest Rate
0.5% above the relative time deposits interest rate
Loan Limit
Min: Rs 25000

Max: Rs 5 Cr
Repayment
e-STDR / STDR : 5 years

e-TDR / TDR : 3 years
(Available on Retail Internet Banking Platform under the tab e-Fixed Deposits)
Apply Online
Apply Online


FAQs

1) Who is eligible to avail SBI Overdraft against Fixed Deposits?
Individual Customer holding TDR/STDR/e-TDR/e-STDR with SBI in Single name only (No Joint Account Holders)
2) What is the security the customer has to offer?
e-TDR/e-STDR/TDR/STDR on which the customer wants to avail the overdraft facility
3) Is Demand / Term loan facility also available online?
Currently the online facility is restricted to Overdraft only. For availing Demand/ Term Loan customers need to visit the Branch
4) How much Overdraft Limit can be availed?
The customer will be able to avail 90% of his e-STDR / STDR value and 75% of his e-TDR / TDR as Overdraft facility
5) What is the current Interest Rate on the scheme?
0.5% above the relative time deposit rate
6) What is the maximum Overdraft Limit?
The maximum Overdraft limit which can be availed against your Fixed Deposits Rs 5 Crore
7) Is there any minimum loan amount for availing online overdraft facility?
The minimum loan amount for availing online overdraft facility is Rs 25,000
8) Can the Overdraft be availed in Joint name?
No, currently only Customer holdingTDR/STDR/e-TDR/e-STDR with SBI in Single name only can avail the facility online. Joint Account Holders have to visit SBI Branches for availing facility.
9) What is the Repayment period?
The maximum repayment period overdraft against e-STDR / STDR is 5 years or residual period which is less, subject to minimum of 6 months
The maximum repayment period overdraft against e-TDR / TDR is 3 years or residual period which is less, subject to minimum of 6 months
10) How to avail the facility?
The Customer to visit www.onlinesbi.com and log in using his User Id and Password. Overdraft against Fixed Deposit is available under e-Fixed Deposit tab.
11) Can the Overdraft facility be availed against Tax Saving Deposit?
No, currently the Overdraft facility cannot be availed against the following:
MODs,
Tax Saving Deposit
NRE TDR/ STDR
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