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HDFC Overdraft Facility

The reputed private sector bank HDFC offers the HDFC Overdraft facility to its salaried customers which can be activated in just 3 steps. It is convenient to draw your pre-approved limit at any time and from anywhere. You just pay minimal interest only on the amount used and duration for which you use the funds in flexible tenure.

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HDFC Overdraft Details

The key details of overdraft facility in HDFC are listed below:

LimitUp to 3 times salary, limited to Rs. 25,000 to Rs. 1.25 Lakhs
Interest rate15% to 18% p.a.
Processing feeUp to Rs. 1,500
Tenure1 year
Renewal fee Rs. 250 + applicable levies & taxes
Foreclose chargesNil
Overdue penal interest2% per month on overdue

What is HDFC Overdraft?

HDFC OD account is an overdraft account wherein you get a pre-approved credit line which can be activated instantly. With Salary Plus, you no longer need to worry about missing your EMI payments, sudden medical bills, cheque bounces, or cutting down on expenses due to the unavailability of funds in your account. You can avail overdraft limit of up to Rs 1.25 Lakhs and pay interest only on the amount utilized and the duration of utilization. For instance, you can utilize Rs. 1 Lakh at an interest of just Rs. 41.09 per day. You don’t require any documents to avail of this facility and it guarantees money in your account in seconds. Salary Plus facility is extended to all HDFC Bank Salary Account holders based on their eligibility and credit history.

Also Check: HDFC Credit Score

HDFC Bank OD Interest Rate

HDFC Overdraft interest rate ranges from 15% to18% p.a. Additional government taxes and other charges as applicable will be levied over and above the rate. You have to pay interest only on the amount used and for the duration of utilization.

HDFC Overdraft Eligibility

Following are the HDFC overdraft eligibility criteria:

  • Applicants should be at least 18 years of age.
  • Overdraft loan HDFC is offered to all HDFC Bank Salary Account customers depending on their eligibility and credit history. 
  • Applicants can be resident individuals, Hindu Undivided Families and Private & Public limited companies.

HDFC Overdraft Against FD

HDFC Overdraft against FD is another form of overdraft facility extended by HDFC Bank that is offered against the fixed deposit (FD). With this facility, you can fulfil your urgent household or business financial needs without breaking your FD. 
Here are some attractive features of HDFC OD against FD:

  • This HDFC Bank overdraft facility for business offers instant loans up to 90% of overdraft on your FD.
  • To avail of this facility, you must have a minimum FD amount of Rs. 25,000 for a tenure of minimum 6 months 1 day. 
  • You can avail of Overdraft against FD or Super Saver facility on fixed deposit held in a single name instantly through NetBanking. 
  • You can repay with interest only on the withdrawn amount, while your remaining FD continues to earn you interest.
  • You can link your Fixed Deposit with your Savings Account or a Current Account.
  • Cancellation of this HDFC Bank overdraft facility against your FD is available via NetBanking.
  • You are eligible to open this account if you are a resident individual or Hindu Undivided Family or Private & Public limited company.

Also Check: Commercial Cibil Report

HDFC Bank overdraft facility for salary account

Open HDFC Bank overdraft facility for salary account and get up to 3 times your salary as an overdraft limit, subject to a minimum of Rs. 25,000 and maximum Rs. 1.25 Lakhs. If you hold a Salary Account with HDFC Bank you can get access to Salary Plus with a pre-approved credit line that can be activated instantly. The facility helps you with EMI payments, cheque bounces, sudden medical expenses and other financial needs. You can pay interest only on the amount used and the duration of utilization, which means you can utilize Rs. 1 Lakh at a small interest of just Rs. 41.09 per day. The facility can be activated easily and requires no documents. It also guarantees money in your account in seconds. The Salary Plus facility is available to all HDFC Bank Salary Account holders based on their eligibility and credit history.

HDFC Overdraft Facility FAQs

How can I apply for overdraft in HDFC salary account?

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You can set the overdraft facility HDFC in just 10 seconds.

  • Eligible Customers are given a pre-approved Overdraft offer via their net Banking.
  • This offer reflects under the “Offer” tab in HDFC Bank Netbanking.
  • You have to activate by clicking and accepting the Terms & Conditions online to avail the facility.
  • The OD limit will be set within just 10 seconds.
  • The value of this limit is based on your eligibility and credit history.

What is the overdraft limit in HDFC Bank?

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You can get up to 3 times your salary as an overdraft limit in HDFC Bank, subject to a minimum of Rs. 25,000 and maximum up to Rs. 1.25 Lakhs.

What is the current HDFC Bank OD interest rate?

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The current HDFC Bank OD interest rate ranges from 15% to 18% p.a.

Who is eligible for HDFC overdraft facility?

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HDFC overdraft facility is extended to all HDFC Bank Salary Account customers basis their eligibility and credit history.