SBI Overdraft Facility

The key details of the overdraft facility in SBI are listed below:

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SBI Overdraft or SBI Loan against Time Deposit is a credit line facility offered by the State Bank of India (SBI) under which the borrower does not have to break their Fixed Deposit (FD) and has to pay the interest only on the utilized amount.

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Following are the key features of an overdraft account SBI:

• You can avail of loans up to 95% of the value of your Time Deposit.
• The minimum loan amount for Online Overdraft against Fixed Deposit is Rs. 5,000.
• The maximum loan amount for Online Overdraft against Fixed Deposit is Rs. 5 Crores.
• It is available as both a Demand Loan and an Overdraft Facility as per your need.
• The bank offers a low SBI OD interest rate, and the interest is charged on a daily reducing balance.
• There are no processing charges and prepayment penalties.
• Security as a lien on underlying Time Deposit is required.
• The loan can be availed through multiple channels, including Internet Banking, YONO, and SBI branches.
• Interest rate for SBI Overdraft is 1% above the relative time deposit rate.
• A suitable repayment schedule is fixed by the bank depending on the repayment capacity of the borrower for loans taken from branches. 
• The maximum repayment tenure is been capped at 5 years against STDR/e-STDR and 3 years against TDR/e-TDR for the SBI Overdraft facility salary account availed online.

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SBI Overdraft facility salary account interest rate is competitive. The bank charges interest on a daily reducing balance. The borrower does not have to break their Fixed Deposit (FD) to get this loan and has to pay the interest only on the utilized amount. SBI Overdraft interest rate for salary account is 1% above the relative time deposit rate.

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Following are the eligibility criteria for SBI OD account:

• Customers (Single/Joint Account Holders) who are holding SBI’s TDR/ STDR/ RD/ including NRE/ NRO/ RFC and FCNR(B) Deposits are eligible to avail of this loan. 
• Single Account Holders can also avail of SBI Overdraft loan against TDR and STDR online via the Internet Banking platform.
• Individual customers holding TDR/ STDR/ e-TDR/ e-STDR with SBI in the single name (Not Joint Account Holders) can avail of this facility online.
• Joint Account Holders can only avail of this facility at the SBI branches. 
• At the branch level, an overdraft against FD SBI is also offered against the security of RD/ e-RD/ NRE/ NRO/ RFC and FCNR(B) Deposits.

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