SBI Overdraft Facility
SBI Loan Against Time Deposit also known as SBI Overdraft facility provides instant funds between Rs. 5,000 and Rs. 5 Crores to borrowers whenever they desire or need, be it a sudden vacation plan with family, urgent funds required for medical treatment, or any other purpose. The SBI overdraft interest rate is 1% above the relative time deposit rate.
SBI Overdraft Facility Details
The key details of the overdraft facility in SBI are listed below:
| Maximum Loan-to-Value (LTV) Ratio | 95% of Time Deposit’s value |
| Minimum loan amount | Rs. 5,000 |
| Maximum loan amount | Rs. 5 Crores |
| Repayment tenure | Maximum 5 years against STDR/e-STDR & 3 years against TDR/e-TDR for Overdraft availed online |
| Rate of interest | 1% above the relative time deposit rate |
| Processing fee | Nil |
| Prepayment charges | Nil |
| Security | Lien on underlying Time Deposit |
| Type of facility | Demand loan and Overdraft |
| Channels to Apply | Internet banking, YONO or bank branches |
What is SBI Overdraft?
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.
SBI Overdraft Features
The 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 an underlying Time Deposit is required.
- The loan can be availed through multiple channels, including Internet Banking, YONO, and SBI branches.
- The 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.
SBI Overdraft Interest Rate
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.
SBI Overdraft Eligibility
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.
SBI Overdraft Facility FAQs
If you want to avail of an SBI overdraft apply online by following the steps mentioned below:
- Visit the official website of the bank, i.e. sbi.co.in, to apply for the SBI Overdraft facility for salary account.
- Under the ‘Loans’ section, click on the ‘Loan against Securities’ option and then select ‘Loan Against Time Deposit’.
- Now click on the ‘Apply Now’ button given on the left panel of your screen.
- You can either log in to your Personal Banking account or the YONO app to fill in the application form by entering all the required details.
- Once you submit your application, you will receive a call from SBI’s representatives regarding the completion of the application process.
- If you want an instant overdraft against FD SBI YONO app is the best way to apply for this facility.
- e-TDR/e-STDR/TDR/STDR on which you want to avail of the overdraft facility online. Loan against RD/NRE/NRO/RFC/FCNR(B) Deposit is not available on the Internet banking platform at present.
- e-TDR/e-STDR/TDR/STDR/RD/e-RD or NRE/NRO/RFC and FCNR(B) Deposits at the Branch level.
No. Currently, the online facility is available only for Overdrafts. Customers need to visit the SBI branch to avail Demand Loan.
You can avail 90% of your e-STDR/STDR value and 75% of your e-TDR/TDR as overdraft loan SBI through the Internet banking platform. At the branch level, you can avail 90% of your underlying security value as a Demand Loan/Overdraft facility.
The maximum limit of SBI OD against FD, which can be availed online against your Fixed Deposit, is Rs. 5 Crores. However, there is no specific loan limit for loans at the SBI branches.
No. Currently, only customers who are holding TDR/STDR/e-TDR/e-STDR with SBI in a single name can avail of the facility online. Joint account holders are required to visit SBI branches to avail of this facility.
No. At present, the Online SBI Overdraft facility cannot be availed against the following:
- MODS
- Tax Saving Deposit
- NRE TDR/ STDR
- RD
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