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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 currently 1% above the relative time deposit rate.

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SBI Overdraft Facility Details

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

Maximum Loan-to-Value (LTV) Ratio95% of Time Deposit’s value
Minimum loan amountRs. 5,000
Maximum loan amountRs. 5 Crores
Repayment tenureMaximum 5 years against STDR/e-STDR & 3 years against TDR/e-TDR for Overdraft availed online
Rate of interest1% above the relative time deposit rate
Processing feeNil
Prepayment chargesNil
SecurityLien on underlying Time Deposit
Type of facilityDemand loan and Overdraft
Channels to ApplyInternet 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

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.

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.

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SBI Overdraft Facility FAQs

How to apply for the SBI Overdraft facility?

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If you want to avail of 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 ‘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 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 instant overdraft against FD SBI YONO app is the best way to apply for this facility.

What security do I need to offer?

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  • 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.

Is the Demand Loan or Term Loan facility also available online?

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No. Currently, the online facility is available only for Overdrafts. Customers need to visit the SBI branch to avail Demand Loan.

How much Overdraft Limit can I avail?

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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.

What is the maximum SBI Overdraft Limit?

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The maximum limit of SBI OD against FD, which can be availed online against your Fixed Deposits, is Rs. 5 Crores. However, there is no specific loan limit for loans at the SBI branches.

Can I avail of Overdraft in the joint name?

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No. Currently, only customer who is 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.

Can the Online SBI Overdraft facility be availed against Tax Saving Deposit?

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No. At present, the Online SBI Overdraft facility cannot be availed against the following:

  • MODS
  • Tax Saving Deposit
  • NRE TDR/ STDR
  • RD