INSUBCONTINENT EXCLUSIVE:
Currently, joint account holders cannot avail overdraft facility against FD.
Customers can now avail an overdraft against Fixed Deposit (FD) via State Bank of
India (SBI) YONO app, informed country's largest lender on its official twitter handle- @TheOfficialSBI
amount as an overdraft to meet emergency and other needs
about SBI's overdraft facility against fixed deposit (FD):1
Single account holder holding TDR (Term Deposit Receipt) and STDR (Special Term Deposit Receipt) with SBI in single name only can avail
SBI's overdraft facility against Fixed Deposit (FD) online via YONO app.2
Currently, joint account holders cannot avail this facility online, said SBI.3
The minimum loan amount for availing online overdraft facility against FD is Rs 25,000 and maximum loan amount is Rs 5 crore.4
SBI is charging an interest rate of 1 per cent more than the linked fixed deposit for its online customers while availing the overdraft
There is no processing fee required to avail this facility.6
The margin for availing SBI's overdraft facility against FD can go up to 90 per cent of FD.7
Suitable repayment schedule is fixed depending upon the repayment capacity of the borrower
Maximum repayment period has been capped at 5 years against STDR and 3 years against TDR respectively for overdraft availed online, informed
