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SBI Overdraft Facility Against Fixed Deposit or Time Deposit

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Updated: 16-05-2024 06:35:43 AM

SBI Overdraft against Time Deposit is a credit line facility on which the borrower is not required to break his/her FD and has to pay the interest rates only on utilized amounts. Besides, lending products like credit cards, personal loans, home loans, business loans, SME loans, etc., SBI also specializes in providing an Overdraft credit facility against Time Deposit which can be called SBI Overdraft against Fixed Deposit. The maximum amount that can be availed is up to Rs. 5 crore and up to 95% of your Time Deposit value.

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Below discussed are the interest rates and features offered by SBI for its Overdraft (OD) facility:

  SBI OD against Fixed Deposit – Interest Rate & Features – 2023
Interest Rate 1% above relative time deposit rate (Charged on daily reducing balance)
Type of Loan Demand Loan & Overdraft
Loan Amount Up to 95% of FD’s value

Min. Rs. 5,000 (For Online OD against FD)

Max. Rs. 5 crore (For Online OD against FD)
Processing Fee Nil
Prepayment Charges Nil
Margin Loan up to 95% of Time Deposit’s value
Applied via Bank branches & Internet banking

Note: The mentioned interest rates, fees, and charges are subject to change and depend on the sole discretion of the bank and RBI. GST and service tax shall be levied extra on the mentioned charges. *SBI 1 year MCLR with effect from 15th March 2023 is 8.50%.

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Eligibility Criteria

Below mentioned entities are eligible to avail SBI Loan against Time Deposit:

  • Existing Single/ Joint Account Holders, including NRE/NRO/RFC and FCNR(B) Deposits
  • Single Account Holders can avail Overdraft against TDR and STDR online via Net banking
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Repayment Tenure

  • Maximum repayment tenure for OD against FD is up to 5 years against STDR/e-STDR
  • Repayment Tenure is up to 3 years against TDR/e-TDR

Also Know: How to avail overdraft facility in HDFC bank?

FAQs 

Q. What is the interest rate offered by SBI on its Overdraft facility?

Ans. The interest rate offered by SBI is 1% above the relative time deposit rate.

Q. What is the maximum Overdraft limit that can be availed?

Ans. The maximum overdraft limit that can be availed online against your Fixed Deposit is up to Rs. 5 crore.

Q. How to avail SBI Overdraft facility from SBI?

Ans. To avail SBI overdraft facility from SBI, you can visit www.onlinesbi.com and log in using your User ID and Password.

Q. What is the maximum repayment period of SBI Overdraft against Time Deposit?

Ans. The maximum repayment tenure is up to 5 years. The repayment schedule is defined considering the repayment capacity of the applicant and the required loan amount.

Q. What is the minimum loan amount that can be availed in form of SBI Overdraft against Time Deposit?

Ans. The minimum loan that can be availed under SBI Overdraft is Rs. 5,000.

Q. Can I avail SBI Overdraft in the Joint name of my partner?

Ans. No, SBI Overdraft can only be availed by the account holder in a Single name. To avail SBI Overdraft in Joint name, the applicant needs to visit the bank branch.

Q. Can I apply for this facility online?

Ans. You can apply for an Overdraft facility online, whereas for a Demand loan you will have to visit the bank branch.

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