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How NRIs Can Avail SBI Loans Against Fixed Deposits (FDs)

Customers of State Bank of India (SBI) can avail instant loan credit against their fixed deposits with SBI's NRI banking services.

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How NRIs Can Avail SBI Loans Against Fixed Deposits (FDs)

Customers need not show any documents to avail this instant loan credit, SBI said.


Customers of State Bank of India (SBI) can avail instant loan credit against their fixed deposits with SBI's NRI banking services. Customers need not show any documents to avail this instant loan credit, SBI said. This loan against your fixed deposits is available at a nominal interest charged over the interest rate, SBI, the largest lender of the country, said on Twitter.  To avail this facility, customers have to create an Overdraft (OD) account against their existing NRE / NRO deposit through internet banking.

(Also Read: Fixed Deposit (FD) Interest Rates On Domestic Term Deposits: SBI Vs ICICI Bank Vs PNB Vs BoB)


NRE/NRO Deposit Account

Non-resident Indians or NRIs are allowed to open Non-Resident External (NRE) accounts or Non-Resident Ordinary (NRO) accounts. NRO/NRE accounts are fixed or term deposits for NRIs. These are special account options exclusively meant for NRIs.

SBI's Online OD Against NRI Deposit

Create an Overdraft (OD) account against your existing NRE / NRO deposit through internet banking.


Features


Eligibility:

The facility is available to customers having NRE / NRO Fixed Deposits (TDR / STDR / eTDR / eSTDR) in single name (holder) only and with a minimum residual period of six months, said SBI on its website onlineSBI.com. TDR is a term deposit; STDR is a special term deposit; eTDR and eSTDR and online term and special deposits respectively.

Deposits with joint holders are not eligible under the scheme. TDR/STDR not opened through internet banking facility has to be mapped to internet banking for availing this facility, SBI said.


Permissible Limit:

The limit of overdraft against deposits will be as per following table. Overdraft limit cannot be changed by the customer.

 

 

TDR/eTDR

75% of the face value of deposit

STDR/eSTDR

90% of the face value of deposit



Loan Amount is as follows:

a. Minimum: Rs. 25,000/-
b. Maximum: Rs. 5.00 crores


Rate of Interest

1.00% above the interest payable on the Fixed Deposit


Cut-off time

The online opening of Overdraft facility will be available between 08:00 to 20:00 hrs IST, said SBI.


Tenure is as follows:     

 

 

 

TDR/eTDR

3 years or remaining maturity period of Fixed Deposit, whichever is lower. The monthly/quarterly/half yearly interest payable on TDR/eTDR will continue to be credited to the account as originally opted by you.

STDR/eSTDR

5 years or remaining maturity period of Fixed Deposit, whichever is lower.


Rollover / Renewal Of TDR/STDR/eTDR/eSTDR

Mandate for rollover / renewal of the TDR/STDR/eTDR/eSTDR given at the time of opening of underlying deposit account will be treated as cancelled if the Overdraft account is not closed on or before the loan tenure, said SBI.


Closure Of Overdraft account

The closure of Overdraft account before or on maturity or end of term of TDR/STDR/eTDR/ eSTDR will be done through the home branch of SBI only. Presently there is no provision in internet banking for closure of such Overdraft account, SBI insisted.


How to create Overdraft account

Login to your INB account.
Click on 'e-Fixed Deposit' tab.
Click on 'Overdraft against Fixed Deposit' from the column on left hand side.
Select a deposit and proceed accordingly.



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