Key things to know about SBI's overdraft facility against fixed deposit (FD):
#YONObySBI offers a one click facility to avail an #overdraft against your #fixeddeposit. Download: https://t.co/VFpiAhO7NR#SBI#StateBankOfIndia#StateBank#YONObySBI#AllInOne#LifestyleApp#BankingApp#Shopping#Movies#PersonalFinance#YONO#YouOnlyNeedOnepic.twitter.com/r9C455vugm— State Bank of India (@TheOfficialSBI) April 25, 2018
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 facility.
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 SBI on its portal.