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How to Get Overdraft against Fixed Deposit with SBI

Overdraft against Fixed Deposit

This tutorial teaches you, How to get Overdraft against Fixed Deposit with the help of State Bank of India Internet Banking facility using Online SBI Website.

Have you ever needed funds urgently only to realize that you do not have enough in your account?

SBI’s Overdraft against Fixed Deposit facility allows you to get money, through www.onlinesbi.com, instantly without visiting your branch.
Avail of an overdraft of 90% of the FD value in case of STDR/e-STDR and 75% of the FD value in case of TDR/e-TDR to meet your needs during times of emergency.


Eligibility: 

Customers (Single/ Joint Account Holder) holding SBI’s TDR/STDR / RD / including NRE/NRO/RFC and FCNR(B) Deposits can avail this loan. Single Account Holder can also avail Overdraft against TDR and STDR online through Internet Banking platform

Amount of Loan (For Online Overdraft against Fixed Deposit)
Min: Rs 25000
Max: Rs 5 Crore

Margin: 

Avail loan up to 90% of your Time Deposit value

Security Lien on underlying Time Deposit

Repayment Period:

Suitable repayment schedule will be fixed depending upon the repayment capacity of the borrower for Loan taken through Branches. Maximum Repayment period has been capped at 5 years against STDR/e-STDR and 3 years against TDR/e-TDR respectively for Overdraft availed online.

Type of loan: Demand Loan& Overdraft

Channels: Internet Banking and Branches

Fees:

Processing fee: NIl

Interest Rate: 1% above the relative time deposit rate


Procedure:

  1. Log in to Online SBI

 


FAQs

1) Who is eligible to avail SBI Loan against Fixed Deposit?

Individual Customer holding TDR/STDR/e-TDR/e-STDR with SBI in Single name only (No Joint Account Holders) can avail the facility online.

Joint Account Holders can avail this facility at the Branches. At Branch level the loan is also sanctioned against the security of RD/e-RD/NRE/NRO/RFC and FCNR(B) Deposits

2) What is the security the customer has to offer?

e-TDR/e-STDR/TDR/STDR on which the customer wants to avail the overdraft facility online. Loan against RD/ NRE/NRO/ RFC/ FCNR(B) Deposit is not presently available on Internet banking platform

e-TDR/e-STDR/TDR/STDR/ RD/e-RD as well as against the security of NRE/NRO/RFC and FCNR(B) Deposits at the Branch level

3) Is Demand / Term loan facility also available online?

Currently the online facility is restricted to Overdraft only. For availing Demand Loan customers need to visit the Branch

4) How much Overdraft Limit can be availed?

The customer will be able to avail 90% of his e-STDR / STDR value and 75% of his e-TDR / TDR as Overdraft facility on the Internet banking platform

At Branch level the customer can avail 90% of his underlying security value as Demand Loan/ Overdraft facility

5) What is the current Interest Rate on the scheme?

1% above the relative time deposit rate

6) What is the maximum Overdraft Limit?

The maximum Overdraft limit which can be availed online against your Fixed Deposits Rs 5 Crore.

There is no specific loan limit for advances at the Branches

7) Is there any minimum loan amount for availing online overdraft facility?

The minimum loan amount for availing online overdraft facility is Rs 25,000. There is no specific minimum loan limit for advances at the Branch level

8) Can the Overdraft be availed in Joint name?

No, currently only Customer holdingTDR/STDR/e-TDR/e-STDR with SBI in Single name only can avail the facility online. Joint Account Holders have to visit SBI Branches for availing facility.

9) What is the Repayment period?

The maximum repayment period overdraft against e-STDR / STDR is 5 years or residual period which is less, subject to minimum of 6 months

The maximum repayment period overdraft against e-TDR / TDR is 3 years or residual period which is less, subject to minimum of 6 months

For loans sanctioned at Branch level, suitable repayment schedule will be fixed depending upon the repayment capacity of the borrower

10) How to avail the facility?

The Customer to visit www.onlinesbi.com and log in using his User Id and Password. Overdraft against Fixed Deposit is available under e-Fixed Deposit tab. Alternatively customer can also approach the Branch for availing the facility

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

No, currently the Overdraft facility cannot be availed against the following:


Thanks for reading this article, hope you found it useful, if you have any doubts or questions, you may ask us in the comments below.

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