Loan OD Credit Card against Deposit
Loan/OD/Credit Card against Deposit
Providing Term Loan/Overdraft/Credit Card against Term Deposit through Online Mode
To enhance customers convenience, facility for availing Term Loan/ Overdraft/ Credit Card against Term Deposit has been introduced on our Bank Website. This service can be accessed online at any time, eliminating the need to visit a branch.
Features of the Product:
- Overdraft/Term Loan/Credit Card facility can be availed by individual customers against Term Deposits in individual name through this online mode.
- Customer should have unencumbered Term Deposit with Mode of operation as Self/Either or Survivor. Valid Aadhaar (with registered mobile number) of Term Deposit account holders should be available in CIF.
- Variable Recurring Deposit, Term Deposits in Minor’s name and IB Tax Saver deposits are not eligible for availing the credit facility through this online process.
- Multiple credit facility against single Term deposit is not allowed.
- Maximum Permissible Limit – 90% of the deposit value or Rs. 10 lakh whichever is lower.
- Rate of interest for Overdraft & Term Loan: 1% above respective term deposit interest rate.
- Customer have the choice to avail either VISA or RUPAY Credit Card.
Term Loan/Overdraft against Term Deposit through Branch Mode
| Key Features | Description |
|---|---|
| Eligibility | Term Deposit Holder of our Bank. |
| Amount of Loan | 90% of accrued value of deposit. |
| Margin | 10% on accrued value of deposit. |
| Interest Rates | 1% over the applicable rate for the Term Deposit pledged. |
| Repayment | * Flexible. * Maximum upto date of maturity of deposit. |
| Security | Pledge of Term Deposit. |
| Salient Features | For any bankable purpose. |
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