Sbi od

I want to know about the secured Overdraft facility of the SBI so can you please tell me the details and the eligibility for the same

[Pathak]

Hey the SBI provide the secured Overdraft facility to its customers

Overdraft facilities against term deposits is to cater to your short-term cash flow requirements.


Eligibility

Singaporeans, PRs and foreigners of age ≥ 21 years

Overdraft facilities granted to 1st party only

Acceptable security: SGD/USD term deposits with minimum tenor of 3 months

No processing fees

Default fee: 2% above overdraft interest rate (min. S$20) on all amounts in excess of approved limit


Documents required

Application form

Demand Promissory note

Deed of Security over deposit(s)

Letter of approval accepted by borrower(s)