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Overdrafts facilities

Here, in this section, get to know about overdraft facilities by different leading banks in India.

Allahabad Bank

1. Overdraft facility in Savings Bank accounts available to all employees of our corporate clients / Institutions / organisations for meeting their immediate exigencies and whose salaries are disbursed through Saving Bank accounts at our branches.
2. Overdraft is allowed upto Rs 10,000 or one month’s net salary, whichever is less.
3. No margin stipulation and no moratorium period.
4. Nominal documentation formalities.
5. Loan to be adjusted at least once in a month by the amount of salary to be credited to the account.
6. Rate on Interest (excluding tax levy): PLR + 4% p.a. with quarterly rests.

ICICI Bank

Under the Power Payroll Account, a value-added banking product offered by ICICI Bank, corporate employees get free 'TRICE - ATM' cards. Besides facilitating salary withdrawal, the product also allows them to overdraft facility of up to 50 per cent of their net monthly take-home pay at the prevailing interest rates.

UTI Bank

Power-24 (Overdraft against fixed deposits through ATM)

Power24 is a bundled product which adds liquidity to your Fixed Deposit account. We will link your Fixed Deposit account to your Business Classic Account and will allow you overdraft facility whenever you need it.

You can draw by cheque or through your ATM card, whichever way you choose. Keep your Fixed Deposit account intact and still use it as a chequeable account that is the convenience of Power 24.