Now the country’s second largest public sector bank has also stood in the line of providing overdraft facility on fixed deposits. Apart from overdraft on FD, PNB has also launched a pre-qualified credit card.
New Delhi. If you also have an account with Punjab National Bank (PNB), then you can take advantage of the facility of overdraft on Fixed Deposit ie FD. The customers of the bank can now avail the facility of overdraft on Fixed Deposit ie FD sitting at home. The special thing is that for this you will not even need to visit the bank branch. Customers can apply for overdraft sitting at home through the bank’s PNB one app or internet banking.
Interest has to be paid for the time for which money is taken in overdraft. Along with this, they will also get concession in interest rate. Not only this, the bank has also announced a discount of 0.25 percent on interest on applying from digital platforms like PNB One.
Know how to take advantage of the facility
If you do not know about overdraft, then let us tell you that overdraft is a type of loan. Due to this, customers can withdraw more money from their bank account than the current balance. This extra money has to be repaid within a certain period and it also attracts interest. In this the customer has to pay less interest.
Introducing Overdraft (eOD) against Fixed Deposit to making your process seamless through PNB One mobile app.
Also, get a concession of 0.25% on applying through the app.#FixedDeposit #Loan #Banking #AzadiKaAmritMahotsav #AmritMahotsav@AmritMahotsav pic.twitter.com/G8sWSp12fH— Punjab National Bank (@pnbindia) October 11, 2022
How Much Money Can You Take?
Banks allow overdrafts up to 90% of the current value of the FD and the rate of interest on OD facility is 1-2% higher than the interest paid on FDs kept as your collateral. For example, if your FD gives 6% annualized return, an interest of 7-8% per annum will be charged for the OD.
Overdraft according to different categories
The limit of overdraft according to different categories has been mentioned in PNB’s My Salary Account. These include an overdraft facility of up to Rs 50000 for silver, Rs 150000 for gold, Rs 225000 for premium and Rs 300,000 for platinum. Along with this, you also get the facility of sweep.
