List of banks with best overdraft facility accounts for salaried in India

When it comes, you can never say that you have enough. Especially when there is a need (urgent maybe), you are bound to get as much money as possible to avoid any imbalance in your life. Those who have experienced taking a loan know that there are few things that work in your favor but there are other things that may go against you. So, what would you do if you find out that you can not get a loan because of your low income or any other factor such as poor credit score.

Overdraft facility for salaried individual

For people who are salaried, overdraft facility becomes a boon. Salaried people can easily avail this service from their bank. Don’t tell me you do not know what is an overdraft facility? Wel, even if it is easy I would want to share my simple definition of what is an overdraft facility. I would also like to share some of the best overdraft facility accounts for salaried. The reason why am I focusing on salaried is because this facility is ideally designed for them only. So, if you are also an salaried individual and looking for some finance options, this article is going to be very helpful for you.

What are the options to get overdraft facility

Overdraft facility can be taken against salary account, home loan and FD account. While salary account and FD account are directly linked to your income and savings, overdraft facility against home loan means you are taking a debt from bank other than your existing loan. In all cases, there is an EMI which you need to pay. Below are the list of banks offering overdraft facility for salaried accounts.

SBI overdraft facility salary account

The features and benefits of the overdraft facility in Salary Package Account at SBI are as follows:

• Up to 2 times Net Monthly Salary, Overdraft limit set up on the existing CSP account, Overdraft amount repayable in 6 EMIs
• Minimum documentation
• No processing fees
• No pre-closure charges
• Easy-to-use and easy-to-pay facility
• Freedom to use limit through Cheque book, ATM, online transfer, etc.,
• Interest payable only on the utilized amount, Monthly Salary and other Credits in the account help save interest

When do you become eligible for OD at SBI?

If you have a minimum 6 months of residual service and your salary account with SBI and have regular salary credits, you can avail this service.

Overdraft facility in HDFC

Look at the features of overdraft facility for salaried at HDFC Bank.

• You are eligible if your salary account has regular salary credits.
• You can withdraw the money through the regular modes i.e. ATM, Cheques, online transfers after the approval for the facility.
• To qualify for SmartDraft you need a minimum of 3 salary credits.
• The maximum amount you can avail as an overdraft is Rs. 1 Lakh.
• The minimum overdraft amount is Rs. 25,000.
• Your overdraft limit will be renewed after 12 months once the payment of the annual renewal fee is made.
• SmartDraft is available in the following locations only: Mumbai, Delhi, Gurgaon, Noida, Bangalore, Chennai, Hyderabad, Secunderabad, Kolkata, Pune, Nasik, Jaipur, Baroda, Indore, Bharuch, Surat, Silvasa, Chandigarh, Ludhiana, Patiala, Coimbatore, Ahmedabad, Lucknow, Calicut, Trichur and Cochin.
• Your minimum net monthly income must be Rs. 15,000.

Based on the information on some of the best overdraft facility accounts for salaried, you may be able to find out what are the possibilities of you getting them. SO,move forward by considering all options.