HDFC Overdraft Facility

The key details of the overdraft facility in HDFC are listed below:

HDFC OD account is an overdraft account wherein you get a pre-approved credit line that can be activated instantly. With Salary Plus, you no longer need to worry about missing your EMI payments, sudden medical bills, cheque bounces, or cutting down on expenses due to the unavailability of funds in your account. You can avail overdraft limit of up to Rs 1.25 Lakhs and pay interest only on the amount utilized and the duration of utilization. For instance, you can utilize Rs. 1 Lakh at an interest of just Rs. 41.09 per day. You don’t require any documents to avail of this facility and it guarantees money in your account in seconds. Salary Plus facility is extended to all HDFC Bank Salary Account holders based on their eligibility and credit history.

HDFC Overdraft interest rate ranges from 15% to 18% p.a. Additional government taxes and other charges as applicable will be levied over and above the rate. You have to pay interest only on the amount used and for the duration of utilization.

The following are the HDFC overdraft eligibility criteria:

• Applicants should be at least 18 years of age.
• Overdraft loan HDFC is offered to all HDFC Bank Salary Account customers depending on their eligibility and credit history.
• Applicants can be resident individuals, Hindu Undivided Families, and Private & Public limited companies.

HDFC Overdraft against FD is another form of overdraft facility extended by HDFC Bank that is offered against the fixed deposit (FD). With this facility, you can fulfill your urgent household or business financial needs without breaking your FD.

Here are some attractive features of HDFC OD against FD:

• This HDFC Bank overdraft facility for business offers instant loans up to 90% of overdraft on your FD.
• To avail of this facility, you must have a minimum FD amount of Rs. 25,000 for a tenure of a minimum of 6 months 1 day.
• You can avail of Overdraft against FD or Super Saver facility on fixed deposit held in a single name instantly through NetBanking.
• You can repay with interest only on the withdrawn amount, while your remaining FD continues to earn you interest.
• You can link your Fixed Deposit with your Savings Account or a Current Account.
• Cancellation of this HDFC Bank overdraft facility against your FD is available via NetBanking.
• You are eligible to open this account if you are a resident individual or Hindu Undivided Family or a Private & Public limited company.

Open an HDFC Bank overdraft facility for a salary account and get up to 3 times your salary as an overdraft limit, subject to a minimum of Rs. 25,000 and a maximum of Rs. 1.25 Lakhs. If you hold a Salary Account with HDFC Bank you can get access to Salary Plus with a pre-approved credit line that can be activated instantly. The facility helps you with EMI payments, cheque bounces, sudden medical expenses, and other financial needs. You can pay interest only on the amount used and the duration of utilization, which means you can utilize Rs. 1 Lakh at a small interest of just Rs. 41.09 per day. The facility can be activated easily and requires no documents. It also guarantees money in your account in seconds. The Salary Plus facility is available to all HDFC Bank Salary Account holders based on their eligibility and credit history.