SBI launches online overdraft facility



The State Bank of India launched an online service to avail overdraft facility against fixed deposits and that too at the click of a mouse, from the comfort of the home.

According to SBI sources, customers having fixed deposits in a single name can avail up to 90 per cent of the facility in case of need.

The bank claims that it is among those which are charging the lowest in the industry. “If 8 per cent is offered on fixed deposits, only half a per cent more that is 8.5 per cent interest rate would be charged or the facility.”

The service is now available to all internet banking users through the bank portal.