Fix Deposit Overdraft
Loan Against Fixed Deposit:
FD is one of the most preferred options when it comes to investing the savings. Your savings will secure you and your future. You can easily acclaim a loan against your savings. And within no time, the credit amount will hot your bank.
At Suvarnayug Bank, we value you and know the value of your savings. Hence, you can apply for a loan against FD easily without any complicated process to indulge in. Your FD is your savings, and claiming the loan against it, will be beneficial for you.
With the overdraft against fixed deposit facility, your fixed deposits continue to remain in your name and earn interest for you, while you avail finance against them. Get liquidity when you need it, while still keeping your Fixed Deposit investment intact.
Features & Benefits :
Most convenient and immediate line of credit against your fixed deposits
You can enjoy the rewards of an overdraft facility to supplement your household or business requirements
Pay back with interest only on the drawn amount, while your remaining Fixed Deposit continues to earn you interest
Flexibility in altering period of deposit, maturity and payment instructions and rollover mode before maturity of the rollover deposit
Get access to liquid fund :
Avail up to 85% of the value of your Fixed Deposit
Get emergency fund :
In case of an emergency, instated of breaking you Fixed Deposit, you can take a loan against it.
Get comparative rates :
Now gain access to liquid fund at competitive rate
Pay interest only on utilisation :
You will be charged interest only on the actual amount utilised and for the tenure of utilisation. No EMI or post-dated cheques required.
Check your eligibility :
Suvarnayug Bank provides Loan Against Fixed Deposit for your urgent cash requirements, so you need not liquidate your fixed deposits and incur penalties. Avail Loan Against Fixed Deposit from Suvarnayug Bank by fulfilling certain eligibility criteria. Here is the eligibility criteria for Loan Against Fixed Deposit.
ODFD facility can be extended to you once you produce a valid Suvarnayug Bank Fixed Deposit.
Documents required :
The Loan Against Fixed Deposit helps you maintain your fixed deposits and avail of cash for your requirements. Suvarnayug Bank’s Loan Against Fixed Deposit application process is completely hassle-free. Here is the list of documents required for Loan Against Fixed Deposit.
Interest rate 2% above term deposit rate
Penalty for early Closure:
Terms and Conditions :
In consideration of the Bank agreeing to grant me a Temporary Overdraft facility for an amount not exceeding the predefined limit which will not exceed 80% of the amount/s that may be held by the Bank in Fixed Deposits on my behalf, I hereby agree, record and confirm, that the Bank shall have a first charge on the amount/s of such Fixed Deposits (which expression shall mean and include all such amounts standing to my credit in the Fixed Deposit account with the Bank and whether such sums are additional to or by way of renewal of or replacement for any sums deposited/to be deposited by me with the Bank or otherwise together in each case with all and any interest accruing in respect thereof) as a continuing security for the due repayment by me to the Bank on demand of all the sums which at any time or from time to time become due and owing by me to the Bank in respect of the said Temporary Overdraft Facility and all interests, costs, charges, expenses, and other amounts whatsoever which may become due and payable by me to the Bank. I hereby irrevocably and unconditionally authorise the Bank to appropriate, adjust and set off the amount/s of such Fixed Deposits towards the dues of the Bank in the event of my failure to pay the amount demanded from me by the Bank, the demand of the Bank being conclusive as to my liability for repayment thereof and for the said purpose. I hereby irrevocably and unconditionally authorise the Bank to, basis my consent terminate all or any part of the Fixed Deposit prior to the maturity date thereof.
I hereby irrevocably and unconditionally agree that the Bank shall be entitled to discontinue or terminate the said Temporary Overdraft Facility.
I am aware that the Bank will provide a Temporary Overdraft facility of predefined amount. On auto renewal of my Fixed Deposit along with the Principal, the overdraft limit remains unchanged.
I/we hereby expressly authorize the Bank
(i) to break/ en cash /liquidate, any all of the Fixed Deposits even before the maturity date of such Fixed Deposits and adjust the amount thereof (including interest thereon) against the amount outstanding under the Overdraft Facility and/or in the Account and hereby agree and undertake not to hold the Bank responsible for any loss arising thereof including loss of interest on premature encashment; and
(ii) in case the Temporary Overdraft facility is subsisting to renew without any further act, deed or thing from me/us any or all of the Fixed Deposits with interest thereon as per the rates then applicable for such periods as may be decided by the Bank, at its absolute discretion.