How to withdraw money from SBI overdraft account?

The SBI Overdraft against Time Deposit is a borrowing option. It requires the borrower to pay the interest just on the amount that has actually been used. There’s a reason I opted for this facility. The reason is that you are not needed to dissolve their Fixed Deposit (FD) in order to use it. Keep reading to know how to withdraw money from SBI overdraft account.

How to withdraw money from overdraft account SBI?

• Take out a check on your OD account for the specified sum. 

• Present both to the clerk at the OD desk, along with a challan for that sum to be credited to your SBI account.

• Additionally, you have the option to transfer a specific sum from your OD account to your SBI account by writing a letter to the bank.

• You can transfer money yourself via net banking if your OD account is set up for it after submitting the SBI account information to the beneficiary list.

What is SBI's overdraft capacity against fixed deposit (FD)?

• A sole account owner can use the YONO app to access SBI's overdraft facility against Fixed Deposit (FD). it can be done if they possess TDR (Term Deposit Receipt) and STDR (Special Term Deposit Receipt) in their sole name.

• According to SBI, joint account users are unable to use this service online at this time.

• The maximum and minimum loan amounts for online overdrafts against FDs are respectively Rs.25,000 and Rs.5 crore.

• SBI charges its website visitors who use the overdraft facility a 1% higher interest rate than the related fixed deposit.

• This facility can be used without paying a processing fee.

• You can use up to 90% of your FD as the margin when using SBI's overdraft facility.

• A reasonable repayment plan is established based on the borrower's ability to repay. 

• According to SBI's website, the maximum repayment duration for online overdrafts has been set at 5 years for STDR and 3 years for TDR, accordingly.

You can now withdraw money with this guide about how to withdraw money from SBI overdraft account.

The overdraft facility in SBI is a facility under which a borrower does not have to break their FDs or Fixed Deposits and needs to pay interest only on the used amount. You must have already understood how to withdraw overdraft amount in SBI so let me share some more insights into it. I am not aware of the online process, so when I needed to withdraw money, I filled out a form at my bank’s branch and withdrew money.

How to withdraw from overdraft account?

You can visit your bank with all the bank details, a passbook, and identification proof and fill out a form to withdraw the overdraft amount. But knowing how to take overdraft from SBI is not enough if you do not know when to withdraw it. Here are some aspects you need to know:

• You will have to pay 1.00% above the interest payable on the Fixed Deposit

• This facility will be available between 8 am to 8 pm IST

• The minimum amount will be Rs 25,000 and the maximum amount will be Rs 5 crore

You can go through other details again here:

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