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  • Description
  • Overdraft is a credit facility established usually in local currency for a specific period of time at given rates of interest (subject to market changes) whereby a customer is allowed to overdraw his current account up to the agreed limit.
  • Financial and other Benefits
  • Overdraft is generally allowed to facilitate revolving working capital requirement of a business. In case of a personal customer, overdrafts are allowed to facilitate personal requirements.
  • Costs (Interest, Fees, Charges, Commissions)
  • Interest is calculated on daily balances and applied at monthly intervals. The applicable rate will be indicated in the Letter of Offer. Documentation fees / processing fees / legal fees / valuation fees are applicable depending on the amount of the facility and security offered.
  • Procedure to be followed to obtain the product/service
  • A letter requesting for an overdraft facility along with the necessary supporting documents should be submitted to the Branch Manager of the account holding Branch.
  • Key Terms and Conditions
    • A customer who has maintained a satisfactorily conducted current account and without adverse credit history with SBK or other Financial Institutions can apply for an overdraft facility.
    • In the case of a personal client, Term Loans are granted to meet any acceptable personal requirements.
    • Overdraft facilities are allowed primarily for working capital requirements (Personal requirements in case of personal customers) and repayable on demand.
    • Collateral / security acceptable to the Bank should be provided.
    • The Bank reserves the right to reject any application without assigning reasons thereof. However, when a facility is rejected reasons for such rejection are communicated to the client.