OVERDRAFT FACILITY IN SB SALARY A/C“IB INSTA CASH”

Target Group	Regular Employees of Govt./ State Govt./PSUs/Listed Companies/ Autonomous Bodies whose salaries are credited in savings accounts maintained with our Bank and where salary credits are received for at least past One month and minimum monthly salary credited in the account is Rs 25000/. Other Organisations/Institutions having more than 50 salary accounts with our bank can also be covered under the scheme.
Purpose	Overdraft facility in SB account to be allowed to employees of eligible organisations/institutions whose salaries are being credited in SB a/cs maintained with our Bank
Quantum of loan	Maximum OD amount of Rs. 2,00,000/- or two month’s salary, whichever is lesser. Minimum OD amount Rs. 25,000/- Minimum NTHP (after servicing interest of the OD facility) should be 40%.
Facility	Overdraft
Margin	Nil
Moratorium Period	Nil
Period	One Year
Repayment	On Demand. OD facility to be liquidated 3 Months before borrower’s retirement.
Security	NIL
Documentation	a) OD application by the borrower (SB a/c holder). b) Copy of Salary Slip. c) Demand Promissory Note, signed by the borrower. d) Letter accepting all the terms and conditions of sanction of the loan. e) Intimation to the employer.
Other terms and conditions	The account should be reviewed on yearly basis by the sanctioning authority and the OD limit should accordingly be renewed / enhanced / cancelled, depending on the conduct of the account. Fresh set of security documents should be obtained at the time of enhancement of the OD limit. It should be ensured that OD is given in Savings Bank A/c in which salary is credited. Loan against salary(IBCLS) borrowers will not be eligible to avail this facility.

( Last modified on Apr 20, 2024 at 05:04:25 PM )

ADYA