Good News! PNB customers will get overdraft facility on FD, know how you can avail

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New Delhi. If you also have an account with Punjab National Bank (PNB), then you can take advantage of the facility of overdraft on Fixed Deposit ie FD. The customers of the bank can now avail the facility of overdraft on Fixed Deposit ie FD sitting at home. The special thing is that for this you will not even need to visit the bank branch. Customers can apply for overdraft sitting at home through the bank’s PNB one app or internet banking.

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Interest has to be paid for the time for which money is taken in overdraft. Along with this, they will also get concession in interest rate. Not only this, the bank has also announced a discount of 0.25 percent on interest on applying from digital platforms like PNB One.

Know how to take advantage of the facility

If you do not know about overdraft, then let us tell you that overdraft is a type of loan. Due to this, customers can withdraw more money from their bank account than the current balance. This extra money has to be repaid within a certain period and it also attracts interest. In this the customer has to pay less interest.

How Much Money Can You Take?
Banks allow overdrafts up to 90% of the current value of the FD and the rate of interest on OD facility is 1-2% higher than the interest paid on FDs kept as your collateral. For example, if your FD gives 6% annualized return, an interest of 7-8% per annum will be charged for the OD.

Overdraft according to
different categories The limit of overdraft according to different categories has been given in PNB’s My Salary Account. These include an overdraft facility of up to Rs 50000 for silver, Rs 150000 for gold, Rs 225000 for premium and Rs 300,000 for platinum. Along with this, you also get the facility of sweep.

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