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Bank Overdraft @9.00% Onwards

A bank account overdraft happens when an individual’s bank account balance goes down to below zero, resulting in a negative balance. It usually happens when there are no more funds in the account in question, but an outstanding transaction is processed through the account, leading to the account holder incurring a debt.
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Bank Overdraft
Bank Name Interest Rate Range (%) Processing Fee (%) Maximum Loan (Lacs) Maximum Tenure (Month)
Axis Bank Ltd.
7.50% - 8.50%
1 %
1500
12
Bank of Baroda
9.00% - 10.50%
1%
1000
12
Bank of India
8.35%-9.35%
1 %
1000
12
Canara Bank
11.70% - 12.00%
1%
1000
12
Central Bank of India
10.10% - 12.10%
1%
750
12
Digibank (DBS)
9.00% - 10.50%
1%
500
12
HDFC Bank Ltd
7.25% - 8.00%
1%
2000
12
ICICI Bank Ltd.
7.75% - 8.75%
1%
1000
12
IDFC First Bank
9.50% - 10.00%
1%
1000
12
Indian Bank
9.50% - 10.50%
1 %
750
12
IndusInd Bank
9.00% - 12.50%
1 %
1000
12
Kotak Mahindra Bank
7.25% - 8.25%
1%
2000
12
Punjab National Bank
8.70% -9.80%
1%
1000
12
RBL Bank Ltd.
8.50% - 10.50%
1%
500
12
South Indian Bank Ltd.
10.70% - 11.00%
1%
1500
180
State Bank of India
8.45% - 10.00%
1 %
1000
12
UCO Bank
9.40% - 10.00%
1%
500
12
Union Bank of India
9.80% - 10.80%
1%
500
12
United Bank of India
10.75%- 11.75%
1%
500
12
YES Bank Ltd.
8.00% - 10.00%
1%
500
12
Bank Name Key Features
Axis Bank Ltd.
Interest rate

7.50% - 8.50%

Max loan amount

1500

Bank of Baroda
Interest rate

9.00% - 10.50%

Max loan amount

1000

Bank of India
Interest rate

8.35%-9.35%

Max loan amount

1000

Canara Bank
Interest rate

11.70% - 12.00%

Max loan amount

1000

Central Bank of India
Interest rate

10.10% - 12.10%

Max loan amount

750

Digibank (DBS)
Interest rate

9.00% - 10.50%

Max loan amount

500

HDFC Bank Ltd
Interest rate

7.25% - 8.00%

Max loan amount

2000

ICICI Bank Ltd.
Interest rate

7.75% - 8.75%

Max loan amount

1000

IDFC First Bank
Interest rate

9.50% - 10.00%

Max loan amount

1000

Indian Bank
Interest rate

9.50% - 10.50%

Max loan amount

750

IndusInd Bank
Interest rate

9.00% - 12.50%

Max loan amount

1000

Kotak Mahindra Bank
Interest rate

7.25% - 8.25%

Max loan amount

2000

Punjab National Bank
Interest rate

8.70% -9.80%

Max loan amount

1000

RBL Bank Ltd.
Interest rate

8.50% - 10.50%

Max loan amount

500

South Indian Bank Ltd.
Interest rate

10.70% - 11.00%

Max loan amount

1500

State Bank of India
Interest rate

8.45% - 10.00%

Max loan amount

1000

UCO Bank
Interest rate

9.40% - 10.00%

Max loan amount

500

Union Bank of India
Interest rate

9.80% - 10.80%

Max loan amount

500

United Bank of India
Interest rate

10.75%- 11.75%

Max loan amount

500

YES Bank Ltd.
Interest rate

8.00% - 10.00%

Max loan amount

500

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Documents Required

  • Individual
  • Prop Firm
  • Partnership Firm-LLP
  • PVT. LTD.
  1. Photographs 2
  2. PAN Card Copy
  3. AADHAR CARD + PASSPORT
  4. LAST 3 YEARS FORM -16, ITR WITH COMPUTATION OF INCOME IF FILE
  5. LAST 1 YEAR BANK STATEMENT - SALARY ACCOUNT
  6. LOAN SCHEDULE & SANCTION LETTER (IF RUNNING
  7. COMPLETE PROPERTY PAPERS WITH CHAIN & MAP +ATS
  8. PROCESSING FEE CHEQUE IN FAVOUR OF BANK
  9. LAST 3 MONTHS SALARY SLIP + APPOINTMENT LETTER
  1. PHOTOGRAPH BOTH
  2. PAN CARD CLEAR COPY PROPRIETOR.
  3. ADD PROOF (PASS PORT, VOTER ID CARD) PROPRIETOR.
  4. OFFICE ADDRESS PROOF LATEST. (ELECTRICITY BILL, TELEPHONE BILL)
  5. FIRM REGISTRATION CERTIFICATES & GST REGISTRATION COPY
  6. LAST 1 YEAR GST RETURN COPY
  7. FIRM 3 YEARS ITR COMPUTATION, PROFIT LOSS A/C, BALANCE-SHEET, TAX AUDIT REPORT, ALL SCHEDULED & ANNEXURE
  8. PROVISIONAL FINANCIAL AY 2019-20
  9. BANK ACCOUNTS (CURRENT ACCOUNT, CC ACCOUNT, OD ACCOUNT LAST 1 YEAR UPDATED.
  10. 6 MONTH SAVING ACCOUNT STATEMENT UPDATED (PROPRIETOR)
  11. IF RUNNING ANY LOAN PLEASE PROVIDE SANCTION LETTER AND REPAYMENT SCHEDULED
  12. AGREEMENT TO SELL COPY
  13. PROPERTY PAPERS WITH CHAIN SANCTION MAP
  1. PHOTOGRAPH PARTNERS
  2. PAN CARD - COMPANY, ALL PARTNERS
  3. ADD PROOF - ALL PARTNERS (PASS PORT, VOTER I CARD ,PAN ,ADHAAR)
  4. FIRM ADD PROOF- LATEST ANY UTILITY BILL.
  5. PARTNERSHIP DEED COPY
  6. GST CERTIFICATE
  7. GST Return last 1 years
  8. 3 YEAR COMPANY ITR COI P/L A/C BALANCESHEET + AUDIT REPORT 3CB 3CD, ALL ANNEXXURS, SCHEDULED WITH C.A.CERTIFIED.
  9. PROVISIONAL FINANCIAL AY 2019-20
  10. 3 YEAR.ALL PARTNER INDIVIDUALS ITR + COMPUTATION
  11. FIRM ALL A/C BANK STATEMENT 1 YEAR UPDATED
  12. ALL PARTNER SAVING A/C STATEMENT 6 MONTH.
  13. IF RUNNING ANY LOAN – LATEST SANCTION LETTER + TRACK RECORDS OR REPAYMENT SCHEDULED.
  14. Agreement To Sell copy
  15. PROPERTY PAPERS COMPLETE CHAIN WITH MAP
  1. ALL DIRECTORS PHOTOGRAPH
  2. CLEAR PAN CARD - COMPANY AND ALL DIRECTORS.
  3. ADDRESS PROOF – COMPANY AND DIRECTORS.
  4. LIST OF DIRECTOR & SHARE HOLDER WITH CA CERTIFIED AS ON DATE
  5. MEMORANDOM
  6. ORDER IN HAND AND COMPLETE COPY (if applicable)
  7. GST, SALE, VAT AND SSI REGISTRATION CERTIFICATE.
  8. 1 YEAR GST RETURNS
  9. ALL DIRECTORS INDIVIDUALS ITR & COMPUTATION LAST 3 YEARS.
  10. LAST 3 YEARS COMPLETE FINANCIAL WITH TAX AUDIT REPORT AND ANNEXURE.
  11. PROVISIONAL FINANCIAL FY 2019-20 OR MONTH WISE SALE FIGURE LAST 1 YEAR
  12. COMPANY ALL BANK ACCOUNT STATEMENT 1 YEAR UPDATED.
  13. ALL DIRECTORS SAVING A/C STATEMENT 6 MONTH.
  14. IF RUNNING ANY LOAN – LATEST SANCTION LETTER AND REPAYMENT SCHEDULED.
  15. AGREEMENT TO SELL COPY
  16. PROPERTY PAPERS COMPLETE CHAIN WITH SANCTION MAP
Frequently Asked Questions

What is an overdraft?

An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. Overdrafts apply to checks, debit cards or other transactions that are paid when the available balance in your deposit account is less than the amount of the transaction, which creates a negative balance in your account. 

Is an overdraft different from an NSF item?

Yes. An "NSF item" (also called a "bounced check") occurs when an item (such as a check or other transaction presented for payment) is returned unpaid because the available balance in your account is less than the amount of the item.

How can I avoid overdrafts?

Don’t overdraw it.

We recommend that you:

Keep track of how much money you have in your checking account; a great way to do this is by monitoring your account balances with free personal online banking.  Remember that some checks and automatic payments may not have cleared yet.

Pay special attention to your electronic transactions

Don’t forget about automatic bill payments you may have set up for utilities, insurance, or loan payments.

What is Overdraft Privilege?

Overdraft Privilege is a discretionary service provided to eligible accounts. It is designed to help guard members against having items returned or declined.Overdraft Privilege is not a line of credit.

What are the requirements for Overdraft Privilege?

Eligible accounts have been opened for at least thirty (30) days and thereafter must be maintained in good standing, which includes:

Continuing to make deposits consistent with your past practices, and depositing at least $400 in your account within each thirty (30) day period

You are not in default on any loan obligation to us

Your account is not the subject of any legal or administrative order or levy, such as bankruptcy or a tax lien

Is there some other way I can have these kind of transactions accepted without having an overdraft fee charged?

Yes. We always encourage our customers to have a savings or money market account at Finance Seva. If you sign up for Account Linked Overdraft Protection, you can link an eligible account to your checking account. If presented items would cause your checking account to become overdrawn, we will automatically make a transfer from your linked account.  Keep in mind, there is a transfer fee every time you use this service, but you will not be assessed an overdraft fee.

 

What checking accounts are eligible for Overdraft Privilege?

Overdraft Privilege is available on most checking accounts. It is not available on savings account or any account owned by a minor.

Popular Bank Overdraft Lenders

Andhra Bank Logo
Axis Bank
Bandhan Bank
Bank of Baroda
Bank of India Logo
Bank of Maharashtra
Canara Bank
Catholic Logo
Central Bank of India
CUB_City Union Bank Logo
DCB-Bank Logo
DBS Bank
Federal Bank Logo
HDFC Bank
ICICI Bank
IDBI Bank
IDFC Bank
Indian Bank Logo
Indusland Bank Logo
Kotak Bank
Psb Logo
Punjab National Bank
Rbl BankLogo
SBI Bank
UCO Bank Logo
Union Bank of India
United Bank of India Logo
Yes Bank Logo

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