Overdraft facility on Savings Account (not FD-backed ODs)

[financewizard]

Is there any bank that offers Overdraft on Savings account? (not the FD backed ODs which is offered by most of the banks). I don't want to open a current account just to avail the OD facility. I reached to my HDFC RM and he stated that none of the banks provide Overdraft facility on savings accounts. So wanted to check out here on this forum if anyone has availed OD on Savings account and if yes how?

 

[keerthirahul123]

I have ICICI OD based on Salary. The best i feel.

 

[SSV]

I have ICICI OD based on Salary. The best i feel.

you mean OD based on your ICICI Salary account , right?

 

[keerthirahul123]

you mean OD based on your ICICI Salary account , right?

Yup that is right. Holding the same salary account since 16 yrs and like 5-6 yrs ago it was offered in imobile. Not sure if anyone offers based on savings account purely.

 

[SSV]

Is there any bank that offers Overdraft on Savings account? (not the FD backed ODs which is offered by most of the banks). I don't want to open a current account just to avail the OD facility. I reached to my HDFC RM and he stated that none of the banks provide Overdraft facility on savings accounts. So wanted to check out here on this forum if anyone has availed OD on Savings account and if yes how?

Yup that is right. Holding the same salary account since 16 yrs and like 5-6 yrs ago it was offered in imobile. Not sure if anyone offers based on savings account purely.

Yes, noramlly they wont offer OD on normal SB account..

In your case @keerthirahul123 , may be your employer has deep realtionship with ICICI for a long time and you are also maitaining a very long salary account realtionship.. that could be the reason why you must have got the offer..
It is the "salary" component that they are relying on this OD offer..

 

[keerthirahul123]

Yes, noramlly they wont offer OD on normal SB account..

In your case @keerthirahul123 , may be your employer has deep realtionship with ICICI for a long time and you are also maitainin ga very long salary account realtionship.. that could be the reason why you must have got the offer..
It is the "salary" component that they are relying on this OD offer..

yup its the salary i also thought.

 

[panchabhut]

Have offer from ICICI for OD facility on my salary acct. So far not taken it as I don't need.
Acct is more than 24 years old. Employer has no relation with bank. Salary is credited by NEFT every month.

 

[SSV]

Have offer from ICICI for OD facility on my salary acct. So far not taken it as I don't need.
Acct is more than 24 years old. Employer has no relation with bank. Salary is credited by NEFT every month.

SInce how long you have been getting this offer?, if you can remember vaguely..

 

[keerthirahul123]

Have offer from ICICI for OD facility on my salary acct. So far not taken it as I don't need.
Acct is more than 24 years old. Employer has no relation with bank. Salary is credited by NEFT every month.

Like SSV mentioned it is based on the salary that is coming in monthly.

 

[panchabhut]

SInce how long you have been getting this offer?, if you can remember vaguely..

At least 5 years, may be more.

 

[SSV]

At least 5 years, may be more.

So, the common denominator between you and @keerthirahul123 is ,long standing "salary Account" ( the employer need not be having relationship with ICICI)... and the duration is: a minimum of 10 Years...

Good to know..
Thanks guys..

 

[Tejo]

Is there any bank that offers Overdraft on Savings account? (not the FD backed ODs which is offered by most of the banks). I don't want to open a current account just to avail the OD facility. I reached to my HDFC RM and he stated that none of the banks provide Overdraft facility on savings accounts. So wanted to check out here on this forum if anyone has availed OD on Savings account and if yes how?

Idfc also giving overdraft.

 

[financewizard]

Idfc also giving overdraft.

is it for a Savings account?? Or for Salary / Current account?

 

[financewizard]

Yes, noramlly they wont offer OD on normal SB account..

Even for Premium savings accounts like Imperia, Wealth, etc, there is no OD facility ?

 

[SSV]

Even for Premium savings accounts like Imperia, Wealth, etc, there is no OD facility ?

No . .

 

[imdjay]

I get SPAM calls everyday for ODs. If you want I can give them your number. 🤣