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

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financewizard

financewizard

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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?
 
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financewizard said:
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?
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keerthirahul123 said:
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.
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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..
 
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SSV said:
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..
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yup its the salary i also thought. 🙂
 
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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.
 
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panchabhut said:
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.
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SInce how long you have been getting this offer?, if you can remember vaguely..
 
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financewizard said:
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?
Click to expand...
Idfc also giving overdraft.
 
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SSV said:
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..
Click to expand...
Icici , idfc , indusind offer od on normal savings account.
OD is useless if you have credit card.
High interest rate vs credit card we get 50 days interest free
Od has 1 or 2% +gst renewal charges every year which i levied on whole amount.
Some banks and commitment charges, which mean you have to use some percentage of OD or they'll charge non usage charges.

Idfc and indusind charges 2% + gst on every withdrawal.
Idfc and indus od is like a loan.
Whereas ICICI is much better if anyone still wants OD because in icici they charges 1-2% in starting than no charges for withdrawal or prepayment than again withdrawal.
Whereas in idfc and indus you withdraw at 2% charge and intrest than pay back after a week and withdraw next daya again. They'll charge 2% again


I had all 3 od from above banks

Although indus and idfc doesn't have sanction charges.
 
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Bhagat Singh said:
Icici , idfc , indusind offer od on normal savings account.
OD is useless if you have credit card.
High interest rate vs credit card we get 50 days interest free
Od has 1 or 2% +gst renewal charges every year which i levied on whole amount.
Some banks and commitment charges, which mean you have to use some percentage of OD or they'll charge non usage charges.

Idfc and indusind charges 2% + gst on every withdrawal.
Idfc and indus od is like a loan.
Whereas ICICI is much better if anyone still wants OD because in icici they charges 1-2% in starting than no charges for withdrawal or prepayment than again withdrawal.
Whereas in idfc and indus you withdraw at 2% charge and intrest than pay back after a week and withdraw next daya again. They'll charge 2% again


I had all 3 od from above banks

Although indus and idfc doesn't have sanction charges.
Click to expand...
Dude any idea or tips to get od from Indus bank have a pioneer account with them
 
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