State Bank of India today launched an online facility for Overdraft against Fixed Deposit. Customers holding Fixed Deposits in a single name can now avail of up to 90% of the FD amount as an overdraft to meet emergency and other needs. As an introductory offer, SBI is charging an interest rate of only 0.5% more than the linked FD. This is among the lowest in the industry.

While the core product has been available at SBI branches for a while now, the online facility is part of SBI’s constant endeavor to take products and services onto the digital platform. The OD is created instantly without the need to visit the branch.

This facility is now available to all Internet Banking users of the Bank through the OnlineSBI portal. In the coming days, it will also be extended to the State Bank Anywhere mobile App.

The spokesperson for this Press Release is: Smt. Anuradha Rao, CGM (PBBU). cgm.pb@sbi.co.in