This scheme is for Individual, Firms and Companies who can utilize overdraft against Fixed Deposit Receipts.
In case of Fixed Cumulative, present value will be considered as an eligible amount.
Loan For : Individuals, Firms & Companies
Loan Amount : Min. : Rs. 500 Lakh ; Max. : No Limit
Margin : 5 % value of Fixed Deposit Receipts
Fixed Deposit holders (Existing & New) who desire to avail FDOD Limit of Rs. 500.00 Lakh and above against their own Fixed Deposit Receipt/s.
All existing as well as new Fixed Deposit holders and all eligible existing FDOD borrowers are eligible under the Scheme; subject to borrower/s undertake to utilize minimum 50% FDOD limit. Such borrowers should open current account with our Bank and must route majority of their business turnover, i.e. 80% & above through our Bank.
Eligible Limit :
95% of value of Fixed Deposit Receipts subject to regular servicing of monthly interest of FDOD facility.
In case of Regular Fixed Deposit, where interest is paid on monthly / quarterly basis, Face Value of Fixed Deposit will be considered as Eligible amount for calculation of Limit.
While in case of Fixed Cumulative Deposit, Present Value of Fixed Deposit will be considered as Eligible amount for calculation of Limit.
