Key Features
- Overdraft facility can be available in Indian Rupees up to a maximum of INR 1 Crore by the deposit holders in the form of overdraft lines and are priced at attractive interest rates
- Interest is charged monthly only on the amount of the line utilised by you
- They can be repaid in Indian Rupees or Foreign currency whichever is convenient for you
- They come with no processing fees and no pre-payment penalty charges
Collateral that will be accepted for Rupee Overdrafts
You can offer the following securities with Barclays Bank Plc, India for Rupee Overdrafts:
- NRI Deposits (FCNR/NRE) with Barclays Bank Plc
Minimum amount of deposit against which OD can be offered is given below
| Deposits Type |
Currency |
Amount |
| NRE TD |
INR |
Rs. 500,000 |
| FCNR TD |
USD |
$ 50,000 |
| FCNR TD |
GBP |
£ 30,000 |
| FCNR TD |
EUR |
€ 40,000 |
Purposes for which the Overdraft money can be used
| Overdrafts can be granted for the following purposes: |
Overdraft cannot be used for the following purposes: |
| Personal purchases like purchase of car, renovation of house, children's education, medical expenses, etc. |
The Business of Chit-Funds or Nidhi Company |
| Purchase of property in India |
Agricultural or plantation activities or in real estate business*, or construction of farmhouses |
| Business purposes viz. working capital, purchase of assets, etc. |
Trading in Transferable Development Rights (TDRs) |
| |
Re-lending/Investment in shares/securities |
* For the purpose of item (ii) of proviso, real estate business shall not include development of townships, construction of residential/commercial premises, roads or bridges.
Currency and due date for Overdraft repayment
The principal is repayable on maturity of the Overdraft. Overdrafts can be repaid in Indian Rupees or foreign currency or from your NRI Accounts in India
Interest on the Overdrafts is payable monthly
Interest rates on Overdraft
Our interest rates are competitive. We offer Rupee Overdrafts basis our internal Credit Parameters and are subject to change from time to time.
Terms & Conditions apply.
