Punjab National Bank (PNB), the second-largest government bank in India, offers PNB Overdraft against Fixed Deposit to its customers. This overdraft helps borrowers to get immediate funds to meet their urgent financial needs. Once the OD is availed against FD, partial withdrawal in FD will not be allowed.
PNB Overdraft Eligibility
PNB customers using Retail Internet Banking Service/ PNB ONE mobile app will be eligible to apply for overdraft facility. Fixed Deposit should be in favour of the customer who is aplying for the OD. Fixed Deposit residual period should be upto 3 years. Tax Saver FD and Capital Gains FD are not eligible for this OD facility.
PNB Overdraft Features
- PNB Overdraft against Fixed Deposit is a secured overdraft
- No additional document such as stamped Overdraft agreement, etc. is required
- Cheque book facility will be available in the e-OD account against FD
- Comfortable repayment schedule is designed under this facility
- This facility can be availed online
- FDs will continue to earn interest rate during the OD tenure
PNB Overdraft Amount
Minimum amount of OD is Rs. 25000 and the maximum amount of OD is Rs. 5 crores in case of Sugam Deposit and below Rs. 1 crore in Deposit under other schemes.
PNB Tenure of Overdraft
The maximum tenure of overdraft against FD is 3 years or residual period, whichever is less.
PNB Overdraft Rate Of Interest
| Customer | Interest Rate |
|---|
| General Public | 0.75% above the interest rate allowed on deposit |
| For Staff & Ex-Staff | Advance up to Rs. 10 lakhs: At par with interest on the deposit |
| For Staff & Ex-Staff | Advance above Rs. 10 lakhs: 1% above the interest rate allowed on deposit |
Closure of PNB Overdraft against FD
Closure of e-OD account will not be permitted until maturity of FD even if the e-OD balance comes to zero. However, pre-mature closure of FD will be permitted on customer's request by visiting the branch of PNB.
Procedure for Overdraft against Fixed Deposit through Netbanking
- Login to your Retail Internet Banking account using your 'user id' and 'password'
- Click on the option 'Manage Accounts'
- Click on the option 'Open OD Account against FD'
- Select FD account from the dropdown against which you want to avail an OD
- Eligible amount for OD account will appear on the screen
- Enter the amount of OD
- 'Terms & Conditions' will appear on the screen
- Carefully read the same and click on 'Agree' button
- Your OD account number will be displayed on the screen
- Your OD account will be visible under 'Operative Accounts' on the next date
Procedure for Overdraft against Fixed Deposit through PNB ONE Mobile App
- Login to PNB ONE
- Go to Services Option
- Select 'Accounts'
- Select 'OD against FD'
- Read and accept 'terms and condition'
- Click on 'Continue' button
- Select the FD account against which you want to avail an OD
- Then the screen will show the Deposit Amount
- Fill the amount of OD
- Click on 'Continue' button
- Your OD account number will be displayed on the screen
PNB Overdraft Facility To Pensioners
PNB offers an overdraft facility to pensioners against their pension account maintained with PNB. The quantum of OD will be limited to the net monthly pension payable to the pensioner.
PNB Overdraft Features
- PNB Overdraft Facility To Pensioners is a secured overdraft
- No additional document is required
- Maximum OD Limit will be upto the extent of 'one month net pension'
- It will help you to meet unplanned expenses or any recurring expenses
PNB Overdraft Eligibility
- Pensioners who are drawing their pension from PNB branches
- Conduct of the pensioners account should be satisfactory
- ESI pensioners and pensioners who have availed the loan facility against pension under PNB's 'personal loan to pensioners' scheme will not be eligible for PNB Overdraft Facility To Pensioners
PNB Overdraft Amounts
Overdraft will be upto the extent of 'one month net pension'
The net pension will be calculated as last pension credited in the pensioners account minus all other loan instalments/
Overdraft Overdraft Tenure
Tenure of PNB Overdraft Facility To Pensioners is 1 year. The overdraft limit is to be renewed on yearly basis.
Overdraft Overdraft Repayment
The overdraft is to be regularized from the pension payable for the next month