Smart Overdraft is specially designed by the Yes Bank for providing funds to meet its customers' working capital needs. It is a parameterized template based facility offered with faster approval. Accepted securities against Yes Bank Smart Overdraft are Residential, Commercial, Industrial Properties.
Yes Bank Smart Overdraft has following key features:
Yes Bank Smart Overdraft limit is up to Rs. 1.50 crores, Yes Bank Smart Overdraft can be availed by the customers without balance sheet. Balance sheet of the customer is not required for credit analysis by the bank this facility is offered online and quickly account level customization.
Yes Bank Overdraft Eligibility
Yes Bank Smart Overdraft is available to the following entities:
- MSMEs engaged in manufacturing
- MSMEs engaged in trading
- Professionals such as Doctors, Engineers, Chartered Accountants, Architects, etc.
Yes Bank Overdraft Overdraft Limit
Minimum Overdraft limit of Yes Bank Smart Overdraft is Rs. 20 lakhs and maximum overdraft limit of Yes Bank Smart Overdraft is Rs. 1.50 crores. However, credit assessment based on banking transactions of the customers and varies from customer to customer.
Yes Bank Overdraft against NRE/ NRO FD
Yes Bank offers an overdraft facility against existing NRE / NRO fixed deposit to its customers. Persons having their NRE / NRO FD accounts in single name and NRO savings account with Yes Bank are eligible for this type of OD faciity.
This OD product is ideal to meet any urgent needs without liquidating the FD. The OD facility can be availed from anywhere using Yes Bank's digital channels 'YES Mobile' and 'YES Robot'.
Yes Bank Overdraft Salient Features
- Yes Bank Overdraft against NRE/ NRO FD is a secured overdraft
- Account holder of Yes Bank holding NRE / NRO deposit account can avail Yes Bank's overdraft facility against Deposit
- Applicable interest rate on overdraft will be 1% more than the linked deposit
- Ideal to arrange for funds to meet any urgent needs without liquidating the FD
Yes Bank Overdraft Benefits
- OD limit is available up to 90% of the FD value
- Processing fee is nil to avail this facility
- No EMIs applicable
- FDs will continue to earn interest rate during the OD tenure
Yes Bank Overdraft Eligibility
Yes Bank OD against NRE/ NRO FD is available to customer having NRE / NRO Fixed Deposits in his name. Fixed deposit residual tenure should be at least 7 days. A minimum FD amount of Rs. 10,000 and maximum of less than Rs. 2 crore for a minimum tenure of 30 days.
FD should not have any lien marked. No additional documentation required from the customer to open such OD.
Yes Bank Overdraft Tenure
Yes Bank Overdraft against NRE/ NRO FD facility can be availed for a maximum period of 10 years.
Repayment of Overdraft against NRE/ NRO FD
The customers can make the payment for the OD facility in lump sum and they do not have any burden of EMIs. Further, they will continue to earn interest rates on their FDs during such period.
Yes Bank GST Overdraft
Yes GST product is specially designed by the Yes Bank to provide quick and easy access to OD facility by the MSME (Micro, Small and Medium Enterprises) enterprises. Yes GST is a first-of-its-kind product in the Indian banking industry. This OD facility will be offered to the MSMEs on the basis of the turnover as per their GST returns.
Through Yes GST OD, MSMEs will be able to get working capital finance up to Rs. 1 crore.
Yes Bank Overdraft Key Features
No Paperwork: Financial statements and bank statements are not mandatory to get this OD
Maximum OD Limit: OD is available up to Rs. 1 crore, based on MSME's annual turnover (backed by GST returns)
Fast Processing: Customers applications will be processed swiftly and they will get the approval and funds very quickly
Collateral: MSME will have to mortgage its residential or commercial property to avail Yes GST OD
Yes Bank Overdraft Documents Required
- Application Form
- KYC of all entities and individuals involved in the OD application
- Latest 6 months GST returns for proof of turnover
- Sanction Letter of all existing loans
- Constitution Documents for vintage proof
- ITR return of the borrower along-with computation of Income
- Management certified Positive adjusted Net Worth
Yes Bank Overdraft Mortgage
Yes GST OD facility can be availed by an MSME against mortgage of residential or commercial property. The sanctioned amount can be utilised by the MSME either fully or in tranches.
Yes Bank Overdraft FAQs
Ans: No. Yes Bank does not levy any charges for availing Overdraft against FD. Overdraft against FD is provided to eligible customers without any charges.
Ans: For NRO FD, the minimum FD tenure required to open an Overdraft against FD is 30 days. For an NRE FD, the minimum FD tenure required to open an Overdraft against FD is 12 months.
Ans: The Maximum OD limit is 90% of the FD amount.
Ans: No. Presently, there is no online option to cancel Overdraft against FD facility. For cancelling the overdraft against fixed deposit facility, you need to visit the nearest Yes Bank branch.
Ans: OD's assessment will be done by the Yes Bank on the basis of the last 6 months of GST returns of the MSME.
Ans: Maximum amount of OD available under YES GST is up to Rs. 1 crore. This will be based on MSME's annual turnover (backed by GST returns).