State Bank of India or SBI offer overdraft facilities against term deposits to cater to short-term cash flow requirements. With this one can maintain existing term deposit until maturity without having to worry about cash flow for short-term financial needs.

Eligibility

a) Singaporeans, PRs and foreigners of age ≥ 21 years
b) Overdraft facilities granted to 1st party only
c) Acceptable security: SGD/USD term deposits with minimum tenor of 3 months

Benefits & Features

a) Available in SGD or USD
b) Same & Alternate currency financing available
c) Maximum tenor: until maturity of the term deposit pledged as security
d) Attractive interest rates – applied daily only on amounts utilized
e) ATM Cards provided (only for SGD accounts)

Charges
a) No processing fees
b) Default fee: 2% above overdraft interest rate (min. S$20) on all amounts in excess of approved limit

Documents
Documents to be submitted along with the application form (originals to be produced for face to face verification)

a) Application form
b) Demand Promissory note
c) Deed of Security over deposit(s)
d) Letter of approval accepted by borrower(s)