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Q.

Which bank is best for overdraft?

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0 2022-11-16T09:26:15+00:00

Hey pal, 

Banks provide customers with an extension of credit when the account balance becomes zero. This extended credit that can be withdrawn by the account holder is known as an overdraft. Private and public banks in India provide this facility in exchange for a nominal fee. I will share with you which bank is best for overdraft. 

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Overdraft availed is based on account balances, pre-sanctioned loan offer, bank’s discretion, and financial standing/ repayment ability of the account holder. Banks or lenders charge interest on the principal amount credited. 

The answer to the best bank for overdraft might differ from one person to the next, you should know the pros and cons of an overdraft before deciding which financial institution is best suited for your needs.

Advantages

Disadvantages

Helps in managing business cash flow

Higher interest rate

Fulfils urgent cash crunch requirements

Offered only to bank account holders

Interest is paid only on the utilised amount

The sanctioned limit depends upon the applicant’s financials

Can be withdrawn at short notice

Short-term borrowing – revises every year

No collateral required by banks

Not suitable for long-term finance

To figure out the best bank account for overdraft, you will need to consider the following factors:

  • Interest rate 

  • Charges for opening and closing an overdraft credit line.

  • Repayment options: Method and tenure

  • Terms and Conditions 

  • Assets needed as collateral

The best bank for overdraft rates are given in the table below. 

Bank Name

Name of Overdraft Facility

State Bank of India (SBI)

SBI Maxgain Xpress Credit Personal Loan

HDFC

Smartdraft 

ICICI Bank

ICICI Bank Home Overdraft Salary Overdraft

This is all from my end on which bank is best for overdraft.

Read more: How to close overdraft account in SBI? How to withdraw money from SBI overdraft account? How To Repay Overdraft Against FD SBI? What is overdraft against FD?  
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