This bank will meet the need of money in emergency, there will be no need to break FD

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Jan Small Finance Bank is offering overdraft facility to meet the business and personal needs of the customers. With this, money can be taken as a loan from the bank without breaking the FD.

overdraft facility

Many people are struggling with financial problems during the Corona period. In such a situation, many people are prematurely breaking their invested money like Fixed Deposit (FD) etc. to meet the needs. Due to which they are suffering. In such a situation, Jan Small Finance Bank has come up with a special facility for the convenience of the customers. Whose name is Overdraft (OD). Under this service, you can borrow money from the bank in emergency without breaking the FD.

The time limit for overdraft (OD) facility has been extended by the bank. Now the existing customers of the bank can take advantage of this facility till December 31, 2021. For this, they have to apply before 30 June 2021. Instead, they will have to pay a nominal interest. A customer can take an overdraft amount up to 90 per cent of the FD value. The bank has also issued a statement in this regard. In which it said that with the use of interest rate 50 percent or more on this facility, 0.25 percentage points more than the FD rate will have to be paid.

No processing fee

Customers can pay as per their choice for overdraft facility. They can pay the amount in lump sum or in installments if they want. Jan Small Finance Bank will not charge any processing fee for this. Apart from this, customers will not face any problem to take advantage of this service, they can take advantage of this facility immediately by showing the necessary documents.

Who can take advantage of overdraft

The minimum amount of overdraft on FD is Rs 10,000. The FD tenure should be 180 days or more to avail this facility. Customers can withdraw money through any of the available channels of Jana Small Finance Bank like online, check etc.

Customers will not be burdened

According to the bank, the overdraft facility will help the customers to meet their needs. For this they will not need to break their FD. Offering a minimum rate of 0.25 percent on the FD rate will not burden the customers. Along with this, they will also be able to keep their investment safe.

Also read: Last month, mutual funds bought and sold these 10 smallcap stocks, do you also have these shares

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Bhagyashree Soni
Bhagyashree Soni
Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.
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