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Key Features of Bank of India Overdraft (OD) Facilities

  • Purpose: To provide flexible access to funds for short-term financial needs without liquidating fixed deposits or other securities.
  • Types of OD Facilities:
    • General OD Facility: Linked to savings, current, or salary accounts for personal or business needs.
    • OD Against Securities: Available against fixed deposits, government securities, or other eligible assets.
    • PMJDY Overdraft: For Basic Savings Bank Deposit (BSBD) account holders under the Pradhan Mantri Jan-Dhan Yojana scheme.
    • Salary-Linked OD: For salaried individuals with salary accounts in Bank of India.
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    • Eligibility: Available to individuals (including pensioners) and businesses with qualifying accounts or assets.
    • Minimum Requirements: Varies by product - General OD requires active account; PMJDY OD requires BSBD account for 6 months.
    • No Collateral Required for PMJDY OD: PMJDY Overdraft is unsecured, while other ODs may be secured by assets like FDs or securities.
    • Credit Score Importance: More critical for unsecured OD facilities; secured ODs have relaxed credit requirements.
    • Pre-approved Offers: Existing Bank of India customers may receive pre-approved OD offers with minimal documentation.
    • Flexible Repayment: No fixed EMIs - repay as per your cash flow convenience, offering more flexibility.
    • Interest Rates: Typically lower than credit cards but may be higher than standard personal loans, charged only on utilized amount.
    • Limit Determination: The OD limit is set based on account activity, creditworthiness, or asset value.
    • Digital Management: Monitor and manage your OD facility through Bank of India's mobile app or internet banking.
    • Renewal: The OD facility typically needs to be reviewed periodically, subject to your financial profile.
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Benefits of Bank of India Overdraft (OD) Facilities

  • Flexible Access to Funds: OD allows borrowers to withdraw funds as needed up to the sanctioned limit, making it ideal for short-term or recurring expenses. Repay at your convenience within the limit, unlike fixed EMIs in personal loans.
  • Low Interest Rates:
    • OD Against Fixed Deposits: Interest rates are typically 1% above the FD rate, significantly lower than personal loan rates.
    • Salary-Linked OD: Competitive rates based on your salary and credit profile.
    • PMJDY OD: Affordable rates designed for low-income customers.
    • Flexible Access to Funds: OD allows borrowers to withdraw funds as needed up to the sanctioned limit, making it ideal for short-term expenses. Repay at your convenience within the limit, unlike fixed EMIs in personal loans.
    • Low Interest Rates: OD Against Fixed Deposits: Interest rates are 1% above the FD rate, significantly lower than personal loan rates.
    • Interest on Utilized Amount Only: Interest is charged only on the amount withdrawn, not the entire OD limit, making it cost-effective compared to term loans.
    • Preserves Fixed Deposits: OD against FDs allows you to borrow without breaking the deposit, ensuring continued interest earnings. Ideal for maintaining long-term savings.
    • Quick Activation: Apply online via internet banking or mobile app for faster processing. Minimal documentation speeds up the process.
    • Against FDs: Up to 90% of FD value, potentially in lakhs depending on the deposit.
    • Salary-linked OD: Up to 2-3 times monthly salary.
    • PMJDY OD: ₹2,000 to ₹10,000 based on account activity.
    • Flexible Tenure and Renewal:
    • Standard OD: Typically 12 months, renewable subject to review.
    • FD-linked OD: Aligned with FD maturity, renewable as needed.
    • Minimal or No Processing Fees:
    • OD against FDs: Often nil or minimal fees.
    • PMJDY OD: Minimal fees to support low-income customers.
    • Tailored for Specific Needs:
    • OD Against FDs: For individuals needing liquidity without liquidating savings.
    • PMJDY OD: For low-income customers needing emergency funds.
    • Salary-Linked OD: For salaried employees with Bank of India salary accounts.
    • No Prepayment Penalties: Repay the utilized OD amount at any time without penalties, offering flexibility to manage finances.
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Applying for Bank of India Overdraft (OD) Facilities

  • Required Documents
    • General OD: KYC documents (PAN/Aadhaar), address proof, account statement, income proof (salary slips or ITR).
    • OD Against FDs: FD certificate or account details, identity proof, address proof.
    • PMJDY OD: Aadhaar card, mobile number linked to BSBD account, account statement showing 6 months activity.
    • Additional: Passport-size photographs; BOI account details.
  • Application Process
    • 1. Online Application
      • Internet Banking/Mobile App: Offers a seamless process for existing customers.
      • Steps:
        • Log in to Bank of India internet banking or mobile app.
        • Navigate to the 'Loans' or 'Offers' section.
        • Select the OD facility you wish to apply for.
        • Fill in the required details and upload documents.
        • Submit the application electronically.
        • OD account is activated within hours if pre-approved.
      • Tips:
        • Check for pre-approved OD offers for faster processing.
    • 2. Offline Application
      • Visit a BOI branch for all types of OD facilities.
      • Steps:
        • Locate the nearest branch using the BOI website's branch locator.
        • Obtain and fill the relevant OD application form.
        • Provide personal, account, and OD details.
        • Attach self-attested copies of required documents.
        • Provide originals for verification if requested.
        • Bank verifies details and processes application.
        • Receive sanction letter with OD limit and terms.
        • Sign the OD agreement at the branch.
        • OD account is activated within 2-7 working days.

Eligibility Criteria for Overdraft (OD) Facilities

  • General Eligibility
    • Age: Minimum: 21 years; Maximum: 65 years (may vary by OD type).
    • Account Relationship: Active BOI account (savings, current, or salary) preferred.
    • Credit Score: Preferred for unsecured OD (750+ for better terms).
    • Income Stability: Regular income/salary credits for salary-linked OD.
    • Residency: Available for Indian citizens and residents; NRIs may apply for specific OD products.
    • Employment Status: Employed professionals or self-employed individuals may be eligible for specific OD facilities.
  • OD Against Fixed Deposits
    • Available to BOI customers with active FDs (individuals, HUFs, firms).
    • No income or credit score requirement; FD acts as collateral.
    • OD limit: Up to 90% of FD value.
    • FD must be free from lien and held in applicant's name or jointly.
    • Fixed Deposit Minimum Amount: Typically, the FD must be of at least ₹10,000 to qualify for OD.
  • Salary-Linked OD
    • For salaried individuals with BOI salary accounts.
    • Minimum 1 year of employment with current employer.
    • Stable salary credited to BOI account monthly.
    • OD limit: Typically 2-3 times monthly salary.
    • Employer Details: Employment should be with a recognized or reputed employer to qualify for higher OD limits.
  • PMJDY Overdraft
    • For Basic Savings Bank Deposit (BSBD) account holders under PMJDY.
    • Account must be active for at least 6 months with regular credits.
    • Aadhaar and mobile number must be linked to the account.
    • OD limit: ₹2,000 to ₹10,000 based on account activity.
    • Eligibility Based on Financial Inclusion: Designed to offer banking services to low-income individuals.
  • Other Requirements
    • Documentation: Varies by OD type—includes KYC, account proof, income proof (if applicable).
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Documents Required for Overdraft (OD) Facilities - Bank of India

  • General Documents (Applicable to All OD Types):
    Identity Proof (any one):
    - PAN Card (mandatory), Aadhaar Card, Voter ID
    - Passport
    - Driving License
    Address Proof (any one):
    - Aadhaar Card
    - Utility Bill (not older than 3 months)
    - Rent Agreement
    - Passport
    - Voter ID
    Other Documents:
    - 2-3 recent passport-size photographs
    - BOI account passbook or statement
    - Cancelled cheque (if required)
    - OD application form (offline/online via internet banking)
  • OD Against Fixed Deposits:
    - Fixed Deposit certificate or receipt
    - FD account statement or passbook entry
    - Declaration of FD ownership (for joint FDs)
    - No income proof or credit score required
    - FD must be active, not under lien, and in applicant's/joint name
  • Salary-Linked OD:
    Income Proof:
    - Last 3 months' salary slips
    - Form 16 or ITR
    - 6 months' bank statement showing salary credits
    Employment Proof:
    - Appointment letter or employment certificate
  • PMJDY Overdraft:
    - Aadhaar card (mandatory)
    - Mobile number linked to BSBD account
    - 6 months' account statement showing regular credits
    - No income proof or collateral required

Factors Affecting Bank of India (BOI) Overdraft (OD) Facility

  • Security/Collateral:
    - FD OD: OD limit up to 90% of FD value; FD must be active and not under lien.
    - General OD: Based on account activity and creditworthiness.
    - PMJDY OD: No collateral required.
  • Income and Employment Stability:
    - Salary-Linked OD: Minimum 1 year of service with salary credited to BOI.
    - General OD: Stable income as per bank statements or ITR.
    - FD OD: No income proof required.
  • Credit Score:
    - Salary/General OD: CIBIL score of 750+ preferred for approval and better rates.
    - FD OD: Credit score not required as FD secures repayment.
    - PMJDY OD: No formal credit score required.
  • Bank Relationship:
    - 6+ months of active BOI account enhances chances.
    - FD holders or salary customers get better terms.
  • Interest Rate:
    - FD OD: Typically 1% above FD rate.
    - Salary OD: Competitive rates based on profile.
    - PMJDY OD: Affordable rates for low-income customers.
  • OD Limit and Tenure:
    - FD OD: Up to 90% of the FD value; tenure matches FD maturity.
    - Salary OD: Up to 2-3 times monthly salary; 12 months renewable.
    - PMJDY OD: ₹2,000 to ₹10,000 based on account activity.
  • Documentation:
    - FD OD: Requires FD certificate and ID/address proof.
    - Salary OD: Salary slips, ID/address proof, employment proof.
    - PMJDY OD: Aadhaar and mobile seeding are mandatory.
  • Age of Applicant:
    - Minimum age: 21 years; Maximum: 65 years (varies by OD type).
  • Location and Regional Policies:
    - Urban areas may offer higher limits.
    - PMJDY OD available nationwide for eligible BSBD account holders.

Frequently Asked Questions (FAQs)

What types of OD facilities does Bank of India (BOI) offer?
  • General OD Facility: Linked to savings, current, or salary accounts for personal or business needs.
  • OD Against Fixed Deposits: Up to 90% of the FD value.
  • Salary-Linked OD: For salaried individuals with BOI salary accounts.
  • PMJDY Overdraft: For Basic Savings Bank Deposit (BSBD) account holders under Pradhan Mantri Jan-Dhan Yojana.
Who is eligible for a BOI OD facility?
  • General OD: BOI account holders with satisfactory banking history.
  • FD OD: Customers with active fixed deposits with BOI.
  • Salary-Linked OD: Salaried employees with BOI salary accounts (1 year of service).
  • PMJDY OD: BSBD account holders with 6 months of satisfactory operation.
  • Age: 21 to 65 years depending on the OD type.
What is the OD limit and tenure?
  • FD OD: Up to 90% of the FD value; tenure aligns with FD maturity.
  • Salary-Linked OD: Up to 2-3 times monthly salary; 12 months renewable.
  • PMJDY OD: ₹2,000 to ₹10,000 based on account activity.
What are the interest rates for OD facilities?
  • FD OD: 1% above the FD interest rate.
  • Salary-Linked OD: Competitive rates based on profile.
  • PMJDY OD: Affordable rates designed for low-income customers.
  • Interest is charged only on the amount utilized, not the entire limit.
What documents are required for an OD facility?
  • General OD: KYC documents, income proof, account statement.
  • FD OD: FD certificate, PAN/Aadhaar, address proof.
  • PMJDY OD: Aadhaar card, mobile number linked to BSBD account.
How can I apply for an OD facility?
  • Online: Via BOI internet banking or mobile app for existing customers.
  • Offline: Visit any BOI branch with required documents.
Are there any processing fees for OD?
  • FD OD: Usually nil or minimal.
  • PMJDY OD: Minimal fees to support low-income customers.
Can I repay the OD amount early?
Yes, BOI allows early repayment without any prepayment penalties. You only pay interest on the amount utilized.
What is the advantage of OD over a personal loan?
  • Flexibility: Withdraw funds as needed within the limit and repay anytime.
  • Lower Cost: Interest charged only on the amount used.
  • Savings Protection: FD OD lets you access liquidity without breaking your FD.

List of Overdraft (OD) Facilities at Bank of India

  • Bank of India Flexible Repayment Options
  • Bank of India Quick Disposal
  • Bank of India Clean Loan Facility
  • Bank of India Multiple Loan Availment
  • Bank of India Competitive Interest Rates
  • Bank of India PMJDY Overdraft Facility
  • Bank of India Overdraft Against Fixed Deposits
  • Bank of India Salary Overdraft Facility