You can avail a loan against the fixed deposit opened with Deutsche Bank. The loan can be availed as overdraft against the term deposit held in the name of any of your family members. The benefit of taking a loan against FD is that the term deposit will continue and you can earn interest against it. The tenure of the FD should be between 7 days and 1 year. The interest charged on availing a loan against the FD will be 2% above the term deposit rate.
The features of availing an overdraft against an FD opened with Deutsche Bank are:
Listed below are the schedule of charges for availing an overdraft against the term deposit
|Service Tax||As applicable|
|Stamp Duty||Depends on local regulations|
|Overdraft/overdrawing of facility limit||24% p.a.|
The minimum overdraft amount is Rs.25,000.
The current interest rate which is charged ranges between 3.80% and 5.85% p.a.
You need to send an SMS to 561615 after typing ‘OD’.
Yes, NRIs can avail this facility.
In addition to 18602666601, customers in Mumbai can call on 022 – 66016601.
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