Benefits

  • Emergency cash requirement: A current account with overdraft limit with access to cash in case of an emergency.

  • Low interest rate: Best in class rate of interest of 15.5% p.a.

  • Online access to account: Manage your account on the go, with online banking and SC Mobile.

  • Sweep functionality: Funds can be recovered from alternate account in case of non availability of funds.

  • Speedy Processing

  • No Joining Fee

  • No fixed Repayment tenor

  • One time activation fee

Rate and Fees

  • Interest of 15.5% per annum

Please refer to Schedule of Service Charges for details on fees and charges.

Eligibility

1. Payroll Clients of Standard Chartered Bank
2. Minimum gross salary of INR 50,000

FAQ

What is Payroll Overdraft

Payroll overdraft account is an overdraft facility offered to payroll customers of Standard Chartered Bank. The overdraft limit offered to each customer will be based on a multiplier of his/her salary. This can be offered to both new to banking and existing payroll customers who meet the banks eligibility criteria.

What are the Key features of the Account
  • A current account with overdraft limit setup for fulfilling emergency cash requirements for a short duration of time (limit will vary basis the gross monthly salary)
  • No Joining fee
  • Interest will be charged at 15.5% per annum and a monthly interest rate of 1.29% on a daily reducing balance. Client has to pay minimum amount due or total outstanding (5% of outstanding)
  • Repayment period offered to the client for payment of the minimum due value is 14 days from the date of statement generation. In case the amount is not paid the same will automatically swept from the Savings account. No utilization fee will be charged.
  • One time activation fee of INR 500 (not inclusive of service tax) charged on first utilization of the limit
  • Annual fee of INR 1000 (not inclusive of service tax) will be debited from the Payroll Overdraft account on which line is setup post completion of 12 months.
Who is an Eligible customer?
  • Employee Banking clients having a Payroll account with the bank.
  • Employees with gross monthly salary of INR 50,000 or more.

Learn more »

Terms and Conditions

Terms and Conditions:

Please click here to refer detailed Terms & Conditions.

FAQ

    • What are the Key features of the Account

      • A current account with overdraft limit setup for fulfilling emergency cash requirements for a short duration of time (limit will vary basis the gross monthly salary)
      • No Joining fee
      • Interest will be charged at 15.5% per annum and a monthly interest rate of 1.29% on a daily reducing balance. Client has to pay minimum amount due or total outstanding (5% of outstanding)
      • Repayment period offered to the client for payment of the minimum due value is 14 days from the date of statement generation. In case the amount is not paid the same will automatically swept from the Savings account. No utilization fee will be charged.
      • One time activation fee of INR 500 (not inclusive of service tax) charged on first utilization of the limit
      • Annual fee of INR 1000 (not inclusive of service tax) will be debited from the Payroll Overdraft account on which line is setup post completion of 12 months.

    • Can an existing Payroll account holder take the facility?

      Yes

    • What are the Documentation requirements?

      The following documents are required:

      • Salary Slip or HR Letter/Appointment letter from the company signed by an authorized signatory of the company or Salary mentioned on the application form signed by the authorized signatory of the company
      • No separate KYC documents are required if the existing account is KYC compliant

    • What happens if a client fails to pay the minimum overdue amount ?

      In case of overdue, the client’s account is temporarily suspended

    • Which cities is the Payroll Overdraft offered in?

      Delhi (NCR), Mumbai, Bangalore, Chennai, Kolkata, Pune, Ahmedabad, Hyderabad, Cochin, Coimbatore, Chandigarh (Includes Mohali and Panchkula), Jaipur, Baroda, Surat, Nagpur, Rajkot, Indore, Bhopal and Trivandrum.

    • What are the Fees & charges?

      Please refer the Rate and Fees section for detailed schedule of service charges.

    • What is Payroll Overdraft

      Payroll overdraft account is an overdraft facility offered to payroll customers of Standard Chartered Bank. The overdraft limit offered to each customer will be based on a multiplier of his/her salary. This can be offered to both new to banking and existing payroll customers who meet the banks eligibility criteria.

    • Who is an Eligible customer?

      • Employee Banking clients having a Payroll account with the bank.
      • Employees with gross monthly salary of INR 50,000 or more.

    • What are the other eligibility conditions?

      • Age limit – 25 years to 60 years
      • Client should not have any other overdraft facility with the bank

    • What are the facilities offered with the overdraft account?

      • Online Banking
      • Mobile Banking
      • Doorstep Services
      • Monthly Estatement

    • What happens in case of non availability of funds?

      In case of non availability of funds in the overdraft account, the amount is recovered rom alternate accounts.

    • What is the validity of the Overdraft Limit?

      Validity of the Overdraft Limit is 12 months post which the Overdraft Limit is reviewed for Renewal.

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Speaking Up

Standard Chartered Bank (the “Bank”) is committed to maintaining a culture of the highest ethics and integrity, and in compliance with all applicable law, regulation and internal policy. As part of this commitment, the Bank has a ‘Speaking Up’ programme through which genuine concerns in this regard can be raised. Members of the public can securely raise Speaking Up concerns through this hyperlink, which is hosted on behalf of the Bank by a third party ‘InTouch’. Examples of concerns that can be raised through this website are concerns that relate to accounting, internal accounting controls or auditing matters and concerns relating to bribery or banking and financial crime. Concerns received will be forwarded to the Bank’s investigations team for review. Complaints relating to SCB banking services should not be raised through this site in the first instance, but through the SCB branch network, contact centres, Relationship Managers or the ‘Contact Us’ webpage.

Disclaimer

Please note that this hyperlink will bring to you to another website on the Internet, which is operated by InTouch, an independent company appointed by the Bank to support its Speaking Up programme. Please be mindful that when you click on the link and open a new window in your browser, you will be subject to the additional terms of use of the website that you are going to visit.

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