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An Overdraft facility exclusive for our payroll clients.

A man feeling happy after getting payroll overdraft facility on his salary account

An Overdraft facility exclusive for our payroll clients.

Make the most out of your salary

Get overdraft on your salary account at attractive rates.

Features

Eligibility

Eligibility Criteria

  • Payroll Clients of Standard Chartered Bank

Salary Criteria

  • Minimum gross salary

    INR 50,000

FAQs

  • 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 bank’s eligibility criteria.

    • 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 be swept from the savings account. No utilization fee will be charged
    • One time activation fee of INR500 (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
    • Employee Banking clients having a Payroll account with the bank
    • Employees with a gross monthly salary of INR 50,000 or more
  • Yes.

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

  • 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.

  • 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.

    • Employee banking clients having a payroll account with the bank
    • Employees with a gross monthly salary of INR 50,000 or more
    • Age limit – 25 years to 60 years
    • Client should not have any other overdraft facility with the bank
    • Online Banking
    • Mobile Banking
    • Doorstep Services
    • Monthly E-Statement
  • In case of non-availability of funds in the overdraft account, the amount is recovered rom-alternate accounts.

  • The validity of the overdraft limit is 12 months post which the overdraft limit is reviewed for renewal.

Important information