Country’s largest lender State Bank of India(SBI)  has extended overdraft facility against fixed deposit for its internet banking users on 19th May 2015. Until now the facility was available for customers at branches only. SBI have launched an online facility for overdraft against fixed deposit. This will help them to use the facility at their own convenience.

POINTS TO REMEMBER

1. Customers holding fixed deposits in a single name can now avail up to 90 per cent of the fixed deposit amount as an overdraft to meet emergency and other needs.
2. The overdraft will be created instantly without the need to visit the branch.
3. As an introductory offer, SBI is charging an interest rate of only 0.5 per cent more than the linked fixed deposit for its online customers.
4. The lender has also reduced the interest rate on overdraft facility to 0.5 per cent from 1 per cent for a brief period for customers availing the facility at branches.
5. The bank has 2.15 crore customers using internet banking and total number of fixed deposits are 4.83 crore.
6. It is also planning to extend the overdraft facility against fixed deposit on mobile.

About State Bank of India

1. State Bank of India is an Indian multinational, Public Sector banking and financial services company.
2. Headquarters in Mumbai, Maharashtra.
3. Founded: On 27th January 1921
4. Chairperson: Arundhati Bhattacharya
5. Logo: a blue circle with a small cut in the bottom that depicts perfection and the small man the common man.

Questions:

1. What the CEO of Axis Bank? (Shikha Sharma)
2. What is the slogan of Axis Bank? (Badhti Ka naam Zindagi)
3. What are the slogans of SBI? (The Nation banks on us; Pure Banking Nothing Else; With you all the way)