HDFC Bank Salary Plus – Overdraft Facility against Salary

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One of the unique features of having a Salary Account with HDFC Bank is that you get the added benefit of Salary Plus a pre-approved credit line which can be activated instantly – Credit line up to Rs.1.25 lakhs. No EMI. Interest paid only on amount used.

You can avail up to Rs 1.25 lakhs as an overdraft and pay interest only on the amount used and the duration of utilisation, which means you can utilise Rs. 1 lakh for an interest of just Rs. 41.09 per day. This facility is easy to activate, requires no documents and guarantees money in your account in seconds.

Salary Plus is extended to all HDFC Bank Salary Account customers based on their eligibility and credit history.

Benefits of Salary Plus Facility

Quick – Activate the overdraft facility in just 3 steps.

Convenient – Draw you pre-approved limit at any time and from anywhere. The amount can be withdrawn from an ATM, transferred to another account, or used to make bill payments.

No EMI – Pay minimal interest only on the amount used and duration for which you use the funds.

Flexible Tenure – The facility is extended for a period of one year

  • Credit-line amount
  • Get up to three times your salary
  • Enjoy an overdraft of ₹ 25,000 to ₹ 1.25 lakhs

Tenure

  • The facility is extended for a period of one year (12 months)
  • The limit can be renewed post 12 months subject to meeting the Bank policy and appraisal norms
  • The renewal fee (charged at the time of renewal after 12 months) is ₹250 + govt. levies and taxes

Repayment

  • Pay interest only on the amount you use, and for the duration you use it
  • This is a non-EMI product, and you have to service only the interest every month
  • I take as much as I need and pay only for that

Foreclosure

  • Foreclose possible at any time without any penalty or charges

Charges to avail a Salary Plus from HDFC Bank

Government taxes and other levies as applicable will be charged over and above the Fee and Charges. Limit Sanction and Renewal at the sole discretion of HDFC Bank Ltd.

Fee Amount To be Paid
Interest Rate on Utilisation 15% to18% p.a.
Limit Processing Charges Upto Rs 1500
Annual Renewal Charges: Rs. 250
Overdue Penal Interest 2% per month on overdue
Stamp Duty & Other Statutory Charges As per the state law
Legal/Incidental Charges At actual’s
Underutilization charges NIL
Pre-Payment Charges NIL
Annual maintenance charges NIL

INTEREST CHARGED = 5,000 * (INTEREST RATE/100) * (5/365)

Day Narration Debit Credit Bank Balance SmartDraft Limit
        5000 25,000
Day 1 Cheque drawn 10000   -5000 20,000
Day 2       -5000 20,000
Day 3       -5000 20,000
Day 4       -5000 20,000
Day 5       -5000 20,000
Day 6 Transfer from other account   10000 5000 25,000
Interest Charged for 5 Days only Rs 10.27/- 5,000 * (15%/100) * (5/365)

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