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Gen-Next Power (OD Facility)

Product Nature

  • This is a special Savings Deposit product having an in built feature of overdraft facility to be available at Gen-Next Pune branch.

Target Group

  • The product is targeted to working executives and other working professionals.
    Our Bank�s Staff members are not eligible to avail the product.

Minimum Amount & Balance

  • There is no minimum balance requirement in the account and as such no service charges shall be levied towards this.

Maximum Amount

  • There shall be no ceiling on the amount to be deposited and credit balance in the account.

Eligibility Criteria

  • Permanent Employees of State / Central Government, Public Sector Undertakings, Semi government Organization, State / Central Govt. Corporations, Urban Development Authorities, Educational Institutions, Universities. Regular Employees of MNCs, Public Ltd Companies with minimum two years experience out of which minimum one year service with the present organization.
  • Employees of Private Limited Companies, Regional head will permit on case-to-case basis.
  • Minimum age of 21 years.
  • Minimum take home Salary should not be less than Rs. 10,000/-.
  • Maintaining satisfactorily conducted salary account with the Bank at least for three months.

Special Feature

The branch SHALL offer Overdraft facility (Clean/unsecured) to employees who fulfill the eligibility criteria mentioned above to meet out their regular short-term personal / family needs.

Overdraft Facility

Maximum Age: 45 years. (This product is meant for youth)

Amount: 5 times of net take home monthly salary subject to:
  Min Rs. 50,000/-
  Max Rs. 2.00 lacs, subject to condition:
  Risk Rating Category �A� & �B� Rs. 2.00 lac
  Category �C� Rs. 1.00 lac
  Category �D� NIL.

For credit rating purpose, model meant for personal loan will be taken into consideration.

Applicable processing charges as per retail products �purpose wise

Security Documents:

  • D.P. Note.
  • Letter of continuing security.
  • A stamped undertaking from the employee authorizing the employer to remit the salary every month to the bank for credit of specified SB / Current Account during the currency of the OD facility and also to deduct from the retirement / terminal benefits, the outstanding overdraft amount with the interest in case of retirement / resignation / cessation of employment for any reason. A copy of the undertaking duly acknowledged by the employer has to be kept on branch.
  • Third party guarantee having adequate net worth. Cross guarantee may be accepted.

Rate of Interest:
Applicable Interest rate as per retail products –purpose wise

Other Conditions:
The account is to be brought into credit once in a year.

Interest Rate On Credit Balance In The A/C.

Interest shall be payable on credit balance in the account as per savings bank account rules viz. relating to periodicity, rate and system of application of interest, computation of eligible balances etc.

For detailed information on the benefits you can avail of, and terms and conditions to follow for the same, CLICK HERE.

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