- 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.
This is a special Savings Deposit product having an in built feature of overdraft facility to be available at Gen-Next Pune branch.
- The product is targeted to working executives and other working professionals.
- Our Banks Staff members are not eligible to avail the product.
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.
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 : Rs. 2.00 lac
- Category : Rs. 1.00 lac
- Category : NIL.
For credit rating purpose, model meant for personal loan will be taken into consideration.
Minimum Amount & Balance
There is no minimum balance requirement in the account and as such no service charges shall be levied towards this.
There shall be no ceiling on the amount to be deposited and credit balance in the account.
Rate of Interest
Applicable Interest rate as per retail products –purpose wise
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.
- Chequebooks will be issued under the scheme. First Chequebook with 20 leaves per half year will be free of cost.
- KYC norms are to be observed.
- Number of withdrawals not to exceed 100 in a half-year by customer.
- All other charges will be same as applicable to the ordinary Savings a/c.
- Account will be operated by the customers using withdrawal slip, Cheque leaves, Standing instruction, ECS (debit), Debit Card, Internet banking facility etc.
- The other provisions like transfer to dormant, in operative etc. will be the same as applicable to our usual SB a/c.
- Employee should be in active service.
- After sanction of facility, the Branch to monitor the accounts by verifying the credit of salary in the accounts each month.
- Other rules governing the Savings Bank a/c will also be applicable mutatis mutandis to the accounts under this product.
In case the borrower is transferred and the Bank has a branch at the place of new posting, the account can be transferred to the branch after following extant guidelines, if overdraft is outstanding in the account, for transfer of such accounts.
Processing & Documentation Charges
Applicable processing charges as per retail products purpose wise
- 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.