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Fixed Deposit can a help you with your short and long-term funding requirements, while you earn an interest on it. You can avail an Overdraft against your Fixed Deposit, instead of breaking the deposit, prematurely.
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Insta ODFD on CIB – One Time Registration & 3 Simple Steps
One-Time Registration: Branch to raise request for a one time workflow setup after which customer has access to avail OD in Three Clicks
Documentation – Insta ODFD
- Application for Facility
- Request Letter
- Board Resolution or equivalent document for partnership, trusts etc
*Submission of Documents to be done just once, post-which client can avail fully digital and paperless ODFD Facility
Insta ODFD facility is available for Corporates-Partnership firms, Companies, HUF and LLP. The facility can be availed by customers through One-Time Registration and workflow setup in Corporate Internet Banking (CIB).
The Insta ODFD facility can be availed after workflow has been setup in CIB. To enable workflow
- For existing customers: Branch needs to raise an Omniflow track with request letter signed as per i-core MOP and relevant ODFD clauses in board resolution
- For new customers: Branch needs to raise an Omniflow track with Channel Registration Form (CRF) and relevant ODFD clauses in board resolution.
The maximum amount that can be availed from Insta ODFD is Rs.10 Crores. The maximum number of FDs that can be paired to avail Overdraft is 7.
If the customer’s account has more than 10 crores mapped to their account number, then the customer has to avail overdraft against their Fixed deposits through the offline mode.
If the customer’s account has more than 7 FDs mapped to their account number, then the customer has to avail overdraft against their Fixed deposits through the offline mode.
Users are required to authenticate using grid card values and OTP
The maximum tenure for which Insta ODFD can be availed is the tenure of the earliest maturing FD or 18 months, whichever is earlier
