SBI NRI Services - Loan Against Deposit

Overview:
  • Loan can be taken to carry any business activities, for acquiring a flat / house in India or for meeting emergency financial requirements. It cannot be granted for re-lending or carrying out agricultural / plantation activities or for investment in real estate business. Loan amount cannot be repatriated abroad.
  • It can be availed in Indian Rupees or Foreign Currency against the security of NRE / NRO / FCNR (B) deposit
  • Loan will be given to depositor only
  • Interest is charged at monthly intervals in both Indian Rupee and Foreign Currency loan
  • Premature withdrawal of underlying :
    • NRE / FCNR deposit is not permissible
    • NRO deposit is permissible but outstanding Principal and Interest will be settled first



Features :
Deposit NRO TDR/STDR/RD NRE TDR/STDR/RD FCNR (B) TDR/STDR

Purpose

Loan can be taken to carry any business activities, for acquiring a flat / house in India or for meeting emergency financial requirements. It cannot be granted for re-lending or carrying out agricultural / plantation activities or for investment in real estate business. Loan amount cannot be repatriated abroad.

Type of facility

  • Demand Loan
  • Overdraft
  • Demand Loan
  • Overdraft
  • Demand Loan
  • Overdraft
  • Foreign Currency Loan

Currency

Indian Rupee

Savings, Current, Fixed Deposits (TDR/ STDR) and RD

  • Indian Rupee
  • USD
  • GBP
  • EURO

Period of Loan

Up to the remaining period of maturity

Up to the remaining period of maturity

  • Rupee Loan: Up to the remaining period of maturity
  • Foreign Currency Loan: Up to 1, 2 or 3 year or up to the remaining period of maturity with a minimum of one year.

Loan can be availed from

Home branch in India

Home branch in India

Designated branches in India or at foreign office

Minimum Loan

No limit

No Limit

  • USD 25000
  • GBP 15000
  • EURO 20000

Maximum Loan

No limit

No limit

No limit

Margin

10% (Principal and accrued interest)

10% (Principal and accrued interest)

10% on notional rupee value of Foreign Currency Deposit and accrued interest

Interest rate on Foreign Currency loan

Not available in India

Not available in India

1.50 % over prevalent FCNR (B) deposit rate for the relative period at the time of processing the loan

Facility for creation of Overdraft (OD) through Internet Banking

Available (Please click here to know features and other details of this facility)

Available (Please click here to know features and other details of this facility)

Not available

Execution of Documents

  • If availed from branch in India: To be executed by depositor himself / herself at home branch and not by Power of Attorney holder
  • If availed from overseas branch: As per the policy for respective foreign office

Repayment of Loan

  • Adjustment of underlying deposit
  • Fresh inward remittance
  • From other NRO account
  • Adjustment of underlying deposit on maturity only
  • Fresh inward remittance
  • From other NRO / NRE account (The repayment from NRO account will be within the cap of USD one million per financial year)
  • Adjustment of underlying FCNR (B) deposit on maturity only
  • Fresh inward remittance
  • From other NRO / NRE account (The repayment from NRO account will be within the cap of USD one million per financial year)

Interest rates applicable

Please click here for interest rates