StanChart launches Smart Credit Gold Overdraft

MUMBAI: Foreign lender, Standard Chartered Bank, on Monday launched 'Smart Credit Gold Overdraft', a product that would enable its customers to overdraw on their current accounts using a card attached to the account.
       
The funds can be accessed by using the card at an ATM machine and can be used at any merchant establishment like a credit card, the bank said in a press release issued here on Monday.
       
The overdraft amount can be repaid over a period of months as per the convenience of the customer, the bank said.
       
"We have designed the overdraft with the aim of giving our customers the unuique experience of using many products rolled into one. Its handy if you need cash and can repay it in the short term," StanChart's General Manger, Credit Card & Personal Loans, R L Prasad, said.
       
The key-features of the card include convenient access to an open credit line, higher credit limits and reward points on spends and fuel surcharge waiver benefits amongst others, the bank said.
       
The bank will charge an annual fee of Rs 1,499 for the service, which will initially be launched in the six metros Mumbai, Delhi, Kolkata, Chennai, Banglore and Ahmedabad, the bank said.
       
StanChart has 90 branches and nearly 21 lakh customers in the country.