Withdraw 3x of your salary from banks using THIS service - Details inside

Emergencies can take place any time, especially in the times of COVID-19. People need urgent money for hospitals and treatments and sometimes you may not have that kind of money in hand but there's a solution to this problem. 

For the unversed, Indian banks offer a service called 'overdraft' where a person can withdraw the amount from the bank as an advance for emergency purposes. The overdraft facility is a short-term lending facility provided by the bank to its customers who need small amounts of money to go through difficult times. 

Banks that offer overdraft facilities: 

-State Bank of India
-ICICI Bank

The amount you can withdraw as overdraft:

Though different banks have different rules for this facility which depends on the profile of the customer but in normal circumstances, a persona can withdraw an advance of up to three times their salary.

However, not all salaried individuals are provided with this facility and the bank only lends a percentage of the monthly salary of the employee. 

Rules of the overdraft facility: 

- Only a few banks provide this service
- Not all salaried individuals can avail of this service
- The advance given out as overdraft is also dependant on the individual's credit score 

Bank interest on overdraft:
 
The interest rate on overdraft differs from bank to bank but most banks charge individuals between 1% to 3% interest rates on the facility.