Overdraft Facility – The Maharaja Co-operative Urban Bank Ltd.

The Maharaja Co-operative Urban Bank Ltd. offers an Overdraft Facility to help customers manage short-term financial needs and maintain smooth cash flow for personal, business, or professional requirements. An overdraft facility allows eligible customers to withdraw funds from their account even when the account balance is insufficient, up to a limit sanctioned by the bank. Interest is charged only on the amount utilized and for the period it is used, making it a flexible financing option. The overdraft limit is determined based on the applicant’s income, account relationship with the bank, financial position, or security such as deposits or property, in accordance with the prudential norms and regulatory guidelines issued by the Reserve Bank of India. Customers are required to submit necessary identity, income, and security-related documents for evaluation. Applicable interest rates, charges, and terms will be clearly communicated at the time of sanction to ensure transparency. Borrowers must ensure timely repayment and regularization of the overdraft account to avoid penal charges or recovery action as per banking regulations and the bank’s credit policy.