StanChart Bank launches Smart Credit Gold Overdraft

Standard Chartered Bank, India’s largest international bank, today announced the launch of the ‘Smart Credit Gold Overdraft’, a product designed to ensure that customers receive the maximum value from their revolving overdraft facility. This is the first overdraft facility that combines the triple benefits of an overdraft, a credit card and a personal loan.

Under the Smart Credit Gold Overdraft facility, a customer can overdraw on his or her current account using a card attached to the account. The funds can be accessed by using the card at an ATM machine. Alternatively, they can use it at any merchant establishment as they would use a credit card. The overdraft amount can be repaid over a period of months as per the convenience of the customer. A customer can pay an amount as low as 5 percent of the overdraft amount every month. As opposed to a personal loan, the customer pays interest only on the amount overdrawn.

R L Prasad, General Manager - Credit Card & Personal Loans, Standard Chartered Bank said, "Innovation and responsiveness form the cornerstone of Standard Chartered Bank’s brand proposition. The Smart Credit Gold Overdraft marks yet another feather in our innovative product suite which underlines our commitment to delivering superior customer experience. We have designed this overdraft facility with the aim of giving our customers the unique experience of using many products rolled into one. It’s handy if you need cash and can repay it in the short term. Standard Chartered Bank is extremely proud to present this for the first time in India.”

‘Smart Credit Gold’ comes with a host of benefits for both the salaried as well as the self-employed customers.

Some the key features of this product are:

Ø       Convenient access to an open credit line

Ø       Debit card & multi-city cheque book which ensures 24-hour access to cash source

Ø       Higher credit limits & reward points on spends

Ø       Fuel surcharge waiver benefits

Ø       Lifestyle benefits with a privilege card

Ø       Repay as low as 5% of the overdraft amount every month

The facility will carry an annual fee of Rs.1499 and will initially be launched in the 6 metros Mumbai, Delhi, Kolkata, Chennai, Bangalore and Ahmedabad and would then expand its reach to the rest of India.

Sourced From: LINOpinion - The Lintas Public Relations Division