SUNRISE OVERDRAFT SAVINGS ACCOUNT
In Sunrise Overdraft Savings Account, unlike other deposit products of the Bank, interest amount of the account holder's account is credited every month. On the contrary, interest on loan is payable to the bank on a quarterly basis. The maximum length of loan will be one year, renewable on an annual basis, and the Bank will mark lien on the deposit.
The main appeal of this product is the Deposit-Loan amalgamation feature, which is very distinctive. The line of credit will be 90% of the minimum balance of this account type.
Another unique feature is that although the Savings Account is personal, the Overdraft facility can be either personal or business.
Criteria for Account Opening:
Documents required for ODSA are as per Bank's KYC/AML policy. However, the Bank may ask for any additional documents/information, if required, during processing of the request.
Features
Overdraft Silver Savings Account (ODSA SILVER)
Minimum Balance
Interest on deposit
Line of Credit
Interest on Overdraft
Interest on deposit is calculated at the rate of 5.5% p.a on daily balance and posted to the account on a monthly basis. Whereas, 7.5% p.a interest is calculated on a daily balance and posted to the account on a quarterly basis if the account holder decides to utilize the line of credit to withdraw cash.
Overdraft Gold Savings Account (ODSA GOLD)
Minimum Balance
Interest on deposit
- 6.25% p.a on daily balance
Line of Credit
Interest on Overdraft
Overdraft Platinum Savings Account (ODSA PLATINUM)
Minimum Balance
Interest on deposit
- 6.50% p.a on daily balance
Line of Credit
Interest on Overdraft
