Country’s largest international bank Standard Chartered Bank has 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.

The bank would charge an annual fee of Rs 1,499 for the service, which would initially be launched in the six metros Mumbai, Delhi, Kolkata, Chennai, Banglore and Ahmedabad.