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OVER DRAFT LIMIT TO BANK STAFF (INCLUDING EMPLOYEES OF THE REGISTRAR COOPERATIVE SOCIETIES, UT, CHANDIGARH)

Rate of Interest: 10 %P.A (Calculation of interest rests half yearly)

Amount of Overdraft:

1. Class III and above III officers : Rs. 5.00 Lacs

2. Class IV employees : Rs. 2.00 Lacs

Terms and Conditions:

1. Loanee should be regular/permanent employee of the bank and Cooperative department, UT, Chandigarh and having 5 year of service.

2. Renewable after one year from the date of availing the limit

3. Recoverable from the salary and at the time of retirement from his/her retirement dues.

4. Two staff members’ guarantees.

5. Interest will be calculated on half yearly basis.

6. Should submit an undertaking that remaining dues, if any be recovered from the retirement dues.

7. Irrevocable letter countersigned by the employer/DDO.