Standard Chartered Bank foreign lender launched 'Smart Credit Gold Overdraft', to enable its customers to overdraw on their current accounts using a card attached to the account.
According to bank release customers will be able to access funds at an ATM machine using the card. The card can also be used like a credit card at any merchant establishment.
The release stated the overdraft amount can be repaid over a period of month as per the convenience of the customer.
StanChart's General Manger, Credit Card & Personal Loans, R L Prasad, said, "We have designed the overdraft 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".
The key-features of the card are- card has higher credit limits, reward points and convenient to access to an open credit line, higher credit limits and reward points on spends and fuel surcharge waiver benefits among others.
According to bank release bank will be charging an annual fee of Rs 1,499 for the service. In the beginning the card has been in the six metros Mumbai, Delhi, Kolkata, Chennai, Bangalore and Ahmedabad.
At present StanChart is having network of 90 branches and nearly 2.1 million customers in the country.