Emirates NBD launches FlexiCash overdraft facility
Emirates NBD, a leading banking group in the region, today announced the launch of FlexiCash, providing customers with an overdraft credit facility to meet short term needs or sudden requirement of funds in an emergency, and repayable in a flexible manner.
Eligible customers will be able to avail up to two months’ salary as an overdraft linked to their current account and access the funds round the clock through their ATM / Debit card, chequing or through fund transfers from their operating account. In addition, the facility also serves as a cheque bounce protection in the untoward event of funds not being sufficient to cover an instrument, providing a safety net and peace of mind.
Part or full withdrawals of the approved overdraft limit is permitted and customers can choose to pay back the credit with monthly repayments ranging from as low as 20 per cent every month to the full amount, plus interest on the utilised portion. FlexiCash can also be availed by any customer against their Fixed Deposits with the bank at very attractive interest rates starting 4 per cent p.a. Customers can keep track of their usage and utilisation through monthly e-statements and SMS notifications, and the overdraft facility is renewed automatically every year.
“FlexiCash is a versatile and convenient solution for all our customers who need access to smaller amounts of funds for a short time to tide over sudden needs that may come up, without having to avail a large long-term loan or use more expensive credit. It is the right solution to help with that extra money you may require to pay for additional school fees in a month, for sudden medical care or to take care of that unplanned cheque that has come up for payment,” said Suvo Sarkar, Senior EVP & Group Head – Retail Banking & Wealth Management at Emirates NBD.
FlexiCash can also be availed by securing it against NRE Fixed Deposit accounts with partner banks in India (HDFC Bank, ICICI Bank, Axis Bank and Yes Bank) giving customers the added benefit of availing credit facilities in the UAE while continuing to enjoy guaranteed returns on their existing deposits in their home country.