Overdrafts

It is a limit granted on your current account that allows you to withdraw up to this amount even when there is no funds / credits available in your account.

Yes, if your salary account is with us and your company is on our approved list for overdraft facility. Your minimum net monthly income must be AED 3,000 per month.

1. Overdraft against salary transfer:
   a. Overdraft limit up to 90% of net monthly salary
   b. Overdraft limit up to 2 times of net monthly salary
2. Overdraft against FD - Fixed Deposit with ENBD will be marked under lien for the OD facility. Overdraft Limit will be 90% of the Fixed Deposit.

Yes, if Overdraft limit requested is 2 times of your net monthly salary, Overdraft must be availed in conjunction of Personal Loan.

No, if Overdraft limit requested is 90% of your net monthly salary, you can avail standalone Overdraft facility.

Once your Overdraft application is processed and approved, limit will be made available in your account immediately if you have an existing salary transfer. Otherwise, limit will be made available after the first salary is credited.

This amount is made available in your account. It can be withdrawn through the regular modes i.e. ATM, cheques, online transfers.

Based on the account performance and salary credits, the limit will be renewed after 12 months.

The best thing about Overdraft is that you are charged interest only for the amount and period of time used. In case you have not used the Overdraft amount granted, you will not be charged of any interest.

For instance, your Overdraft limit is AED 10,000 and have utilized only AED 1,000 for 7days, at the rate of 24% p.a. you will be charged approximately AED 4.6 interest for that month. (AED 1,000 x 24% / 365days * 7 days)