5 Simple Steps to get Canara Instant Overdraft (OD) 💰 with ease for Premium Payroll & SB Jeevandhara Accounts

Availing Canara Instant Overdraft (OD) is now possible after a minimum of six months of salary or pension credits post the opening of the account in Canara Bank .

Canara Bank has introduced Premium Payroll Package (4 variants) and SB Jeevandhara Diamond/Platinum with competitive features for opening accounts of Salary/Pension holders. One of the major features of the package is Instant Overdraft (OD) Facility 💵. Canara Bank has revised the eligibility criteria for Instant Overdraft. Customers will become eligible after six months of consistently receiving salary or pension credits every month following the account opening.

Eligibility and Duration for availing Instant Overdraft (OD) ✅

Product	Tenor	Eligible Amount
	(Days)	Eligibility	Maximum
Premium Payroll
Gold	60	Net salary ×2	Rs. 1 lakh
Diamond	60	Net salary ×3	Rs. 2 lakh
Platinum	90	Net salary ×3	Rs. 3 lakh
SB Jeevandhara
Diamond	60	Net pension ×2	Rs. 1 lakh
Platinum	90	Net pension ×3	Rs. 2 lakh

Modification proposed for Instant Overdraft ⚙️

1. Incorporation of Credit Score check – Customer will be eligible only if Credit Score is higher than the threshold score.
2. Salary mandate check in Bank – Customer will be allowed for Canara Instant Overdraft only if Salary mandate availability flag is ticked Bank.
3. Updation of Pension Payment Order No. – Customer will be allowed for Instant Overdraft under SB Jeevandhara Product only if the Pension Payment Order No. is updated in Bank.

Process flow for Canara Instant Overdraft 📝

Canara Instant Overdraft can be availed in 2 modes by the customer:

1. Branch
2. Ai1 App

Instant Overdraft through Branch channel 🏦

• Customer to apply for the facility in the branch.
• If customer is eligible, branch will enter the details as requested by the customer based on product variant.
• Maximum eligible amount permitted as per the guidelines.

5 Steps to get Instant Overdraft through Ai1 App 📱

It is available for only three variants Gold, Diamond & Platinum. The process flow for the same is as under:

1. Click “Apply Instant Overdraft” under Loans section. It will check whether customer having any eligible account for Instant Overdraft (new product variant based on Product code).
2. If eligible account is available, the following details will be displayed: Variant Name, Maximum Amount, Eligible Amount, Custom Amount, Tenure and Terms & Condition. If customer not having any eligibility, Error will be displayed. “Account not eligible for Canara Instant Overdraft”.
3. Customer can apply required Instant Overdraft amount up to the limit eligible based on the previous salary credits.
4. Once customer confirms the required amount and click ok, MPIN authentication will be prompted. After MPIN authentication eligible Instant Overdraft will be made available.
5. On successful response, summary page will be displayed with the Instant Overdraft Amount, Tenable Date and Account Number.

Important Points for Instant Overdraft 💡

1. Account will be eligible for Canara Instant Overdraft after 6 months’ regular salary/pension credit in every month after account opening. Suppose account opened on 1st of April & salary is credited on every month up to September from April, so customer will be eligible for Instant Overdraft from October onwards based on eligibility. Suppose in between 2 months there is no salary/ pension credit in the account so customer will not be eligible in October. However, suppose in October & November salary credited in the account so customer will be eligible in December for Instant Overdraft. There is a vintage of two months for non-credit of salary, but that will be applicable only after Six months of salary credit in every month.
2. There will be cases where salary where 2 months’ salary is credited in same month due to some delay, please note that only one salary credit will be considered as per logic out of two months for Instant Overdraft.
3. Please note that customer will not be eligible if Personal Loan is availed by the customer.
4. Relaxation of two months of salary credit will be applicable only once there is a salary credit of six months in the account.

Frequently Asked Questions 🤔

Q. What is Canara Instant Overdraft facility?
An instant overdraft refers to a financial service offered by Canara Bank that allows account holders to temporarily access additional funds beyond their account balance. This is essentially a form of credit provided by the bank. When a customer makes a transaction that exceeds their account balance, the bank covers the difference up to a predetermined overdraft limit.

It’s important to note that overdrafts often come with interest charges, so users should be aware of the terms and conditions associated with this service. Additionally, the overdraft limit is set by the bank based on factors such as the customer’s credit history and banking relationship.

Q. How long can I get Canara Instant Overdraft facility?
In both Branch Channel and Ai1 App, Tenure to get Instant Overdraft for Gold/Diamond Variant is 60 day and for Platinum Variant, it is 90 days.