Dubai : People who are facing the consequences of bounced cheque offences can now look for a reprieve in the form of overdrafts from Emirates NBD.
Emirates NBD yesterday announced that customers can obtain an overdraft (OD) facility on their Emirates NBD account, enabling them to meet temporary cash shortfalls.
"The OD facility, which can be activated by a pre-set agreement with the bank, also offers customers the significant advantage of protection against bounced cheques," the bank said in a statement.
"The OD facility provides customers with an additional credit line against their net monthly salary or fixed deposit, allowing them to draw on funds in excess of the amount actually held in the account. In addition to meeting emergency cash requirements, it acts as a salary advance and enables customers to avoid breaking their fixed deposits.
"As a leading financial services provider, Emirates NBD is focused on providing innovative financial solutions that not only meet but exceed customer expectations," said Jamal Bin Galaita, Group Deputy CEO of Emirates NBD. "This initiative from Emirates NBD is in line with the bank's strategy to facilitate its customers with more flexible management of their expenses, while at the same time providing them with a financial safety net."
Emirates NBD customers can choose from different pre-arranged credit line options for the overdraft facility: up to two times their net monthly salary, 90 per cent of their net monthly salary, or 90 per cent of the fixed deposit already deposited with the bank.
Repayment options
Emirates NBD has also devised easy repayment options for the OD facility. Interest will be charged only for the actual amount and time during which the funds are utilised.
"Today, many of our customers are on the lookout for new ways to meet their ongoing financial obligations while managing their cash flows," said Shekhar Krishnamurthy, head of Retail Assets and Liabilities, Emirates NBD.
"The overdraft facility is a special service offered by Emirates NBD to meet this essential market requirement. Typically, the OD facility enables individuals to free up resources and supports them to obtain extra cash from time to time."
