objective of the scheme is to provide an overdraft facility to
Government Employees, Employees of Public Sector undertakings
and Aided Schools/Colleges up to a sum of Rs.50,000/- on the basis
of their own salary certificate. In case of employed couples coming
under above category, overdraft upto Rs.5,00,000/- can be availed.
loanee shall open a Sugama (savings) Account with any of the Branches
of his/her choice. He/She can deposit and withdraw any amount
as in the case of normal Sugama Account. Whenever the account
is overdrawn, interest will be charged @ 13.00%, only for the
specific number of days and amount overdrawn. If the account shows
a credit balance, the account holder is eligible for normal Sugama
interest @ 5.5% on the basis of monthly minimum balance. The period
of this overdraft facility is 36 months. It can be renewed subject
With this scheme, the employees coming under the above category
will be benefitted to meet any financial exigency at a low cost.
Since the loanee has the option to withdraw the amount as per
his/her requirement and as the interest is charged only to that
extent, the loanee can save the cost of interest as far as possible.