An overdraft is a credit facility which may be made available to you on your current account, offering the convenience of borrowing on the same account that is used for your daily banking transactions. This is ideal to help you manage your cash flow in months when you have high expenditure and may be used for small recurring expenses as well as unforeseen expenses which you intend to pay off over a short period of time.


There is a once-off initiation fee charged for new overdraft facilities.

Interest rates vary on amount and risk profile.

Penalty interest of 10% will be charged on amounts in excess of the overdraft limit.

What does it offer me

Funds are available immediately and you may use as much of your agreed overdraft limit as you need, whenever you need it. The total limit is always available to you for use.

You only pay interest on the portion of the overdraft you have used in any given month.

The interest rate is linked to prime so that you receive the benefit when prime rates decrease.

No monthly repayment is required. Only a monthly deposit into your current account, such as your salary.

Once you have an overdraft, you may increase or decrease your limit via any of Standard Bank’s self-service channels.

An overdraft will provide you with the comfort of knowing that you have instant access to extra cash in case of an emergency.

You also have the option to insure your overdraft facility. This gives you peace of mind knowing that your loan will be settled in full in the event of disability, dreaded disease or death.

The amount you qualify for depends on your affordability and credit risk.

How to apply

To apply for a new overdraft facility, or to increase your existing limit, visit your nearest Standard Bank branch. You will need to have a valid Standard Bank transactional account in order to apply for an overdraft facility. Alternatively, you may apply for a new current account and overdraft facility at the same.


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