Turkmen Banks to Introduce Overdraft Service

BUSINESS TURKMENISTAN
Turkmen Banks to Introduce Overdraft Service
State and joint-stock commercial banks of Turkmenistan are planning to introduce a new bank card called Owerdraft Karty.

The banking sector of Turkmenistan is actively developing the system of non-cash payments, in particular, through the widespread use of plastic cards and diversification of services for the population.

According to the TDH news agency’s Friday report, state and joint-stock commercial banks of Turkmenistan are planning to introduce a new bank card called Owerdraft karty.

The news cards aim to expand the financial capabilities of citizens when purchasing everyday goods. The new card will allow, based on the appeal of citizens, to speed up the issuance of short-term loans in the amount of 40% to three times the salary.

In case of a shortage of funds on the client's account for non-cash payments, the overdraft service will allow to credit the client's account within the established limits in accordance with the agreement with the credit institution. Thus, upon receipt of funds to the client's account, the loan is returned in the prescribed manner.

The return of the loan during the validity period of the agreement allows to use the loan again without drawing up an additional agreement.

Earlier, the banks of the country introduced the Cashback service, where a percentage of the amount spent via debit or credit card is returned back to the card holder.