ICICI Bank Launches Digital OD Facility for Its Salary Account Holders
- Private sector lender ICICI Bank today announced the launch of a facility that enables its salary account customers to get instant approval for overdraft (OD) in a paperless manner without visiting a branch. Called Insta Flexicash, this ICICI Bank offer can be availed by the bank’s pre-approved customers using its internet banking platform.
- The facility can be sanctioned immediately while customers can start using the approved overdraft limit within 48 hours. The interest payable on the overdraft is calculated on the basis of the actual amount availed by the customer, not on the full amount of the overdraft sanctioned.
- “During the testing times of the coronavirus pandemic, we feel that this new facility will help our salaried customers tide over their need for liquidity for various expenditures in a hassle-free manner,” said Sudipta Roy, Head – Unsecured Assets, ICICI Bank.
How ICICI Bank customers can avail the facility-
- Log in to your internet banking account
- Navigate to the ‘Offers’ section
- Check your pre-approved OD offer and apply
Other Features of ICICI Bank’s Insta Flexicash facility
- ICICI Bank offers customers a credit limit worth up to three times their net salary.
- Interest should be paid only on the actual OD amount utilised.
- ICICI Bank customers have the flexibility to clear the outstanding limit at their convenience. They are only required to pay the interest that is due every month.
- No foreclosure charges: The facility offers customers the flexibility to repay the OD amount that they avail, as and when they choose to, without any foreclosure charges.
- Auto sweep-in facility: It automatically sweeps in funds from the overdraft account to the salary account to meet scheduled payments, when required. Upon any credit in salary account, the funds are automatically returned to the OD account and interest is charged only on the actual amount utilised and the duration for which it was utilised.
About ICICI Bank-
ICICI Bank Limited is an Indian multinational banking and financial services company.It offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialised subsidiaries in the areas of investment banking, life, non-life insurance, venture capital and asset management. The bank has a network of 5,275 branches and 15,589 ATMs across India and has a presence in 17 countries.
- Founded – 5 January 1994
- Headquarters – Mumbai
- Chairman – Sandeep Bakhshi
- Manging Director & CEO – Girish Chandra Chaturvedi
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