ICICI overdraft facility: Private sector lender ICICI Bank on June 15 announced the launch of a facility that enables its salary account customers to get approval for an overdraft (OD) instantaneously and in a paperless manner without visiting a branch. Called Insta Flexicash, this offer can be availed by the bank’s pre-approved customers using its internet banking platform.

Insta Flexicash is an end-to-end fully digital facility that can be availed using the bank’s Internet banking platform.

The facility comes in handy to lakhs of the bank’s pre-approved customers who can apply for the OD from the comfort of their home, without visiting a bank branch. The ICICI overdraft(OD) facility can be sanctioned immediately while customers can start using the approved OD limit within 48 hours.  The interest payable on the OD is calculated on the basis of the actual amount availed by the customer, not on the full amount of the OD 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.

Check out 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 it.

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 utilized

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 the salary account, the funds are automatically returned to the OD account, and interest is charged only on the actual amount utilized and the duration for which it was utilized.