ICICI Bank, India’s leading private sector bank, has launched an online overdraft (OD) facility for its salary account holders known as ‘Insta Flexicash’. The facility can be enjoyed using the internet banking platform, without visiting any bank branch where selected salaried customers get instant and paperless approval for an overdraft.
According to this facility, Customer gets a credit limit of up to three times the net salary.
Steps to avail Bank’s new Insta Flexicash facility
- Log in to your internet banking account
- Navigate to the ‘Offers’ section
- Check your pre-approved OD offer and apply
About Insta Flexicash
- The facility can be sanctioned immediately while customers can start using the approved OD limit within 48 hours.
- Interest will be calculated on the basis of the actual amount availed (will be calculated based on the duration for which it was utilized) and not on the full amount of the OD sanctioned.
- Customers are required to pay only the due interest every month. They will have the flexibility to pay the outstanding limit at their convenience.
- There are no foreclosure charges under this facility.