Salary account holders in ICICI Bank can now get approvals for overdraft immediately, which can be done over internet banking. An account holder does not have to visit the bank branch for the same.
Called ‘Insta Flexicash’, ICICI said that the facility will come handy to several of the bank’s pre-approved customers who can now apply for it online. The approved overdraft limit can be availed within 48 hours of it being sanctioned, and the interest will apply on the OD amount availed by the customer, and not the entire amount sanctioned.
According to ICICI, the credit limit can be upto three times their net salary. People can clear the outstanding limit whenever they can, but have to pay the interest that is due every month.
It comes with an auto-sweep facility as well. Funds are swept from the OD account to the salary account to meet scheduled payments and upon credit in the salary account, funds are returned to the OD account. Interest is charged only on the actual amount utilised and the duration for which it was utilised.
“In the recent years, we have leveraged upon data analytics and technology to introduce a slew of retail products that can be availed instantaneously. This new facility, ‘Insta FlexiCash’, is an extension of this endeavor. 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 of Unsecured Assets, ICICI Bank.
ICICI salary account holders who want to avail the facility can go to their internet banking account, go to offers, and check for their pre-approved overdraft offer and apply.