On June 15, 2020 ICICI Bank has launched ‘Insta Flexicash’, an online overdraft(OD) facility for its pre approved salary account customers, by which these customers can get approval for OD instantly & in a paperless manner. The end-to-end fully digital facility can be accessed with no documentation, using the Bank’s internet banking platform without visiting a bank branch.
Features of ‘Insta Flexicash’
Usage- The customers can start using the approved overdraft limit within 48 hours.
Credit limit of OD– Bank offers the credit limit worth up to 3 times their net salary.
Interest payment– The Interest payment must be paid every month only on the actual OD amount utilised and can clear the outstanding limit at their convenience
No foreclosure charges– No foreclosure charges are required to be paid by the customers when they repay their OD amount that they availed.
Benefit of Auto renewal & Auto enhancement– There is a benefit of automated process enhancement & renewal of OD limit every 12 months.
Auto sweep-in facility– The auto sweep-in facility enhances convenience for the customers. It automatically sweeps in funds from the OD 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.
Headquarters– Mumbai, Maharashtra
Managing Director & CEO– Sandeep Bakhshi