ICICI Bank Offers 3X Salary as Instant Overdraft to Customers

ICICI Bank Offers 3X Salary as Instant Overdraft to Customers

Good News for ICICI Salary Account Customers. You may now be eligible for instant overdraft facility for as much as 300% of your salary. Yes! The private lender has launched ICICI Bank Insta Flexicash facility for its salary account holders and it can be accessed online using internet banking platform.

Amid Covid19 times, the instant OD facility will help the eligible customers avail of funds within a few clicks from their customer dashboard. The process is fast and paperless.

The interest is applicable only on the amount being utilised by the customer and not on whole OD amount being sanctioned.

Let’s take a quick overview of the ICICI Bank’s Instant OD facility for salary account holders in the bank.

What is ICICI FlexiCash OD?

ICICI FlexiCash overdraft facility is exclusively offered to Salary Account customers amid Covid 19 financial disruptions. The eligible customers will be preapproved for the offer and they can avail of instant line of credit for urgent or recurring expenses. The customers can use the facility to repay their ongoing Equated Monthly Instalments (EMIs) or to make urgent purchases and meet cash flow gaps emerged temporarily due to pandemic. The application can be made online through net banking. You need not visit the bank or submit any documents. As, eligible customers are provided with a pre-approved OD offer.


Also Read: Yes Bank Launches Overdraft Facility on FDs at 1-2% Rate


How does the OD work?

The OD account is linked to your Salary Account and the amount will be automatically used for urgent expenses or due payments. Likewise on excess funds in the account the amount will be parked back in the OD account, thereby saving hugely on the interest. The interest rate is nominal and charge only on the amount used and that too for the days it is used.


FlexiCash limit

Rs. 1,00,000

Rate of Interest

12.20% p.a

Cash withdrawn from approved limit

Rs 10000

Duration for which OD is used

15 days

interest payable

Rs 50.14

(Calculated @12.20% for 15 days on Rs 10000)

Source ICICI Bank

How to avail instant OD facility?

  • Login and access your internet banking account.
  • Go to ‘Offers’ section.
  • A pre-approved OD offer will be present.
  • Select the offer and apply.

FlexiCash OD: Features & Benefits

Exclusive offer for Salary Account Customers: This is an exclusive offer for ICICI Bank Salary Account Holders. The pre approved OD limit could be up to three times the net salary.

Instant access to required funds: The process is run digitally and thus you can avail of this facility instantly through your dashboard.  No documentation is required.

Pay interest only on amount utilised: The interest cost is levied only on the OD amount utilised by the customer for the period it is used.

Repayment Flexibility: You get ultimate flexibility to repay the OD. For, you are required to pay out only due interest each month. The principal can be repaid as per your convenience.  

No foreclosure charges: There is no pre-closure cost attached and hence you can repay the OD as per your convenience.

Auto sweep-in facility: The FlexiCash OD uses auto sweep in, whereby funds are processed from OD account to salary account as per the requirement for scheduled payments. Similarly, the funds are automatically transacted to OD account as the credit happens in the account. The interest is levied only on amount being utilised.

Flexi Cash OD: Fees and Charges

Parameter Fee/Charge

Processing fee

Rs 1,999 onwards + applicable GST

Rate of Interest

12% to 14% per year

Renewal fee

Flat Rs 1,999 + GST

Frequently Asked Questions (FAQs)

✅ What is FlexiCash?

FlexiCash is an instant cash facility offered by ICICI Bank to its Salary Account Customers, on the basis of the relationship they have with bank. The customers can use the amount for honouring cheques, servicing EMIs at ATMs or at Point of Sale (POS).

✅ How do I contact ICICI Bank for availing of Insta FlexiCash offer?

You can avail of the offer without visiting the bank. Simply use ICICI Bank Internet Banking or iMobile and view Insta FlexiCash offer in your dashboard. You can directly apply there.

✅ How to repay FlexiCash?

The OD account is linked to your Salary Account and thus the amount will be auto-swept as and when you have sufficient balance in your bank account.

✅ What are the additional charges for FlexiCash?

A processing fee starting from Rs 1999 is applied. The bank decides the processing fee as per its internal pricing matrix. The amount equal to processing fee is required to be paid in the first month.

✅ What is tenure for ICICI Bank FlexiCash facility?

The FlexiCash offer is available for 12 months. If a customer wants to use it for more than a year, the facility needs to be renewed. It will be auto renewed for eligible customers until they apply for closure. The renewal fee will be applied.

✅ Can I foreclose or prepay Instant OD- FlexiCash?

Yes. Whenever you want to foreclose the facility, you can clear the outstanding and submit the closure request. There is no foreclosure charge on this facility.

✅ How is the interest calculated for FlexiCash OD facility?

The rate of interest will be fixed, between 12 to 14% p.a. It will be calculated on a daily reducing balance method. The interest is levied only on the amount utilised for the period. In case customer doesn’t use the funds, no interest is charged.

✅ Can a non pre-approved customer apply for FlexiCash?

If your account is not preapproved for Flexi Cash facility, you can still apply for the same. You would be required to submit the KYC documents and income proof to avail of the offer. However, approval will be based on the bank’s discretion only.


Also Read: Is Your Bank Offering Six Months’ EMI Moratorium Till Aug 31? Check List


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