On Monday, the private sector lender ICICI Bank launched a facility ' Insta Flexicash' as part of which its salaried account customers would get approval for instant overdraft in a paper less manner without having to visit the branch.
"We at ICICI Bank have always believed in tailoring our products and services in a way that offers maximum convenience to our customers. 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 Mr. Sudipta Roy, Head - Unsecured Assets, ICICI Bank said
Features of ' Insta Flexicash'
1. Instant approval through use of bank's internet banking platform: No documentation work shall be required.
2. Extensive credit limit: Of up to 3 times the net salary
3. Interest amount only on the amount used: The interest is charged only for the amount withdrawn from the sanctioned OD limit and not against the whole amount.
4. Repayment flexibility: Here the mandate is only for the interest that is to be cleared each month. Rest can be cleared as per the flexibility of the borrower.
5. No foreclosure charges: The account can be closed with no foreclosure charges.
6. Auto renewal: The automated process enhancement is allowed with renewal of OD limit every 1 year.
7. Auto sweep in facility: Through this funds are conveniently sweeped in from OD account to his or her salary account for meeting the different scheduled payments. And as and when some of the funds are credited into the salary account they are by itself transferred to the OD facility with charges only on the amount which has been used taking into consideration the time for which it was in use.
How salary account customers of ICICI Bank can apply for this instant overdraft facility?
For applying for the same, pre-approved customers can access the bank's internet banking platform and once the facility is sanctioned customers can use the funds within 48 hours.
Interest amount or the liability of the customer is decided basis the amount withdrawn and not on the full OD amount sanctioned.
Process for applying for OD facility
1. Log into your internet banking account
2. Go to the offers section
3. Check your pre-approved OD offer and apply
The customers can check their pre-approved offer and apply directly by visiting: https://oapnext.icicibank.com/asset-portal-all/apply-now?loanType=pl&SALOD=true