ICICI Bank has launched ‘Insta Flexicash’ facility for its Salary Account customers. Under this facility, payroll customers will get approval for overdraft through immediate and paperless process. This facility can be availed through internet banking.
The facility will be available in 48 hours
Will be able to apply for an overdraft sitting at home. The overdraft will be approved immediately and customers will get the benefit of this overdraft facility within 48 hours.
According to the bank, the interest paid on the overdraft will be charged only on the amount used by the customer from the overdraft limit.
Assume that if someone has approved an overdraft of Rs 1 lakh but has used only Rs 50,000 out of it, the interest will be charged on only Rs 50,000.
How to get the benefit of this feature
To avail this facility, one has to log in to ICICI Bank’s Internet Banking and go to the ‘Offers’ section. Check out and apply for a valid pre-overdraft offer here. Under this facility, overdrafts up to 3 times of the total salary of the customers are being offered.
The overdraft limit will be renewed every 12 months
The amount of overdraft used can be paid by the customer at any time of its convenience. However, the customer has to pay interest every month. The overdraft limit is renewed every 12 months.
What is an overdraft facility?
Government and private banks offer overdraft facility. Most banks offer this facility on current account, salary account and fixed deposit (FD).
Some also offer overdrafts in exchange for assets such as shares, bonds and insurance policies. Under this facility, you can take the money you need from the bank and return it later.
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