Instant Overdraft Facility Against Salary - FlexiCash

As per the Reserve Bank of India guidelines and Bank’s policy, Overdraft funds extended to the customer shall only be used for the intended purpose(s) as per the terms of sanction. The Overdraft funds shall not be used for any transaction/activity which is prohibitive in nature. In case the Overdraft funds are used for any prohibitive transaction/activity, ICICI Bank reserves the right to take appropriate action as deemed fit by the bank, which may include freezing of the Overdraft account or its closure.

Utilising Overdraft funds for the following purposes is considered prohibitive:

• Investing in real estate

• Lottery

• Gaming

• Digital currency/coin

• Gambling

• Betting

• Chit fund financing or any other speculative activity

• Purchasing gold, jewellery, gems

• Investing in stock market, mutual funds, F&O, market-driven bonds, funds and chits

• Repayment of any credit facility such as Loan, Credit Card, OD facility etc.

Customers will be informed about the usage of Overdraft funds for prohibitive activity/transaction and will be asked to credit back the amount used for unintended purposes.

Failing to adhere to the abovementioned end usage of Overdraft funds will result in freeze or closure of account.

The amount payable will be auto-swept as and when sufficient balance is available in your Salary Account.

A processing fee is levied on the overdraft limit, basis the defined pricing matrix followed by the Bank. An amount equal to processing fee will be due in the first month.

FlexiCash can be availed for a period of 12 months, post which the facility will be auto renewed if it meets Bank’s norms, unless the customer gives closure request.

Yes, by clearing all outstanding dues and submitting a request at any Asset Servicing Branch of ICICI Bank.

FlexiCash comes with a fixed rate of interest that is calculated on a daily reducing balance. The interest is charged only on the amount you use and the period for which you use it. In case there is no usage of the funds, there will be no interest payable.

KYC and income documents are required in case you do not have an Insta FlexiCash offer.

Ans: Yes, below clause to be declared on availing loan

“I hereby represent, warrant and confirm that the loan has been taken for a valid purpose and is not speculative or illegal in any manner. I also declare that the funds under the facility will not be used towards purchase of gold in any form, including primary gold, gold bullion, gold jewellery, gold coins, units of gold exchange funds (ETF) and units of gold, mutual funds etc.

The facility either in part or full will not be used for investment in capital market, land acquisition, acquiring equity shares of Indian Company/ies, buyback of shares of Indian compaies, funding of promoters contribution in the project or any other purpose, which is prohibited or any illegal activity.

I further agree, confirm and undertake that the purpose of use of funds under the loan shall not be changed in any manner during the loan, or that such change in purpose shall take place only with prior written permission of ICICI Bank.

I agree that any breach or default in complying with all or any of the aforesaid undertaking(s) will constitute and event of default under the facility documents.”