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FlexiCash is a facility offered to selected ICICI Bank Salary Account customers, whereby they can avail an Overdraft facility to meet unplanned or recurring expenses. It is designed to protect ICICI Bank Salary Account customers from having to cut down on their expenses, due to low funds by providing short-term instant credit. Features of ICICI Bank’s Flexicash:
- Interest charged only on amount and tenure of utilisation
- No documents required
- 100% digital process.
FlexiCash is a facility offered to ICICI Bank Salary Account customers, whereby they can avail of a line of credit/ overdraft facility to meet unplanned or recurring expenses. It is designed to protect ICICI Bank Salary Account customers from missing their Equated Monthly Instalments (EMIs) or cheque bounces due to insufficient funds by providing short-term instant credit. Customers can easily avail of this facility by initiating their application online.
| Features | Benefits |
|---|---|
| Pay only for what you use | Pay interest on the amount you use and for the period you use it for |
| Flexible Repayment | Flexibility to clear the outstanding limit at your convenience, only the interest due to be paid every month |
| Digital process for pre-approved customers | Avail of facility instantly by applying online with no documentation |
| Auto sweep-in facility | Reduced interest burden due to the auto sweep facility from the Salary Account to the overdraft account |
| Auto Renewal | Automated process of renewal of overdraft limit |
| Pre-closure facility | Repay the amount whenever you want without any pre-closure charges |
- Processing fee: Starting at Rs 1,999 + Goods and Services Tax (GST)
- Renewal fee: Flat Rs 1,999 + GST
- ROI: Between 12% and 14% per year
For Example: If you have a FlexiCash limit of Rs 1,00,000 with ROI of 12.20% and you use Rs 10,000 for an urgent expense, you will have Rs 90,000 left for other purposes. If you repay Rs 10,000 after 15 days and have not used any more of the FlexiCash funds, your interest payable will be Rs 50.14.
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