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      How Do I Apply For Overdraft Against My Salary Account Through Net Banking

      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 and Benefits
      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
      Fees and 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.

      HOW DO I APPLY FOR OVERDRAFT AGAINST MY SALARY ACCOUNT THROUGH NET BANKING?
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      Popular FAQs

      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.

       



      ICICI Bank customers are selected basis their banking relationship with us, in addition to other parameters, and offered a pre-approved overdraft limit on their Salary Account. This limit can be utilised from Salary Account to honour cheques/ EMI at ATMs and Point of Sale (POS).

      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.

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