ICICI Bank has launched an overdraft (OD) facility, Insta FlexiCash, for its salaried account customers who are facing a cash crunch.
- 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.
- Insta Flexicash is an end-to-end fully digital facility that can be availed using the bank’s Internet banking platform.
- The facility can be sanctioned immediately while customers can start using the approved OD limit within 48 hours.
- The interest payable on the OD is calculated on the basis of the actual amount availed by the customer, not on the full amount of the OD sanctioned.