India-based banking group Icici Bank announced on Monday the launch of its end-to-end fully digital facility, Insta Flexicash. According to ICICI Bank, the facility enables the bank’s Salary Account customers to get approval for overdraft instantaneously and in a paperless manner.
“The facility comes handy to lakhs of the Bank’s pre-approved customers who can apply for the OD from the comfort of their home, without visiting a bank branch. 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.”
Insta FlexiCash features include:
- Instant approval for overdraft facility: Customers get an instant approval for the OD facility with no documentation, using the Bank’s internet banking platform.
- Extensive credit limit of OD: The Bank offers customers a credit limit worth up to three times their net salary.
- Only pay for what you use: Interest should be paid only on the actual OD amount utilized
- Flexibility of repayment: Customers have the flexibility to clear the outstanding limit at their convenience. They are only required to pay the interest that is due every month.
- No foreclosure charges: The facility offers customers the flexibility to repay the OD amount that they avail, as and when they choose to, without any foreclosure charges
- Convenience of auto-renewal: Customers enjoy the convenience of the automated process enhancement and renewal of OD limit every 12 months.
- Hassle-free auto sweep-in facility: The auto sweep-in facility enhances convenience for the customers. It automatically sweeps in funds from the OD account to the Salary Account to meet scheduled payments, when required. Upon any credit in Salary Account, the funds are automatically returned to the OD account, and interest is charged only on the actual amount utilized and the duration for which it was utilized.
While sharing more details about the facility, Sudipta Roy, Head – Unsecured Assets at ICICI Bank, stated:
“This new facility, ‘Insta FlexiCash’, is an extension of this endeavor. During the testing times of the Coronavirus pandemic, we feel that this new facility will help our salaried customers tide over their need for liquidity for various expenditures in a hassle-free manner.”
ICICI Bank claims to be India’s largest private sector bank. It offers a range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialized subsidiaries in the areas of investment banking, life and non-life insurance, venture capital, and asset management.