FlexiCash: Overdraft against salary

The amount payable will be auto-swept as and when sufficient balance is available in your Salary Account. Interest charged for the month, must be paid / serviced by the customer mandatorily to avoid penal charges and bureau reporting the OD Account. However, the principal can be paid by the customer at his / her convenience.

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 daily outstanding balance. The monthly interest is charged only on the amount you use and for the period you have utilised the limit for. In case there is no usage of the funds, there will be no interest payable. Interest is charged on 2^nd of each month basis the utilisation of the OD Account. Customer needs to ensure that the interest gets serviced in the OD Account before the given due date, to avoid any bureau reporting or Penal charge.

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.”

Customer can now raise the SALOD (Salary Overdraft) Account closure request online via ICICI Bank iMobile App or Internet Banking.

iMobile App

Login to iMobile >> Account & FD / RD >> Current Account >> More Options >> OD Closure >> Select the Account No >> Click on ‘YES’ >> Agree to the disclaimers >> Authenticate with GCA >> Done.

Retail Internet Banking

Login to Internet Banking >> Customer Services >> Service Requests >> OD Closure Request >> Click on ‘YES’ and Proceed >> Select the Account No >> Click ‘YES’ >> Agree to the disclaimers >> Authenticate with GCA >> Done.