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Private sector lender ICICI Bank has launched an online overdraft facility for its salaried customers.
Called ‘Insta Flexicash’, the fully digital facility can be availed using the Bank’s internet banking platform and is available to pre-approved customers who can apply for the OD without visiting a bank branch.
“The bank offers customers a credit limit worth up to three times their net salary. The facility can be sanctioned immediately while customers can start using the approved OD limit within 48 hours,” ICICI Bank said in a release on Monday, adding that 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.
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