Do you know you can withdraw money from ATM even if you have zero balance? Here’s how

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If your salary account is in this bank, now you can avail the overdraft facility of the bank. Under this facility, customers can take up to three times the amount of their salary. Its purpose is to protect ICICI Bank salary account holders from EMI or check bounce. For this, the bank will provide short-term instant credit. Customers can avail this facility by giving online application. Let us tell you how you can apply for this facility.

What is an overdraft facility?

Government and private banks offer facility for overdraft. Most banks offer this facility on current account, salary account and fixed deposit (FD). Some banks also offer overdrafts in lieu of assets such as shares, bonds and insurance policies. Under this facility, you can take the money you need from the bank and later pay this money.

In this way you can avail the benefit of this scheme

  1. Login to your Internet banking account.
  2. Now go to the ‘Offers’ section.
  3. Now check the pre-approved OD offer and then apply.

Other features

Immediate approval of overdraft facility: Customers get instant approval of OD facility without any documents.

Active Credit Limit of OD: Bank gives credit limit up to three times the salary.

Interest on the money used: Interest is only charged on the money that is actually used.

Fixed rate interest: In Flexicash, interest is calculated at a fixed rate.

Flexibility in repair: Customers get the flexibility to clear the outstanding limit as per their convenience.

No Foreclosure Charge: There is no foreclosure charge in repairing used OD amount.

Fees and charges

Processing fees: Starting from Rs 1,999 + GST

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