Categories: Banking

ICICI Bank introduces ‘Insta FlexiCash’ for salary account customers

ICICI Bank has introduced an online overdraft(od) facility ‘Insta FlexiCash’ for its salary account customers. The end-to-end fully digital facility is often accessed with no documentation, using the Bank’s internet banking platform without visiting a bank branch. This facility is meant to guard ICICI Bank Salary Account customers against missing their Equated Monthly Instalments (EMIs) or cheque bounces thanks to insufficient funds by providing short-term instant credit. Customers can easily avail of this facility by initiating their application online.

About ‘Insta FlexiCash’:

Insta Flexicash is an end-to-end fully digital facility which may be availed using the bank’s Internet banking platform. The facility is often sanctioned immediately while customers can start using the approved OD limit within 48 hours.

Click Here To Get Test Series For SBI PO 2020

Important Features of ‘Insta Flexicash’:

  • Instant approval for overdraft facility: Customers get a moment 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 3 times their net salary.
  • Only buy what you use: Interest should be paid only on the particular OD amount utilised.
  • FlexiCash comes with a hard and fast rate of interest that’s calculated on a daily reducing balance. The interest is charged only on the quantity you employ and therefore the period that you employ it. In case there’s no usage of the funds, there’ll be no interest payable.
  • The flexibility of repayment: Customers have the pliability to clear the outstanding limit at their convenience. They are only required to pay the interest that’s due monthly.
  • No foreclosure charges: the power offers customers the pliability to repay the OD amount that they avail, as and once they prefer to, with none foreclosure charges
  • The convenience of auto-renewal: Customers enjoy the convenience of the automated process enhancement and renewal of OD limit every 12 months.

Important takeaways for all competitive exams:

  • Managing Director & CEO of ICICI Bank: Sandeep Bakhshi.
  • Non-Executive (part-time) Chairman of ICICI Bank: Girish Chandra Chaturvedi.
  • ICICI Bank established: 1994.
  • Headquarters of ICICI Bank: Mumbai, Maharashtra.

Find More Banking News Here

Sumit Arora

As a team lead and current affairs writer at Adda247, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.

Recent Posts

Who is Sethuraman Panchanathan? Chennai-Born Scientist Wins 2026 Bueche Award

Computer scientist and engineer Sethuraman Panchanathan has been conferred the 2026 Arthur M. Bueche Award…

2 hours ago

PM Modi Inaugurates SEMICON India 2026 in New Delhi

Honorable Prime Minister of India Narendra Modi inaugurated SEMICON India 2026, the fifth edition of…

2 hours ago

Where Does India Rank In Global Gender Gap Index 2026? All You Need To Know

The Global Gender Gap Index 2026 by the World Economic Forum (WEF) ranks India at…

3 hours ago

Academic Freedom Index 2026: India in Severely Restricted Category

India has been placed in the “severely restricted” category in the 2026 Free to Think…

4 hours ago

India Electric Mobility Index 2025: Delhi Tops NITI Aayog Rankings

India Electric Mobility Index (IEMI) 2025, launched by the NITI Aayog in partnership with the…

4 hours ago

Michael Kremer Appointed World Bank Group Chief Economist

World Bank President Ajay Banga has named Michael Kremer, a Nobel Prize-winning economist, as World…

5 hours ago