FlexiCash – Overdraft Against Salary

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What is ICICI Bank Flexicash?

FlexiCash is a facility offered to ICICI Bank Salary Account customers, whereby they can avail of a line of credit/ overdraft facility to meet unplanned or recurring expenses. It is designed to protect ICICI Bank Salary Account customers from missing their Equated Monthly Instalments (EMIs) or cheque bounces due to insufficient funds by providing short-term instant credit. Customers can easily avail of this facility by initiating their application online.

Check your pre-approved Insta Flexicash offer. Apply Now

Features and Benefits

Features	Benefits
Pay only for what you use	Pay interest on the amount you use and for the period you use it for
Flexible Repayment	Flexibility to clear the outstanding limit at your convenience, only the interest due to be paid every month
Digital process for pre-approved customers	Avail of facility instantly by applying online with no documentation
Auto sweep-in facility	Reduced interest burden due to the auto sweep facility from the Salary Account to the overdraft account
Auto-enhancement and auto-renewal	Automated process of enhancement and renewal of overdraft limit
Pre-closure facility	Repay the amount whenever you want without any pre-closure charges

Fees and Charges

Processing fee: Starting at Rs 1,999 + Goods and Services Tax (GST)

Renewal fee: Flat Rs 1,999 + GST

ROI: Between 12% and 14% per year

For Example: If you have a FlexiCash limit of Rs 1,00,000 with ROI of 12.20% and you use Rs 10,000 for an urgent expense, you will have Rs 90,000 left for other purposes. If you repay Rs 10,000 after 15 days and have not used any more of the FlexiCash funds, your interest payable will be Rs 50.14.

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FAQs

What is FlexiCash?

ICICI Bank customers are selected basis their banking relationship with us, in addition to other parameters, and offered a pre-approved overdraft limit on their Salary Account. This limit can be utilised from Salary Account to honour cheques/ EMI at ATMs and Point of Sale (POS).

How do I approach ICICI Bank to avail of my pre-approved Insta FlexiCash offer?

You may visit ICICI Bank Internet Banking or iMobile.
Log in to www.icicibank.com, you can view your Insta FlexiCash offer OR Avail Now

How do I repay the FlexiCash?

The amount payable will be auto-swept as and when sufficient balance is available in your Salary Account.

Do I have to pay any additional charges for FlexiCash?

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.

What are the tenure options for FlexiCash?

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.

Can I foreclose or prepay my FlexiCash?

Yes, by clearing all outstanding dues and submitting a request at any Asset Servicing Branch of ICICI Bank.

How will the interest be calculated?

FlexiCash comes with a fixed rate of interest that is calculated on a daily reducing balance. The interest is charged only on the amount you use and the period for which you use it. In case there is no usage of the funds, there will be no interest payable.

What are the documents required to apply for FlexiCash by a non pre-approved customer?

KYC and income documents are required in case you do not have an Insta FlexiCash offer.