What is the interest rate applicable for the SelectOD facility?
SelectOD is offered with fixed rate of interest.
Will there be any pre-payment or foreclosure charges applicable?
There are no foreclosure or pre-payment charges applicable under SelectOD product and there are no commitment charges on limit utilisation.
How can I apply to SelectOD facility?
Customer can apply in the following ways:
- By clicking the offer banner after logging in to Corporate Internet Banking
- By clicking the offer banner after logging in to InstaBiz app
- ICICI Bank website → Business → Business Loans → SelectOD
What is an Overdraft facility?
An overdraft is a limit which is set up in customer’s Current Account for business purpose. The customer can withdraw money from the Current Account to the extent of limit sanctioned. Overdraft is an efficient form of borrowing, as interest will be levied only on the amount utilised for the corresponding period. It gives flexibility to the customers of depositing money into the account, to reduce the outstanding balance or draw more as per customer’s business needs.
Interest is calculated daily on the fluctuating outstanding balance and is normally charged at the end of the month.
Which browser shall I use for Select OD?
SelectOD platform is compatible with Chrome, Internet Explorer, Firefox and Safari. It is recommended that you clear all cookies and cached files and enable pop-ups as the application will open in a new browser window after clicking the SelectOD offer banner.
What is the security required under SelectOD programme?
SelectOD is an unsecured facility and hence, there is no collateral requirement.
What type of entity can be funded under SelectOD?
Existing ICICI Bank customers who are individuals and proprietors, Private Limited Companies, Public Limited Companies, Partnership and Limited Liability Partnerships, meeting the criteria can avail the SelectOD facility.
Which all purpose based ODs are currently available?
Currently SelectOD facility for making GST/tax payments is available. Many more such purpose based ODs to be launched soon.
What are the documents required?
Customer will have to accept and submit online, the application form (read with Terms & Conditions), debit mandate and charges applicable and confirm the same through SMS / e-sign. No additional physical documentation required to be submitted by the customer.
What are the loan processing fees/charges applicable?
Processing fees applicable will be 1.5% of the OD amount, excluding applicable taxes and will be non-refundable.
What is the amount that can be sanctioned?
The amount sanctioned shall depend on GST payment transactions and account conduct assessed by ICICI Bank over a period of 12 months.
Whom shall I contact for assistance in applying online for the SelectOD facility?
You can visit nearest ICICI Bank branch or call the central helpline on 022-62897572 (09:30 a.m. to 06:00 p.m.)
What is the process for online application for InstaOD facility?
Eligible customers can login to Corporate Internet Banking or InstaBiz app and click on the SelectOD offer banner. Thereafter, the customer shall view and verify a pre-filled application form for availing of the OD.
Upon completion of acceptance process, an instant online account will be opened and limit will be disbursed in the new account. Customers can avail of the SelectOD facility in their new OD account within 1 working day.
Customer can also apply by clicking here https://clos.icicibank.com/PBL/Login.jsp
Which devices are compatible for accessing SelectOD online platform?
The online digital platform is responsive to web based systems and is accessible across devices.
What is the tenure of SelectOD facility and what is the renewal process?
The tenure of the facility will be for 12 months from the date of limit setup and the facility is renewable at the end of 12 months at the discretion of ICICI Bank. ICICI Bank shall intimate eligible customers prior to expiry of overdraft limits giving the customer an option to extend the facility for a further period of 12 months. A non-refundable renewal processing fees of 1.5% of the OD amount excluding applicable taxes will be levied.