Things you should know

  • Processing fee

    Starting from ₹1,999 + Goods and Services Tax (GST) up to ₹2,999 + GST

  • Annual renewal fee

     ₹1,999 + GST

  • Late payment fee

     ₹500 + GST (if applicable)

  • Penal charges

    5% per annum on overdue amounts

  • Interest rate

    11.65% p.a. to 13.40% p.a.

 

 

Example: For a FlexiCash limit of ₹ 1,00,000 at 11.5% per annum using ₹ 10,000 for 15 days, an interest charge of ₹ 51.37 will be incurred Mean Interest rate for Q2 FY25: 13.02% (average rate for accounts opened that quarter, based on customer category) Renewal: Automated annual renewal subject to norms with fixed rates potentially changing upon renewal after 12 months.

FlexiCash FAQs

What is the FlexiCash facility?

The FlexiCash facility is an Overdraft service extended to selected ICICI Bank customers based on their banking relationship and other criteria. This service allows customers to use a Pre-approved limit from their Salary Accounts to issue cheques, pay EMIs and carry out transactions at ATMs and Point of Sale (POS) terminals.

What are the restrictions imposed on using the Overdraft funds?

According to the Reserve Bank of India (RBI) guidelines and ICICI Bank policy, Overdraft (OD) funds must only be used for their intended purpose. They are not allowed to be used for prohibited (restrictive or prohibitive) activities such as investing in stock markets, digital currency, crypto currencies, purchase of real estate, gold or for gambling or repayment of other credit facilities. Violation of these rules may result in the Account being frozen or closed.

What are the renewal norms for FlexiCash or Salary OD?

Renewal is automated and the bank checks for active accounts nearing limit expiry. The renewal or non-renewal decision of the OD limit is communicated to the customers via e-mail and SMS, prior to the limit expiry.

To meet the renewal norms, an account must have:

  • Regular salary credits in the OD linked salary account

  • The customer’s relationship with the Bank should not be delinquent or in any DPD (Days Past Due), in the last 12 months (this includes all the Credit Cards, Loans and the OD Account of the customer)

  • CIBIL score should satisfy the bank’s internal policy norms of renewal.

How is the repayment process for FlexiCash managed?

Repayment is seamless. The owed amount is automatically deducted from the Salary Account when a sufficient balance is available.

Are there any fees associated with FlexiCash?

Yes, according to the bank's pricing structure, a Processing fee is charged on the Overdraft limit. This fee is due in the first month of using the facility.

What are the FlexiCash tenure options?

The FlexiCash facility can be used for up to 12 months, after which it will be auto-renewed if it meets the Bank’s criteria unless you request closure.

Can I pay off my FlexiCash early or close the facility before the term ends?

Yes, with FlexiCash, you can request closure by submitting a closure application after paying the outstanding dues. You can submit a request at any ICICI Bank loan servicing branch.

What documentation is needed for customers who do not have a Pre-approved FlexiCash offer?

Customers who do not have a Pre-approved FlexiCash offer need to provide KYC and income documents to apply for the facility.

How will the interest be calculated?

FlexiCash comes with a fixed rate of interest that is calculated on daily outstanding balance. The monthly interest is charged only on the amount you use and for the period you have utilised the limit for. In case there is no usage of the funds, there will be no interest payable. Interest is charged on the 2nd of each month based on the utilisation of the OD Account. Customer needs to ensure that the interest gets serviced in the OD Account before the given due date, to avoid any bureau reporting or penal charge.

How do I repay the FlexiCash?

The amount payable will be auto-swept as and when sufficient balance is available in your Salary Account. Interest charged for the month, must be paid or serviced by the customer mandatorily to avoid penal charges and bureau reporting the OD Account. However, the principal can be paid by the customer at their convenience.

How do I close my FlexiCash account online?

Customer can now raise the SALOD (Salary Overdraft) Account closure request online via ICICI Bank’s iMobile app or Net Banking.

iMobile App
Login to ICICI Bank's iMobile app >> Account and FD or RD >> Current Account >> More Options >> OD Closure >> Select the Account No >> Click on ‘YES’ >> Agree to the disclaimers >> Authenticate with GCA >> Done.

Retail Net Banking
Login to Internet Banking >> Customer Services >> Service Requests >> OD Closure Request >> Click on ‘YES’ and Proceed >> Select the Account No >> Click ‘YES’ >> Agree to the disclaimers >> Authenticate with GCA >> Done.

Is an overdraft loan the same as a Personal Loan?

No, an overdraft loan is not the same as a Personal Loan. An overdraft allows flexible withdrawal up to a sanctioned limit with interest charged only on the used amount, while a Personal Loan provides a fixed lump sum with structured EMIs.

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Disclaimer

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