Overdraft Facility from ICICI Bank

Corporates and Proprietorship Firms can avail Overdraft (OD) against Fixed Deposit online via ICICI Bank Corporate Internet Banking (CIB) or InstaBIZ app. Below are the basic details of the OD facility offered by ICICI Bank against FD:

Features:

Eligible Entities

When undergoing some unexpected negative incidents or urgency of money, need money for a wedding or for any short-term requirement, the Overdraft offered by ICICI Bank is one of the best options available. The overdraft offered by ICICI Bank is named InstaOD which can be availed online, as well. Unlike many other financial features where you have to run here and there so many times, the OD from ICICI Bank is available at your disposal. Through the official website, I Bizz app of ICICI Bank, or via internet banking, you can get an OD for your needs. In case you are not an ICICI Bank customer, you can visit the branch for details and processing.

Also Know: How to get overdraft facility in HDFC bank

ICICI Bank OD facility is mainly aimed at entrepreneurs or for commercial purposes. The Bank has introduced MSME (Micro, Small, and Medium Enterprises). Within a few minutes, you can create an OD for yourself, as with access to hassle-free online mode, you can do it easily. The processes involved are as follows:

So, through these simple steps, you can fill and assure an OD for yourself.

Insta-Secured Overdraft Facility is a lending option offered by ICICI Bank to meet the working capital requirements.

Features & Benefits:

Eligible Entities

So, these are the few things you must go through and keep in your mind before going further with your thought of applying for an Insta-Secured OD facility.

Also Read: What is overdraft against salary?

Apart from the process, you also must know all the documents you need while applying for an OD in the ICICI Bank. Basically, there is no physical document that you need to submit for the completion of this process. You just need nominal documents that are concerned while the online method. And unlike other institutions, you are not required to submit additional documents.

You just need to submit the online application form, debit mandate, and schedule of charges. Do not forget to read and agree to the terms and conditions of the overdraft. It will save you from unnecessary problems arising in the future. And you must know every detail before making any monetary decision to avoid adversities.

Also Know: What is the interest rate on an overdraft in SBI?