ICICI Bank offers all its account holders an overdraft facility with minimum interest rate.
ICICI Bank Overdraft Against Fixed Deposit
Overdraft against Fixed Deposit is available for Corporates. Corporates can make use of this online facility through ICICI Bank Corporate Internet Banking.
ICICI Bank Overdraft Eligibility
- Overdraft against Fixed Deposit is offered to all Corporates i.e. Companies, Partnership firms, Limited Liability Partnership and Hindu Undivided Family
- In order to avail this Overdraft facility, corporate should have self-Fixed Deposit
- It is limited up to 90% of the FD value
| Features | Benefits |
|---|
| Attractive Interest rates | Overdraft up to Rs. 10 crore |
| Can be availed online | Nil processing fee |
| Offered to Corporate only | Nil foreclosure charges |
| One-Time registration is required | Pay interest on the amount you use |
ICICI Bank Current Account Unsecured Overdraft
New customers and existing customers of the ICICI bank who are ineligible to opt for ICICI Bank InstaOD facility can avail unsecured current account overdraft by visiting any ICICI Bank Branch.
ICICI Bank Insta Overdraft Interest Rate
Interest rate for InstaOD under non-priority sector lending is I-MCLR 6M + 7.5% (spread)
| Fee | Amount |
|---|
| Processing fee | 2% of OD amount + GST |
| Tenure | 12 months |
| Renewal fee | 2% of OD amount + GST |
| Foreclose charges | Nil |
ICICI Bank Overdraft Eligibility
- Individual, Proprietorship Partnership, Limited Liability Partnership, Private Ltd. Company and Public Ltd. Company
- Applicant's business vintage should be atleast 2 years
- Applicant must maintain a current account for a minimum period of 12 months with any bank at the time of applying this facility
ICICI Bank Overdraft Documents Required
- KYC documents
- Current account statement of last 12 months
- Constitution documents as applicable
ICICI Bank Overdraft Features
- Being unsecured OD, there is no requirement of any collateral
- Pay interest only on the amount you use and for the period you use it
- Nil foreclosure charges
ICICI Bank Insta Overdraft
ICICI Bank InstaOD is offered by ICICI Bank to cater to working capital needs of customers for business purpose. It is an online lending platform which provides instant disbursement.
This OD allows customers to withdraw funds from their current account to the extent of sanctioned limit. Sanctioned limit will depend upon customer's banking transactions in the account and account conduct as assessed by ICICI Bank over a period of 12 months. Through InstaOD, ICICI Bank offers its MSME customers an overdraft facility of up to Rs. 15 lakhs.
ICICI Bank Insta Overdraft Eligibility
- Individual, Proprietors, Partnership firms, Limited Liability Partnership, Private Limited Company and Public Limited Company can apply for InstaOD
- Applicant should be an existing ICICI Bank customer
ICICI Bank Insta Overdraft Documents Required
- No physical documentation required to be submitted by the customer. They just have to submit online the following:
- Online application form
- Debit mandate
- Read and confirm Schedule of Charges
ICICI Bank Insta Overdraft Process
- Login to corporate internet banking section on the ICICI bank's website
- Click on the offer banner
- You will have a pre-approved Offer displayed in the offers tab
- Click on 'Avail Now' to get your pre-approved InstaOD
- Submit the pre-filled application form
- Verify the Overdraft Limit, rate of interest and processing fee
- Accept the terms and conditions of the overdraft
- Overdraft limit will be set up instantly
ICICI Bank Insta Overdraft Features
- Online processing of OD
- Instant disbursement is provided within a few minutes
- It helps you meet your immediate fund requirements without liquidating your existing Fixed Deposits
- Minimal documentation
- The tenure of InstaOD facility is for 12 months from the date of limit setup
ICICI Bank Insta Overdraft Benefits
- Overdraft upto Rs. 15 lakhs is availale under InstaOD
- No collateral is required against InstaOD
- No foreclosure charges
ICICI Bank Insta-Secured Overdraft
In order to cater to working capital requirements of business houses, ICICI Bank offers ICICI Bank Insta-Secured Overdraft facility which is available against collateral e.g. one can use Fixed Deposit as collateral for availing overdraft facility.
ICICI Bank Insta-Secured Overdraft is available to any of the following segments of manufacturing, trade and service sectors:
- Sole Proprietorship
- Partnership firm
- Private Limited Company
ICICI Bank Insta-Secured Overdraft Features and Benefits
- Online: Application under ICICI Bank Insta-Secured Overdraft is processed online.
- Pre-qualified offers: Customers will get pre-qualified offers under ICICI Bank Insta-Secured Overdraft facility.
- Minimal documentation: ICICI Bank Insta-Secured Overdraft can be availed with minimal documentation. Further, there is no requirement to submit any financial document to get this facility.
Amount available under ICICI Bank Insta-Secured Overdraft
| ICICI Bank Insta-Secured OD | Amount |
|---|
| Minimum Amount | Rs 1.5 million |
| Maximum Amount | Rs 10 million |
ICICI Bank Insta-Secured Overdraft Interest Rate
Interest rate for Insta-Secured Overdraft facility is as follows:
- I-MCLR 6M + 2% (spread) for amount up to Rs 4 million
- I-MCLR 6M + 1.75% (spread) for amount more than Rs 4 million