InstaOD FAQs

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 2% of the OD amount excluding applicable taxes will be levied.

There is no foreclosure or pre-payment charges applicable under InstaOD product and there is no commitment charges on limit utilization.

The eligible customers can login to Corporate Internet Banking or InstaBiz app and click on the InstaOD offer banner. Thereafter, the customer shall view and verify a pre-filled application form for availing InstaOD.

Upon completion of a two–step acceptance process, customers can instantly avail the InstaOD facility in their current account.

Customer can also apply using the link - https://clos.icicibank.com/CAOOD/Apply.jsp

You can contact nearest ICICI Bank branch or call on the central help line on 022-42097572 (9:30 am to 6:00 pm).

Interest rate for InstaOD under non-priority sector lending has been fixed @ 16% per annum.

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 utilized 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.

Existing ICICI Bank customers who are individuals and proprietors meeting certain criteria) can avail the InstaOD facility.

Customers who are new to the bank & other constitution firms’ i.e Partnership, Limited Liability Partnership, Private Limited Company and Public Limited Company may avail overdraft through the branches.

Customer can apply in following ways –

• By clicking the offer banner after login to Corporate Internet Banking
• By clicking the offer banner after login to InstaBiz app
• ICICI Bank website → Business → Business Loans → InstaOD

The amount sanctioned shall depend on banking transactions and account conduct assessed by ICICI Bank over a period of 12 months.

Interest rate shall be reset at the end of every 6 months from the limit set-up date/renewal date as a sum of I-MCLR-6M + "spread", prevailing on the reset date plus applicable statutory levy, if any.

InstaOD 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 InstaOD offer banner

Processing fees applicable will be 2% of OD amount excluding applicable taxes and will be non-refundable.

Customer will have to accept and submit online, the application form (read with Terms & Conditions), debit mandate & Schedule of Charges and confirm the same through SMS. No additional physical documentation required to be submitted by the customer

The online digital platform is responsive to web based systems & is accessible across devices

InstaOD is an unsecured facility and thus there is no collateral requirement