-
Hey there! Welcome to TFC! View fewer ads on the website just by signing up on TF Community.
Anyone Have Overdraft from a Savings Account?
- Thread starter dhiraz
- Start date
Solution
In icici SAOD, 1% processing fee and 16-17% interest, instant credited to savings account
RAMESH BABU N
TF Legend
It is nothing but CLEAN OVERDRAFT loan facility. Some banks also call this as PERSONAL LOAN. Unsecured. Higher interest rate, applied monthly. This is a planned Current/Loan Account which usually has only negative balances. This account may be an open account - which allows multiple debits/withdrawals - upto a limit. Or, a one-off account with only one main withdrawal debit n shall be closed after the red balance come into credit/black.
Savings Bank (or Savings Fund) account must have only Credit balances. Except under a few circumstances like :
a. Reversal of earlier credit entries.
b. Bank charges - ex. Locker charges...
c. Statutory n obligatory debits.
...... In such cases, the balance may go into red - rare occurances.
Savings Bank (or Savings Fund) account must have only Credit balances. Except under a few circumstances like :
a. Reversal of earlier credit entries.
b. Bank charges - ex. Locker charges...
c. Statutory n obligatory debits.
...... In such cases, the balance may go into red - rare occurances.
onlineramarao
TF Buzz
This feature is good for banks and Govt.
Fraud also more with this feature since cheques can be misused/encashed by any one even when the savings account balance is zero too.
They get fee for each transaction. Instead use your CC to bank option when needed.
Fraud also more with this feature since cheques can be misused/encashed by any one even when the savings account balance is zero too.
They get fee for each transaction. Instead use your CC to bank option when needed.
RAMESH BABU N
TF Legend
panchabhut
TF Ace
Interest is on daily o/s - basic feature of overdraft acct. but the 1% sanction fee is on total amt.
RAMESH BABU N
TF Legend
Please read the fine print in the attachment to his post (# 25).
panchabhut
TF Ace
InstaOD for Savings Account (SAOD) | ICICI Bank
SAOD is an online overdraft facility specially designed for ICICI Bank Savings Account holders with minimal documentation and instant online disbursement. Apply now!
Features
- Unsecured overdraft facility
- Pre-approved overdraft offer up to Rs.5 lakhs
- Online Loan processing
- Instant limit set up in new Overdraft Account
- Pay interest only on the amount utilized
- Paperless processing
- No collateral required
- No commitment charges
- No prepayment/foreclosure charges
RAMESH BABU N
TF Legend
Good to know this.InstaOD for Savings Account (SAOD) | ICICI Bank
SAOD is an online overdraft facility specially designed for ICICI Bank Savings Account holders with minimal documentation and instant online disbursement. Apply now!www.icicibank.com
Features
20 years back, this was a facility auto provided with salary acct. Now they have delinked it into a separate product and added 1% annual processing fee.
- Unsecured overdraft facility
- Pre-approved overdraft offer up to Rs.5 lakhs
- Online Loan processing
- Instant limit set up in new Overdraft Account
- Pay interest only on the amount utilized
- Paperless processing
- No collateral required
- No commitment charges
- No prepayment/foreclosure charges
One hurdle is cleared.
What about the second ?
panchabhut
TF Ace
"actual utilisation" covers both. the very purpose of the OD acct is to permit multiple withdrawal & deposit within the year subject to sanctioned limit.
I availed this offer!
1, It’s CURRENT account sanctioned Overdraft facility
2, Separate Cheque Book will be issued
3, No debit cards (as per RBI guidelines) only enquire card
4, You need to visit branch for Activation of CIB netbanking as mentioned in point one you cannot operate this account in Imobile App but you can operate on Insta Biz App.
5. After the sanction page you redirect to NESL site to sign the agreement
RKC
TF Buzz
but i dont have a current account and this offer is a pre approved offer of my salary account. what are the next steps if i click proceed ? do i have to visit my home branch compulsorily?
They will open new current account instantly in your name , after the page you posted above (sanctioned page ) redirect to NESL website to sign agreement by ADHAAR OTP and next page account got opened with overdraft facility based on your existing icici account, you need to visit nearest branch for net banking and mobile banking , if you want more clarification , don’t worry icici will call you because any online application left incomplete they will call you.
Last edited:
RKC
TF Buzz
thank you for the information, actually i am out of country for a while and i found this offer in my internet banking. i am just figuring out whether this offer worth all the effort.
friends2b11
TF Select
how can I close this account online? They are going to charge 1% of my sanctioned amount every year.
I thought it was totally free.
Or how can I stop it from being automatically renewed every year?
..
And how can I login to Instabiz ? It is asking me for the user name for which I have to visit the branch. When will they send the enquire card? After which, I can login with my enquire card details, right?
how can I close this account online? They are going to charge 1% of my sanctioned amount every year.
You cannot close account online ! You MUST visit for account closure , Not 1% may be higher on renewal or same 1% depends on the situation and your credit profile
I thought it was totally free.
🙂
how can I stop it from being automatically renewed every year?
simple! They will send you email or you will get a call for renewal, you can place the request to cancel the OD renewal
And how can I login to Instabiz ? It is asking me for the user name for which I have to visit the branch. When will they send the enquire card? After which, I can login with my enquire card details, right?
I already replied earlier post , YOU MUST VISIT branch along with your CHEQUE book ( it will reach you after completion of online OD opening) some time you may lucky to get GOOD customer executive and they can place request for netbanking ID and Inquiry card request try your best.
Corporate care : 1860 120 6699
friends2b11
TF Select
So to cancel the OD account renewal, do I have to visit the branch, or can I request to cancel the OD renewal request online? ( Email,call). I do not need the OD account.
Can they renew it without my permission?
Yesterday, I got the OD account number. When will I be charged the 1% fee? I cannot see the statement as I do not have the user ID yet. So when do I have to pay the joining fees to avoid any late payment interest charges?
Actually, as the nearest branch is too far away, I do not want to visit the branch.And even if I close it tomorrow, then I have to pay the 1% fees even if I do not use any amount, right?
So is there any trick to avoid the renewal without visiting the branch?
There is a new option in imobile to close an account online. But I am unable to link the new OD number with my savings account. I cannot see my account number in imobile.
Similar threads
- Question
