can i go for it?In icici SAOD, 1% processing fee and 16-17% interest, instant credited to savings account
can i go for it?
Interest is on daily o/s - basic feature of overdraft acct. but the 1% sanction fee is on total amt.Whether interest (14% to 17%) is on a flat amount OR on REDUCING BALANCES ?
And, the interest is charged for the ENTIRE 12 MONTHS or only for the exact number of days ?
The above two must be looked into carefully, before you decide to opt for that loan.
Please read the fine print in the attachment to his post (# 25).Interest is on daily o/s - basic feature of overdraft acct. but the 1% sanction fee is on total amt.
Please read the fine print in the attachment to his post (# 25).
Yes you can go for it if there is a requirement…can i go for it?
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
"actual utilisation" covers both. the very purpose of the OD acct is to permit multiple withdrawal & deposit within the year subject to sanctioned limit.Good to know this.
One hurdle is cleared.
What about the second ?
I availed this offer!this is my pre approved insta OD as i hold salary account with icici for 8 years, i have no loan requirement right now, im just curious about this. has any one availed this offer?
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?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
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.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?
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.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.