ICICI OD Account

[keerthirahul123]

i have a salary based OD account with ICICI and I'm really in love with it. The best thing is the moment your money is exhausted in your savings account and whether you swipe or transfer or UPI or ATM, the money automatically comes out from the OD account.

I heard from my friends that some of them have an OD account with Citibank and seems they need to manually transfer the money but in ICICI it is seamless.

Whats your preference of OD account and which one do you use ?

 

[Astrella]

Are there any fees, or is it interest free credit? any advantages over CC?

 

[keerthirahul123]

Fees & charges:​

• Processing fee starting from ₹1,999+ GST up to maximum ₹2,999+ GST
• Annual renewal fee of ₹1,999+ GST
• Late payment fee of ₹500+ GST (if applicable)
• Penal charges are 5% per annum on the overdue amount.
• Rate of interest between 12.35% p.a. to 14.10% p.a.

For example: If you have a FlexiCash limit of ₹1,00,000 with an interest rate of 12.5% p.a. and you utilise ₹10,000 for 15 days, you would be charged interest of Rs 51.37 (₹10,000 * 15/365 * 12.5%)

• Mean Interest rate** for Q4’FY24 = 13.87%

**This is the average interest rate charged to the accounts opened in the mentioned quarter and is dependent on customer category.

For me the advantage is EMIs go through, withdrawals happen, UPI works, and the good thing I feel, when the savings account is funded, the OD account automatically pulls some amount into itself to reduce interest charges etc.