ICICI Bank has launched an instant overdraft facility for MSMEs (Micro, Small and Medium Enterprises) customers in a completely online and paperless manner. Christened ‘InstaOD’, this first-of-its-kind offering in the Indian banking industry enables a few lakhs of pre-qualified current account customers of the bank to instantly avail of the facility without visiting a branch and submitting physical documents.
This facility significantly improves customers’ convenience, as they get an overdraft facility up to Rs 15 lakh for a year anytime, anywhere, using the bank’s internet and mobile banking app. The bank will also offer a facility of instant online sanction of overdraft facility to MSME customers of other banks shortly.
ICICI Bank is India’s largest private sector bank by consolidated assets. The company’s subsidiaries include India’s leading private sector insurance, asset management and securities brokerage companies, and among the country’s largest private equity firms.
