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      Benefits of taking an Overdraft Against an FD with ICICI Bank

      Zero Processing Fees

      Zero Processing Fees

      The absence of processing fees makes the FD Overdraft a cost-effective solution for your financial needs

      No Prepayment Charges

      No Prepayment Charges

      You can prepay back the Overdraft amount whenever you wish without any prepayment penalty

      Customer-friendly Interest Rates

      Customer-friendly Interest Rates

      ICICI Bank’s Fixed Deposit Overdraft comes with customer-friendly interest rates, making it an attractive option for FD holders to get funds at a reasonable cost.

      Easy Documentation

      Easy Documentation

      The documentation process for a Fixed Deposit Overdraft is simple and hassle-free. All of this makes it easy for you to avail the facility when needed.

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      Considerations when taking an OD Against an FD
      • Check Interest Rates: When considering an OD facility against an FD, it is vital to check the interest rates charged. These are charged basis your FD interest rate.
      • Check for Charges: In the event of default, penal charge payable shall be equal to 5% per annum on the overdue amount (upon expiry) and/or overdrawn amount (exceeding the Sanction limit) from the due date till the date of actual payment plus applicable taxes, which may be payable as per the applicable laws and Terms & Conditions.
      • Consider the Loan Amount: Evaluate the loan amount needed and whether the OD facility can provide the required amount. Ensure that the repayment terms of the OD facility are manageable.

      All details are available in the Key Fact Statement when you apply for an OD against FD.

      Eligibility for an OD Against FD

      One must meet the following eligibility criteria to take an OD against FD:

      OD Against FD is available for Individuals, Hindu Undivided families and Private & Public limited companies, Trust, Association, Society and Club (TASC) accounts and proprietorship accounts having FD with the Bank.

      FAQs

      EXPAND ALL | COLLAPSE ALL

      What is the limit of Overdraft against FD?

      With ICICI Bank, you can Instantly avail up to 90% of Overdraft on your FD through our digital channels like iMobile and Internet Banking.

      How Does Overdraft Against FD Work?

      If the Bank approves an Overdraft Account, you will get the desired overdraft amount, just like a loan. However, you can withdraw money from your ODFD account up to a limit approved by the Bank.

      What is the application process for an ODFD?

      You can apply for an ODFD through our digital channels like iMobile/Internet Banking or visit any branch to setup an ODFD.