If you want the peace of mind of knowing your payments are covered when you have a temporary shortfall, then you should consider applying for overdraft protection. It is available on all Canadian dollar chequing accounts with ICICI Bank Canada. It covers you up to your approved overdraft limit when you don’t have sufficient funds in your account to complete a transaction.
- Benefits: Protect your bill payments, cheque clearance, cash withdrawals, Interac Direct, or any debit purchases and avoid non-sufficient fund (NSF) fee charges.
- Interest: 18% p.a. charged monthly only on outstanding balances.
- Fees: Choice of $5.00 monthly or $5.00 per transaction. Per transaction fees are waived off if overdrawn chequing account is brought back to positive on the same day.
- Repayment Terms: Bring your account to positive balance at least once every 30 days
Process for applying:
- STEP 01: Visit your nearest ICICI Bank Canada branch
- STEP 02: On-the-spot eligibility based on credit score and application will be provided
- STEP 03: Application will be underwritten and provided with final qualified and approved limit
- STEP 04: Overdraft limit will be available on your linked chequing account covering occasional shortfalls
Visit an ICICI Bank Branch to apply
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