The water will not overflow when the ice melts. The water level will remain the same. Ice floats on water because its density is less than that of water. When ice melts, the volume of the water formed is less than the volume of the ice which has melted.
When ice in water melts, this difference equals the volume of the water formed when the part of ice above the surface of water melts. Therefore, the water level remains the same. Hence, there is no overflow of water when the ice melts.