ICICI launches EMI on Debit Cards!

ICICI

ICICI Bank, the country’s largest private sector lender, has introduced an equated monthly instalment (EMI) option for its customers on debit card purchases.

The EMI option, which was so far limited to credit card holders, will now allow even debit card holders to convert their high-value transactions into equated monthly instalments.

Only debit card holders who have fixed deposits of minimum Rs 10,000 linked to the savings bank account will be allowed to exercise this option of buying products on an EMI of three, six, nine or 12 months. The customer is not allowed to break the fixed deposit till the end of the EMI term.

“As we approach the festive season, we believe this initiative will empower over 22 million ICICI Bank debit card customers to buy products of their choice and pay in easy EMIs,” said Rajiv Sabharwal, Executive Director, ICICI Bank.

To begin with the bank has only tied up with Samsung for phones and consumer durable products. Going ahead, the lender plans to add more brands under the EMI option.

“The tie-up will offer financial flexibility, drive engagement and create easy product accessibility for our consumers. With the festival season around the corner, we are confident that such exciting schemes will add to consumer celebrations,” said Asim Warsi, Vice President, Mobile & IT, Samsung India.

ICICI Bank said in a statement that it is the first bank in the country to introduce this facility.

Features:

• No processing fee.
• Tenure option of 3, 6 ,9,12,18 and 24 months.
• Low interest rate of 13%(on reducing basis) for 3, 6, 9 and 12 month tenures.15%(on reducing basis) for 18 and 24 month tenures.
• Currently facility available for all ICICI Bank Savings and select Current account category customers having a linked fixed deposit or recurring deposit other than tax saver fixed deposits and PPF.
• EMI facility is applicable on all transactions above Rs.10,000 at participating stores.
• EMI conversion without the hassles of any paperwork.
• Tie up with Apple in 2000 stores pan India (Smart phones only).
• Tie up with Samsung in 9000 stores pan India (Smart phones, Tablets, Televisions, Refrigerators, Air – Conditioners, Microwave etc).
• To know your nearest store offering EMI facility, SMS EMI <PIN CODE> to 56886 or click here.
• Tie up with other partners namely Haier, Hero Motors, Firefox, Kurlon, Lenovo, Nikon, Sharp, Sleepwell, Suzuki Motors, TVS motors, Vespa Motors and VLCC.
• Leverage your existing fixed deposits to convert big ticket purchases to easily manageable installments.
• Coming soon: EMI at popular e-tailing websites, EMI on Call, EMI facility at other partners across categories.

How to avail of EMI facility:

• Customer does a transaction at participating partner stores and selects the tenure of EMI.
• Customer pays by ICICI Bank Debit Card and inputs the ATM PIN at specified terminals in the store.
• Transaction is authorized and conversion to EMI happens post successful validation of parameters.
• EMI conversion and reversal of amount in the account happens within 2 business working days after the transaction date.
• First installment will be deducted 30 days from reversal of the money in the account.
• Account statement will display the transaction with appropriate narration.

 

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