ICICI Bank, the country’s largest private sector bank, announced the launch of EMI (Equated Monthly Instalments) facility on debit cards to enable its customers to convert high value transactions into easy instalments.
ICICI Bank is the first in the country to introduce this facility.
”As we approach the festive season, 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, ICICI Bank has tied up with Samsung India to offer this facility across 9,000 stores in the country including large format retailers, multi-brand outlets and stand-alone stores for purchase of mobile phones, tablets and consumer electronics, among others.
ICICI Bank will add other brands under this facility in the months to come.
“The tie-up will offer financial flexibility, drive engagement and create easy product accessibility for our consumers,” said Asim Warsi, Vice President, Mobile & IT, Samsung India.
ICICI Bank debit cardholders having fixed deposits with the bank can avail of this facility of buying products and then paying in EMIs of 3, 6, 9 or 12 months. This facility will offer a three-pronged advantage to customers as they can leverage on their fixed deposits and earn interest, while they shop and pay in EMIs as well as earn reward points on transactions. This will also help many customers, who have only debit cards, to buy and pay in EMIs—a facility which was so far available only for credit cardholders.
1. Who is eligible for this facility?
• All customers having ICICI Bank savings account and a fixed deposit of minimum Rs.10,000 linked to the same account can avail of this facility.
2. How different is this from EMI on credit cards?
• A customer having a debit card, which comes along with a savings bank account, needs to have a fixed deposit linked to his savings bank account to avail of this facility while credit cardholders can avail EMI if they have eligible credit card in hand.
3. Is there any document that one has to submit?
• No document is required to avail of this facility.
4. Is this facility only available with select merchants?
• To being with, Samsung is our exclusive partner for phones and consumer durables. The bank will add many more brands under this facility in the months to come.
5. How much time is needed to convert my transaction into EMI?
• Two working days.
6. What steps should a customer follow to avail this feature?
To avail of this facility, a customer needs to follow the steps mentioned below:
• Visit a partner store
• Purchase a product
• Inform the sales executive that you are desirous of availing EMI on debit card
• Store personnel punches in the price of the chosen product in the terminal and swipes the debit card
• The customer punches in PIN number (for chip cards)
• Now, the transaction goes through and the entire amount gets deducted from the customer’s savings bank account. A specialized chargeslip, which is specific to the EMI facility, is generated. The chargeslip has specific terms and conditions mentioned for the transaction.
• The customer signs the chargeslip and hands it over to the merchant at the counter
• The transaction will be converted to EMI and interest will be deducted basis the tenure chosen on a monthly basis
• Within two working days, the amount of transaction will be reversed in the account. The customer is not allowed to break the fixed deposit till the end of EMI.