Industrial Credit and Investment Corporation of India (ICICI) Bank on 19 August 2014 launched EMI (equated monthly installments) facility on debit cards.
With this, ICICI bank became the first bank in India to provide such facility on debit card. This was so far available only for credit cardholders.
Benefit to customers
The facility will enable the customers to convert their high value transactions into easy instalments.
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 EMI as well as earn reward points on transactions.
ICICI Bank debit cardholders having fixed deposits of minimum 10000 rupees in the savings bank account can avail themselves of this facility to buy products on EMIs of 3, 6, 9 or 12 months.
The ICICI has tied up with Samsung India to offer this facility across 9000 stores including large format retailers, multi-brand outlets and standalone stores, for purchase of Samsung products like mobile phones, tablets and consumer electronics, among others.l
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Who: ICICI Bank
When: 19 August 2014