For the first time, ICICI Bank will offer debit cards for customers availing loans on security: ICICI Bank has become the first Indian bank to introduce a debit card facility for customers who have availed security on loan (LAS) from the bank. The debit card is made available on the Visa platform. It can be used by customers at all domestic merchant establishments to conduct online transactions like payments on seamless POS and e-commerce portals using their approved LAS amount.
For the first time, ICICI Bank will offer debit cards for customers availing loans on the security
He said that this card is another step in our endeavor to continuously harness the digital prowess of the Bank to offer innovative features to our customers. We are happy to be the first bank to implement this facility following the directive issued by the regulator. We are confident that these new guidelines will make overdraft more digital-friendly and make the overall experience of the end customer hassle-free and quick.
We are pleased to partner with ICICI Bank to launch this innovative debit card product linked to an overdraft account, which is also an integral part of Visa’s endeavor to increase credit reach in India. The product allows Visa cardholders to conveniently use their overdraft credit limit with ICICI for everyday purchases across e-commerce and face-to-face merchants.
ICICI Bank is the first bank in the country to introduce this facility after RBI allowed banks to issue electronic cards to customers who avail overdraft facility, which is in the nature of a personal loan, with no specific end-use restrictions.
The debit card will be issued to new customers who avail of LAS and will be automatically renewed on renewal of the LAS account. Customers get a digital debit card within one business day of availing of LAS, which can be accessed on the bank’s mobile app iMobile.
By using this digital card, they can start doing online transactions after enabling the functionality. They also get the physical card within seven business days. Existing customers of LAS will also get this card soon.