ICICI Bank offers debit card for customers availing loan against securities: Key benefits1 min read . Updated: 06 Oct 2020, 12:00 PM IST
- ICICI Bank is the first bank in the country to introduce this facility
- Customers can use the debit card across domestic online portals and physical POS transactions
Mumbai: ICICI Bank has introduced a debit card facility for customers availing the Loan Against Securities (LAS) from the bank. The card is available on the Visa platform. It can be used by customers across all domestic merchant establishments to make seamless POS and online transactions like payments on e-commerce portals among others, using their sanctioned LAS amount.
ICICI Bank is the first bank in the country to launch the facility after the Reserve Bank of India (RBI) allowed banks to issue electronic cards to customers who avail an OD facility, which is of the nature of a personal loan with no specific end-use restriction.
The debit card will be issued to new customers who avail LAS and will be automatically renewed upon renewal of the LAS account. Customers get a digital debit card within one business day of availing LAS, which can be accessed on the Bank’s mobile app iMobile. Using this digital card, they can start making online transactions post enabling the functionality. They also get the physical card within seven business days. Existing customers of LAS will also get this card shortly.
Sudipta Roy, Head – Unsecured Assets, ICICI Bank said, “ This new facility aims to provide greater accessibility to our customers to their sanctioned loan amount and enables them to use it in a frictionless manner to meet their varied needs."
"We are delighted to be the first bank to implement this facility following the directive issued by the regulator. We believe that these new guidelines will make overdrafts more digital friendly and make the overall experience of the end-customer hassle-free and quick," he added.
TR Ramachandran, Group Country Manager, Visa, India & South Asia, said, “RBI’s directive allowing digital credentials for Overdraft Accounts has come at an opportune time as businesses attempt to bounce back from the pandemic."
Here are the key benefits of the debit card
1) The debit card offers a maximum daily transaction limit of ₹3 lakh each for POS and online transactions.
2) ICICI Bank provides a digital card to customers, which is made available on iMobile app within one business day.
3) The card is automatically renewed upon renewal of the LAS account.