ICICI Bank offers EMI option on debit card buys

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.