ICICI Bank launches EMI on debit cards

August 19, 2014

First bank in the country to offer EMI facility for its debit cardholders

Mumbai: ICICI Bank, the country’s largest private sector bank, announces the launch of EMI (Equated Monthly Instalments) facility on debit cards to enable its customers to convert their high value transactions into easy instalments. The Bank is the first in the country to introduce this facility.

Speaking at the launch, Mr. Rajiv Sabharwal, Executive Director, ICICI Bank said, "ICICI Bank has always been at the fore-front of providing an enhanced consumer experience in line with the philosophy of Khayaal Aapka. 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."

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 Samsung products like mobile phones, tablets and consumer electronics, among others. The Bank will add many more brands under this facility in the months to come.

Speaking on the association, Mr. Asim Warsi, Vice President, Mobile & IT, Samsung India said, “We are delighted to associate with ICICI Bank for their first ever debit card EMI initiative in India. 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. Our customer centric approach has always helped us create products and services that offer more value to our customers and enrich their lives.”

ICICI Bank debit cardholders having fixed deposits with the Bank can avail of this facility of buying products and then paying in EMI 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 EMI 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.

An ICICI Bank debit card customer can visit any participating store to avail of this facility.

To know more about the product, visit www.icicibank.com/debitcards or follow us at www.twitter.com/ICICIBank.

About ICICI Bank Ltd: ICICI Bank Limited (NYSE:IBN) is India's largest private sector bank with consolidated total assets of US $ 124.5 billion at June 30, 2014. ICICI Bank's subsidiaries include India's leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI Bank's presence currently spans 19 countries, including India.

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For Press Queries:

Mr. Sujit Ganguli
Senior General Manager & Head - Corporate Communications and Brand Group
ICICI Bank Ltd,
Bandra Kurla Complex
Mumbai – 400051
Email:ganguli.sujit@icicibank.com