ICICI Bank, the country’s largest private sector bank, has launched EMI (equated monthly instalments) facility on debit cards to enable its customers to convert their high value transactions into easy instalments.
The private lender 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 standalone stores, for purchase of Samsung products like mobile phones, tablets and consumer electronics, among others.
The bank is the first in the country to introduce this facility, ICICI Bank said in a statement.
Rajiv Sabharwal, Executive Director, ICICI Bank, said, “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.”
ICICI Bank debit cardholders having fixed deposits with the bank can avail themselves of this facility to buy products on EMIs of 3, 6, 9 or 12 months.
3-pronged advantage
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, the statement added.
An ICICI Bank debit card customer can visit any participating store to avail himself of this facility.