ICICI Bank ties up with Samsung to offer EMI facility on debit cards
19 August 2014
ICICI Bank, the country's largest private sector lender, today announced the launch of EMI (Equated Monthly Instalments) facility on debit cards to enable its customers to convert their high value transactions into easy instalments.
To begin with, ICICI Bank has tied up with Samsung India to offer this facility across 9,000 stores in the country for purchase of Samsung products like mobile phones, tablets and consumer electronics, among others.
This is just the beginning and ICICI Bank will add many more brands under this facility in the months to come, the bank said in a release.
''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,'' Rajiv Sabharwal, executive director of ICICI Bank, said.
''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,'' added Asim Warsi, vice president, Mobile & IT, Samsung India, added.
ICICI Bank debit cardholders having fixed deposits with the bank can avail of this facility of buying products and then paying in EMIs 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 EMIs 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.
To enjoy the facility, however a buyer should have an ICICI Bank account - either savings account or a fixed deposit of minimum Rs10,000 linked to the same account.
A customer having a debit card, which comes along with a savings bank account, needs to have a fixed deposit linked to his savings bank account to avail of this facility while credit cardholders can avail EMI if they have eligible credit card in hand.
No document is required to avail of this facility, the bank said.