ICICI bank has become the first bank to enable its customers to make purchase on EMI (equated monthly installments) through debit card. Till now the EMI option was limited only to credit card holders but now even debit card holders can opt for EMI on high value transactions.
Points to Ponder:
1. ICICI has tied up with Samsung only that means at present only Samsung phones and consumer durable products can be bought from 9000 participating stores.
2. EMI facility is applicable on all transactions above Rs.10,000 at participating stores.
3. Customer having Fixed Deposits of minimum Rs.10,000 linked to the Savings Bank Account will be able to avail this facility.
4. The Products can be bought on EMIs of 3, 6, 9 and 12 months.
5. Interest Rate will be 13% with No Processing Fee.
4. The benefits of availing this facility are:
a) Shop consumer durable products i.e. smart phones, gadgets etc. on EMI
b) Earn Rewards on the Purchase which further can be used to redeem for other products.
c) Earn Interest on Fixed Deposit
This will help many customers who only possess debit cards.
How to avail of EMI facility?
1. Customer does a transaction at participating partner stores and selects the tenure of EMI.
2. Customer pays by ICICI Bank Debit Card and inputs the ATM PIN at specified terminals in the store.
3. Transaction is authorized and conversion to EMI happens post successful validation of parameters.
4. EMI conversion and reversal of amount in the account happens within 2 business working days after the transaction date.
5. First installment will be deducted 30 days from reversal of the money in the account.
6. Account statement will display the transaction with appropriate narration.