ICICI Bank on Tuesday introduced a debit card facility for customers availing the Loan Against Securities (LAS) from the bank. The card is available on the Visa platform. It can be used by customers across all domestic merchant establishments to make seamless POS and online transactions like payments on e-commerce portals among others, using their sanctioned LAS amount, the bank said in a statement.
The debit card will be issued to new customers who avail LAS and will be automatically renewed upon renewal of the LAS account. Customers will get
a digital debit card within one business day of availing LAS, which can be accessed on the bank’s mobile app iMobile, the bank said.
Using this digital card, customers can start making online transactions
post enabling the functionality. They also get the physical card within seven business days.
Existing customers of LAS will also get this card shortly.
Speaking on the initiative, Sudipta Roy, Head – Unsecured Assets, ICICI Bank
said, “This new facility aims to provide greater accessibility to our customers to their sanctioned loan amount and enables them to use it in a frictionless manner to meet their varied needs."
Speaking on the initiative, TR Ramachandran, Group Country Manager, Visa,
India & South Asia, said, “This product allows Visa cardholders the convenience to use their overdraft credit limit with ICICI for everyday purchases, across e-commerce and face to face merchants, seamlessly.”
The card offers a maximum daily transaction limit of Rs. 3 lakh each
for POS and online transactions. The bank provides a digital card to customers, which is made available on the iMobile app within one business day.
The card will be automatically renewed upon the renewal of the LAS account, the bank said.