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ICICI Bank launches EMI on debit cards

India TV News Desk 20 Aug 2014, 8:59:31 AM IST
India TV News Desk
New Delhi: ICICI Bank, the country's largest private sector bank, has launched EMI (equated monthly installments) facility on debit cards to enable its customers to convert their high value transactions into easy installments. ICICI Bank is the first in the country to introduce this facility.

The facility of buying products and then paying in EMIs of 3, 6, 9 or 12 months, can be availed by ICICI Bank debit cardholders having fixed deposits with the bank. The facility will help many customers, who have only debit cards, to buy and pay in EMIs— so far available only for credit cardholders.
To begin with, 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 will add other brands under this facility in the months to come.
”As we approach the festive season, this initiative will empower over 22 million ICICI Bank debit card customers to buy products of their choice and pay in easy EMIs,“ said Rajiv Sabharwal, Executive Director, ICICI Bank.
“The tie-up will offer financial flexibility, drive engagement and create easy product accessibility for our consumers,” said Asim Warsi, Vice President, Mobile & IT, Samsung India.
An ICICI Bank debit card customer can visit any participating store to avail himself of this facility.