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ICICI Bank introduced a debit card facility on the visa platform for customers availing the Loan Against Securities (LAS). Using the sanctioned LAS amount, customers across all domestic merchant establishments can make seamless POS and online transactions. ICICI is the first bank in India to launch this facility after the RBI allowed banks to issue electronic cards to customers who avail an over draft (OD) facility, which is of the nature of a personal loan with no specific end-use restriction.
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. Also, the card is another step forward in our endeavour or to constantly harness the digital prowess of the bank to provide pioneering new facilities to our customers. ICICI is delighted to be the first bank to implement this facility following the directive issued by the regulator. We believe that these new guidelines will make overdrafts more digital friendly and make the overall experience of the end-customer hassle free and quick.
The visa 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 customers can use the digital card and make use of the online transactions post enabling the functionality.
The physical card will be within seven business days. The existing ICICI Bank customers of LAS will also get this card shortly. Transaction limit on this card offers a maximum daily transaction limit of ₹3 lakh each for POS and online transactions. Digital card is the Bank provides a digital card to customers, which is made available on iMobile app within one business day.
Automatic renewal on the card is automatically renewed once the LAS account is renewed. RBI’s directive allowing digital credentials for Overdraft Accounts has come at an opportune time as businesses attempt to bounce back from the pandemic.