back Back

ICICI Bank offers debit card available on the Visa platform, for LAS customers

By Edil Corneille

October 06, 2020

  • ICICI Bank
  • India

ICICI, logo, bank, India, MNC, finance, debit card, Loan Against Securities, net bankingToday, Mumbai-based ICICI Bank, a private sector bank, announced the introduction of its debit card facility for customers availing Loan Against Securities (LAS). The card is available on the Visa platform and can be used by customers across all domestic merchant establishments to make seamless POS and online transactions such as payments on e-commerce portals among others, using their sanctioned LAS amount.

ICICI Bank has stated that it is the first bank in the country to launch the facility after the RBI allowing banks to issue electronic cards to customers who avail an OD facility, which is of the nature of a personal loan with no specific end-use restriction.

The debit card will be issued to new customers who avail LAS and will be automatically renewed upon the renewal of the LAS account. Customers get a digital debit card within one business day of availing LAS, which can be accessed on the bank’s mobile app iMobile. Using this digital card, they can start transacting online post enabling the functionality. They also get the physical card within seven business days. Existing customers of LAS will get the card shortly.

Sudipta Roy, Head – Unsecured Assets, ICICI Bank said, “We at ICICI Bank always strive to enhance our customer’s convenience and make banking more accessible as well as hassle-free for them. 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 endeavor to constantly harness the digital prowess of the bank to provide pioneering new facilities to our customers. We are 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.”

TR Ramachandran, Group Country Manager, Visa, India & South Asia said, “RBI’s directive allowing digital credentials for Overdraft Accounts has come at an opportune time as businesses attempt to bounce back from the pandemic. We are pleased to partner with ICICI Bank in launching this innovative Debit Card product linked to an overdraft account, which also forms an integral part of Visa’s endeavor to grow credit access in India. This product allows Visa cardholders the convenience to use their overdraft credit limit with ICICI for everyday purchases, across ecommerce and face to face merchants, seamlessly.”

Key benefits of the debit card include:

  • Transaction limit: The card offers a maximum daily transaction limit of INR 300,000 each for POS and online transactions.
  • Digital card: The bank provides a digital card to customers, which is made available on iMobile app within one business day.
  • Automatic renewal: The card is automatically renewed upon renewal of the LAS account.

ALSO, READ: NAB recruits additional 500 bankers to support businesses and growth

Previous Article

October 06, 2020

Surecomp adds CRiskCo & EasySend to its FinTech community Marketplace

Read More
Next Article

October 06, 2020

NatWest boosts fight against financial crime with Featurespace’s ARIC Risk Hub

Read More

IBSi Daily News Analysis


March 05, 2024


Regulated firms at risk of financial crime due to lack of daily customer due diligence

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News


5 Women-led platforms accelerating the Fintech ecosystem in India

Read More


PayPal unveils global payment suite for online small businesses

Read More


Mashreq launches ‘Mashreq NEO’ segment in Egypt

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2023