Credit Builder Program FAQs

Who can be offered Credit Builder Program (CBP)?

Previously / Existing delinquent customers who pay off their waived off / entire outstanding amount respectively, can be offered this program.

What is waived amount?

Waived amount is the amount of waiver or discount given to the customer during settlement. It includes principal waiver, interest waiver & income or charges reversal.

What is the minimum amount of Fixed Deposit required to get enrolled under Credit Builder Program (CBP)?

Minimum Fixed Deposit of Rs 20,000/- (Rs Twenty Thousand only) needs to be created.

What is the credit limit of Insta credit card?

Credit limit will be 85% of the Fixed Deposit amount but cannot exceed Rs 3 lacs (Rs Three Lacs).

When will the customer get the credit card?

Customer gets the card instantly from the branch or from the sales executive after filling up the Fixed Deposit form and providing KYC documents.

Other credit cards get interest free credit period. Will ICICI Bank Insta Credit Card offer same benefits?

ICICI Bank Insta Credit Card also offers interest free credit period as applicable on other ICICI Bank credit cards to the cardholder along with all other benefits which are offered by similar ICICI Bank Gold Credit Cards. Details of the offers will be available in the welcome kit given to customers.

Is this card offered free? Is there any fee payable on renewal?

It is a free card. No Joining fees, no renewal fees.

How is the customer consent taken on marking lien on a fixed deposit for ICICI Bank Instant Credit Card?

For ICICI Bank Insta Credit Card the applicant needs to sign the terms and conditions before taking the card.

Can Insta Credit Card be given to a 3rd party?

No, it can be issued only to the primary Fixed Deposit account holder.

Existing fixed deposit is in joint name. Is this fixed deposit valid for availing ICICI Bank Insta Credit Card?

ICICI Bank Insta Credit Card cannot be issued against joint Fixed Deposit.

What are the documents to be submitted along with ICICI Bank Insta Credit Card application form?

Applicant has to submit prevailing KYC documents for opening a Fixed Deposit as a part of the application form. A self attested copy of the Identity proof is also required. Original FDR (Fixed Deposit Receipt) will be required in case of an existing Fixed Deposit.

When will the FD get liquidated in case of default?

If the credit card payment is not paid for 60 days past due date or if the credit card outstanding becomes more than 95% of the Fixed Deposit amount, the Fixed Deposit is liquidated.

Is it mandatory for a customer to open a savings account for creating an FD?

No. It is not. The customer can create a Fixed Deposit without opening a savings account.

Is existing fixed deposit accepted as “guarantee” for ICICI Bank Insta Credit Card?

Existing fixed deposit can be accepted as “guarantee” for issuing ICICI Bank Insta Credit Card. Original Fixed Deposit Receipt (FDR) should be submitted to branch along with application form.

What is the tenure of Fixed Deposit?

Fixed Deposit will be under an auto renewal mode. Minimum tenure required in 180 days.

What type of Fixed Deposits are allowed for Insta Credit Card offer?

Both Traditional and Cumulative mode are allowed for this offer. Fixed Deposit under 80 C, HUF, Minor, Joint, third party, corporate FDs etc are not allowed for this offer. Also there should be no existing lien marked or partial withdrawal on the Fixed Deposit.

Is enhancing the credit limit on card by opening new fixed deposit or by offering another fixed deposit as “guarantee” permitted?

No, this is not permitted.

Why is the ICICI Bank Insta Credit Card not given to the secondary Fixed Deposit holder?

Because the KYC is done only for the primary Fixed Deposit holder, only he/she is eligible for the Credit Card.

How can the customer cancel the credit card?

The customer is required to call the customer care /or Visit any ICICI Bank branch for placing the credit card cancellation request & Fixed Deposit lien removal/Closure request. On credit card cancellation the lien will be removed from Fixed Deposit. PO/DD will be issued to customer as per customer request.

Does customer gets a personalized credit card?

Yes, Once the Instant credit card is active customer can apply for personalised credit card, Personalized credit card will have a Fee of Rs.100.

Can I apply for Add on card for My Spouse?

Yes, Customer can apply up to 2 supplementary card at no extra charge. Other person’s KYC will be required for that.

In the event of cardholder’s death, how can one request for card cancellation & FD closure?

Fixed Deposit nominee can request the Bank branch for card cancellation & Fixed Deposit closure. Copy of death certificate of primary card holder should be presented and attached with Insta Credit Card cancellation request form.