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ICICI Bank launches EMI on debit cards

August 19, 2014

First bank in the country to offer EMI facility for its debit cardholders


Mumbai: ICICI Bank, the country’s largest private sector bank, announces the launch of EMI (Equated Monthly Instalments) facility on debit cards to enable its customers to convert their high value transactions into easy instalments. The Bank is the first in the country to introduce this facility.


Speaking at the launch, Mr. Rajiv Sabharwal, Executive Director, ICICI Bank said, "ICICI Bank has always been at the fore-front of providing an enhanced consumer experience in line with the philosophy of Khayaal Aapka. As we approach the festive season, we believe this initiative will empower over 22 million ICICI Bank debit card customers to buy products of their choice and pay in easy EMIs."


To begin with, ICICI Bank 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 stand-alone stores for purchase of Samsung products like mobile phones, tablets and consumer electronics, among others. The Bank will add many more brands under this facility in the months to come.


Speaking on the association, Mr. Asim Warsi, Vice President, Mobile & IT, Samsung India said, “We are delighted to associate with ICICI Bank for their first ever debit card EMI initiative in India. The tie-up will offer financial flexibility, drive engagement and create easy product accessibility for our consumers. With the festival season around the corner, we are confident that such exciting schemes will add to consumer celebrations. Our customer centric approach has always helped us create products and services that offer more value to our customers and enrich their lives.”


ICICI Bank debit cardholders having fixed deposits with the Bank can avail of this facility of buying products and then paying in EMI of 3, 6, 9 or 12 months. This facility will offer a three-pronged advantage to customers as they can leverage on their fixed deposits and earn interest, while they shop and pay in EMI as well as earn reward points on transactions. This will also help many customers, who have only debit cards, to buy and pay in EMIs—a facility which was so far available only for credit cardholders.


An ICICI Bank debit card customer can visit any participating store to avail of this facility.


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About ICICI Bank Ltd: ICICI Bank Limited (NYSE:IBN) is India's largest private sector bank with consolidated total assets of US $ 124.5 billion at June 30, 2014. ICICI Bank's subsidiaries include India's leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI Bank's presence currently spans 19 countries, including India.


Except for the historical information contained herein, statements in this release, which contain words or phrases such as 'will', 'would', etc., and similar expressions or variations of such expressions may constitute 'forward looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to our ability to obtain statutory and regulatory approvals and to successfully implement our strategy, future levels of non-performing loans, our growth and expansion in business, the adequacy of our allowance for credit losses, technological implementation and changes, the actual growth in demand for banking products and services, investment income, cash flow projections, our exposure to market risks as well as other risks detailed in the reports filed by us with the United States Securities and Exchange Commission. ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. All reference to interest rates, penalties and other terms and conditions for any products and services described herein are correct as of the date of the release of this document and are subject to change without notice. The information in this document reflects prevailing conditions and our views as of this date, all of which is expressed without any responsibility on our part and is subject to change. In preparing this document, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources. ICICI Bank and the "I man" logo are the trademarks and property of ICICI Bank. Any reference to the time of delivery or other service levels is only indicative and should not be construed to refer to any commitment by us. The information contained in this document is directed to and for the use of the addressee only and is for the purpose of general circulation only.


For Press Queries:

Mr. Sujit Ganguli
Senior General Manager & Head - Corporate Communications and Brand Group
ICICI Bank Ltd,
Bandra Kurla Complex
Mumbai – 400051


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