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Most Important Terms and Conditions (MITC)

Most Important Terms and Conditions (MITC)

To get the complete version of the Terms and Conditions of PayLater by ICICI Bank, please visit:

https://www.icicibank.com/Personal-Banking/cards/digital-credit-card/tnc-paylater.page

 

(a) Schedule of Charges:

I. There are no annual fees and supplementary PayLater by ICICI Bank fees associated with the ICICI PayLater Facility. ICICI Bank Limited at its sole discretion reserves the right to apply/introduce such charges in the future in relation to PayLater by ICICI Bank, with due reasonable notice.

 

II. Usage:

PayLater by ICICI Bank Facility can only be used to make online INR denominated purchases on Pockets Wallet, iMobile Pay, Retail Internet Banking and on selected Merchant categories, where the availability of PayLater by ICICI Bank Facility shall be indicated by Pockets, iMobile Pay and Retail Internet Banking. The cash withdrawal option against the PayLater by ICICI Bank Facility is currently unavailable.

 

III. Charges:

 

Activation Charge

Rs 500 + applicable taxes (one-time at the instance of limit activation). Effective on activations from Feb 15, 2022. Activation Charge shall be waived off for Wealth and GPC Income segments.

Service Charge

Service charge structure applicable on transactions from Oct 17, 2022.

A service charge of Rs 75 + applicable taxes shall be levied for every Rs 3000 of monthly spends or a part thereof from your ICICI Bank PayLater Account; applicable on monthly spends of Rs 3000 and above. For illustration:

Monthly Spent

Service Charge

Less than Rs 3000

Nil

Rs 3,001 - Rs 6,000

Rs 75 + GST

Rs 6,001 - Rs 9,000

Rs 150 + GST

Rs 9,001 - Rs 12,000

Rs 225 + GST

Rs 12,001 – Rs 15,000

Rs 300 + GST

Rs 15,001 - Rs 18,000

Rs 375 + GST

Rs 18,001 and above

Rs 450 + GST


Note: For example, if a PayLater customer spends Rs 1950 in a billing cycle, no service charge shall be levied. Similarly, if a customer spends Rs 3,500, a service charge of Rs 75 +GST shall be levied. If a customer spends Rs 16,500, a service charge of Rs 375 +GST shall be levied. If a customer spends Rs 27,500, a service charge of Rs 450 +GST shall be levied.

Service charge structure applicable on transactions from Mar 17, 2022 till Oct 16, 2022.

A service charge of Rs 100 + applicable taxes shall be levied on every Rs 3000 of monthly spends or a part thereof from your ICICI Bank PayLater Account; applicable on monthly spends of Rs 1000 and above. For illustration:

Monthly Spent

Service Charge

Less than Rs 1000

Nil

Rs 1001 - Rs 3,000

Rs 100 + GST

Rs 3,001 - Rs 6,000

Rs 200 + GST

Rs 6,001 - Rs 9,000

Rs 300 + GST

Rs 9,001 - Rs 12,000

Rs 400 + GST

Rs 12,001 – Rs 15,000

Rs 500 + GST

Rs 15,001 - Rs 18,000

Rs 600 + GST

Rs 18,001 and above

Rs 700 + GST

 

Note: For example, if a PayLater customer spends Rs 950 in a billing cycle, no service charge shall be levied. Similarly, if a customer spends Rs 11,500, a service charge of Rs 400 +GST shall be levied. If a customer spends Rs 19,500, a service charge of Rs 700 +GST shall be levied. In addition, if a customer spends Rs 27,500, a service charge of Rs 700 +GST shall be levied.

 

##PayLater customers’ payments towards the Total Amount Due is not subtracted for the calculation of monthly spends.

 

*: Any refund received after the billing cycle for a transaction done during the cycle shall not be considered for service charge calculation for that cycle. It shall be accounted in the next billing cycle.

Goods and Services Tax

Effective Jul 01, 2017, the Goods and Services Tax (GST) shall be applicable instead of the Service Tax. GST or any other tax under applicable laws shall be applicable. Tax Rates may vary from time-to-time. Presently, the GST rate for banking and financial services is at 18% (applicable on all fees, interest, surcharges and other charges).

 

IV. Default Charges:

Late payment charges

Rs 250 + applicable taxes, per bill cycle.

Penal Interest

3% per month (i.e. 42.48% annual rate) on the outstanding amount.

     

  • Default Charges shall be levied if the Total Amount Due is not paid by the Payment Due Date. Such default charge shall be charged from the Payment Due Date till such time as the outstanding amounts are paid in full

  • The default rate of Charge shall be 3% per month on the Total Amount Due subject to revision from time to time, depending on factors, such as but not limited to, credit history, purchase patterns, payment behaviour and month-on book

  • Late payment charges are applicable if the Total Amount Due is not paid by the Payment Due Date

  • The account statement date is on the 17th of every month (subject to 17th being a Business day, as per definition and if it is not a business day, then it shall be generated on a preceding/following business day).

  • The following illustration will indicate the method of calculating default charges.

In the table below, it is assumed that the due amount of Rs 10,000 is generated on the May 17 bill with the due date of May 31. The customer does not pay the due by May 31. Given these assumptions, interest will be calculated as below:

Transaction

Penal Interest

Late fee

Scenario 1

   

Rs 10,000 due payment received on 2nd June

   

a) Interest rate for the 2 days @ 3% per month*

20

250

     

Scenario 2

   

Rs 10,000 due payment received on 6th June

   

a) Interest rate for 7 days @ 3% per month*

70

250


*GST will be applicable

V. Interest free (Grace) period:

The grace period could range from 15 to 45 days.

Illustrative Example for the calculation of grace period: For a statement for the period from May 17, 2022 to Jun 16, 2022, the payment due date would be Jul 01, 2022. Assuming that you have paid your Total Amount Due of the previous month’s statement by the payment due date, the grace period would be:

  1. For a purchase dated May 24, 2022, the interest-free grace period is from May 24, 2022 to Jul 01, 2022, i.e. 39 days.

  2. For a purchase dated Jun 14, 2022, the interest-free grace period is from Jun 14, 2022 to Jul 1, 2022, i.e. 18 days.

Thus, the grace period can vary depending upon the date of purchase. However, if the Total Amount Due is not paid by the payment due date, then there will be no interest free period. Service charges will be applicable during the interest free (Grace) period as per the slabs mentioned in section III.

VI Drawal Limits

  • Credit limit: The credit limit is communicated to the customer in the welcome letter and Monthly Statement sent on the registered e-mail ID

  • Available credit limit: It is calculated by deducting the utilised limit from the total credit limit

  • Cash withdrawal limit: Cash withdrawal is not allowed for PayLater.

 

VII EMI

  • Rate of interest : 16 % p.a.

  • Product type : Fixed EMI based credit facility

  • EMI based repayment shall be available for PayLater transactions done through payment modes like UPI Scan-to-Pay or Net Banking. The transaction threshold for conversion to EMI shall be Rs 10,000. All transactions amounting over and above the threshold amount may be repaid in easy instalments of 3/ 6/ 9 months.

Note: If you are booking your Paylater EMI on 01st-20th of a month, your first EMI due date shall be on the 01st of the next month and in case the Paylater EMI is booked between 21st to last day of a month, EMI due date shall be 01st of next to next month.
Example: If you book an EMI Paylater loan between 01-20th Jan – your first EMI shall be due on 01st Feb; however if you book an EMI Paylater loan between 21st – the last day of the month, your first EMI shall be due on 01st March.

  • Auto Debit for EMI Account shall be set up in the Savings Bank Account, which has been registered with your current Paylater by ICICI Bank Account

  • EMI value displayed during an EMI PayLater transaction is approximate and the actual EMI amount may vary

  • A Paylater EMI account shall be created under the credit limit set for you in your Parent Paylater Account i.e. the Sanctioned Paylater Account Limit

* Below mentioned charges will be levied on the outstanding amount in case a PayLater Customer defaults of their EMI Payments:

Default Charge

Penal Interest

3% per month (i.e. 42.48% annual rate) on the outstanding amount

 

VIII. Billing and Payment:

  • Billing Statements: Periodicity and mode of communication: All PayLater Customers shall be billed on a monthly basis for all purchases made by using the ICICI PayLater facility. The Billing Statement is sent to the registered e-mail ID of the customer, post bill generation. The due amount, due date, and all the transaction details of the customers is available on Pockets, iMobile Pay and on the Retail Internet Banking platform. Option to repay the Total Amount Due is available on Pockets, iMobile Pay and Retail Internet Banking platform

  • Total Amount Due: Without prejudice to the liability of the PayLater Customers to immediately pay all charges incurred, a default charge shall be levied, if the Payment Due Date does not pay the Total Amount Due. In addition to this, ICICI Bank may also temporarily block or suspend the PayLater by ICICI Bank facility of such PayLater Customers. All PayLater Customers shall be registered for the auto-debit facility for repayment of dues under the PayLater by ICICI Bank facility and the amount due shall be debited on the Payment Due Date

  • The credit amount arising out of refund/reversal/failed transactions shall be adjusted against the credit limit of PayLater account.

  • Time Period for Payment:

    • The time granted to a PayLater Customer, to pay the Total Amount Due on the purchases made, may vary from 15 – 45 days.

    • Illustration: The Payment Due Date for payment of Billing Statements being 14 days from date of bill generation. In case the purchase is made on the 17th of the previous month, the PayLater by ICICI Bank Pockets, iMobile Pay, Retail Internet Banking PayLater Customers shall have a time period of 45 days to pay the Total Amount Due by the Payment Due Date and in case the purchase has been made on the 16th of the previous month the PayLater by ICICI Bank Pockets, iMobile Pay, Retail Internet Banking Customer shall have a time period of only 15 days to pay the Total Amount Due.

  • Method of payment: PayLater Customers shall repay the Total Amount Due by the Payment Due Date through Auto-debit facility, UPI, BBPS, NEFT, and linked savings account through bank channels such as Pockets, iMobile Pay app and Retail Internet Banking under the Pay Dues section.

  • Billing Disputes Resolution: In the event that PayLater Customers using the PayLater by ICICI Bank Facility disagree with the charges indicated in the account statement, it shall be communicated in writing to the correspondence address of ICICI Bank or by filing a complaint online at https://www.icicibank.com/complaints/complaints.page,within 60 (sixty) days from the date of receipt of such account statement, failing which, it shall be deemed that the PayLater by the ICICI Bank Customer has no dispute on the charges indicated in the account statement.

 

IX Grievances Redressal/Complaints/Escalations:

  • All notices, requests, demands, waivers, complaints, queries, grievance redressal, escalations, and other communications required or permitted to be given hereunder, in relation to the PayLater by ICICI Bank, shall be submitted to ICICI Bank at:

    • Customer care number: 1860 120 7777

    • Customer care Email ID: customer.care@icicibank.com

    • Link for raising complaint: https://www.icicibank.com/complaints/complaints.page.

    • In the event that you are not satisfied with our services, you may escalate by writing to Mr. Vinayak More, Nodal Officer, ICICI Bank Limited, ICICI Phone Banking Center, ICICI Bank Tower, 7th floor, Survey no: 115/27, Plot no. 12, Nanakramguda, Serilingampally, Hyderabad – 500032, India. In all your communications with us, please indicate your complete PayLater number.

    • Complete Postal Address of the Bank: ICICI Bank Limited, ICICI Bank Phone Banking Centre, 7th floor, Survey no: 115/27, Plot no. 12, Nanakramguda, Serilingampally, Hyderabad – 500032, India

    • Toll-free Number for Grievance Redressal: In the event you are not satisfied with our services, you may register your grievance by dialling our Toll-Free Number 1800 200 3344 between 09:00 a.m. to 06:00 p.m. from Monday to Friday, press 1 and then enter the Service Request Number (numeric digits only), which should not be more than 2 months old.

  • PayLater customers can go through the below link, which describes in detail the grievances and escalation process along with timelines for redressal

https://www.icicibank.com/managed-assets/docs/personal/general-links/code-of-commitment/customergrievance-redressal-policy.pdf

  • Compensation Policy:

    • PayLater customers can go through the below link, which describes the compensation policy pertaining to PayLater by ICICI Bank

Board_Approved_Compensation_Policy.pdf (icicibank.com)

  • The limiting liability of PayLater Customer in unauthorized transactions electronic banking transactions is mentioned in the below link.

    • PayLater account not closed within 7 days from the date of service request will receive penalty of ?500 per day, until the closure of account, provided there is no outstanding in the PayLater by ICICI Bank account.

Customer-Relations-Policy.pdf (icicibank.com)

X Default and Circumstances:

  • If the PayLater Customers fails to pay the Total Amount Due by the Payment Due Date, it shall be treated as a default. In case of default, ICICI Bank can forward the default report to the Credit Bureaus or to other agencies, as may be authorised under law

  • Illustrative example for calculation of outstanding unpaid amount: For Billing Statements for the period from May 17, 2022 to Jun 16, 2022, the payment due date would be Jul 01, 2022. The Total Amount Due for Jul 01, 2022 is Rs 1,000. Assuming that amount paid is Rs 800 by Jul 01, 2022. The outstanding amount shall be Total Amount Due minus the amount paid i.e. Rs 200. Penal charges shall be applicable on such outstanding amount for the current or previous months

  • A customer who fails to pay the total amount due by Payment Due Date shall be given 7 days notice period post intimation by SMS or notification from iMobile app informing about the intention to report him/her as defaulter to Credit Information Bureaus. A customer who pays within the 7 days within will not be reported to Credit Information Bureaus as defaulter

  • *ICICI Bank submits the data by the PayLater by ICICI Bank Pockets, iMobile Pay, Retail Internet Banking Customers to any Credit Bureau, every month

  • Procedure for withdrawal of default report and the period within which the default report would be withdrawn after the settlement of dues: *The Bank submits the PayLater customer’s data to CIBIL - Credit Information Bureau (India) Limited every month in the format prescribed by CIBIL. This data includes the repayment status of all PayLater customers, both defaulters and current, for the previous month. CIBIL uploads the submitted data onto their server in another thirty days

  • Recovery of dues in case of death/permanent incapacitation of the PayLater Customers shall be in accordance with the Applicable Laws, after giving sufficient notice for the repayment of the Total Amount Due and any other information to the successors/nominees /legal heirs of the PayLater Customers.

 

XI. Termination/Revocation/Surrender of the ICICI PayLater Facility

  • PayLater Customers may at any time, choose to terminate the PayLater by ICICI Bank Facility, by giving a prior notice.

  • Customers can close the PayLater Account from the channels mentioned below -

    • Customer care number: 1860 120 7777

    • Customer care Email ID: customer.care@icicibank.com

    • iMobile Pay application path: PayLater More options Request for account closure Select “reason for closure” and submit

  • The termination shall only be effective once ICICI Bank receives the Total Amount Due with respect to the ICICI PayLater Facility. In the event of closure or at the time of renewal of the ICICI PayLater Facility, ICICI Bank at its sole discretion reserves the right to provide a PayLater type that is different from the existing PayLater by ICICI Bank Facility, as held by the PayLater Customers

  • ICICI Bank may at any time with or without notice, withdraw, terminate, and/or suspend the PayLater by ICICI Bank at any time or in case of an event of default

  • PayLater Accounts dormant for more than one year shall be closed by the bank, post 30 days of notice. There should be a transaction in the customer’s PayLater account within 30 days of intimation, to avoid permanent closure of account. The intimation shall be given by SMS or notification from the iMobile Pay app. This is subject to payment of all dues by the customer. Any credit balance available in PayLater Accounts shall be transferred to the customer’s bank account before closing the account. This is as per the RBI circular on Master Direction – Credit and Debit Cards – Issuance and Conduct Directions dated: Apr 21, 2022.

 

XII. Loss/Theft/Misuse of Phone/ICICI PayLater Facility:

  • In case of loss/theft/misuse of the phone/PayLater Facility of the PayLater Customers, it must be reported immediately to ICICI Bank through ICICI Bank’s Customer Care (1860 120 7777), or email ID (customer.care@icicibank.com)upon which ICICI Bank shall suspend the PayLater by ICICI Bank facility. The PayLater Customers are advised to file an FIR with the local police station so that the PayLater Customers can produce its copy, whenever requested, by the customer care executive. The PayLater Customers shall be primarily responsible for the security of the PayLater by ICICI Bank facility, including theft and for the transactions using the PayLater by Customers phone, whether authorised or unauthorised

  • In case of any dispute regarding the time of reporting, such loss/theft/damage and/or transactions made through the PayLater by ICICI Bank facility post reporting of the loss/theft/damage/misuse, ICICI Bank reserves the right to ascertain such time and/or the authenticity of the disputed transactions. ICICI Bank reserves the right to block the PayLater by ICICI Bank facility on suspected risk of compromise in order to protect the interests of the PayLater Customers

  • To avoid misuse, in any manner, of the PayLater by ICICI Bank facility, ICICI Bank may block the PayLater Customer’s PayLater by ICICI Bank facility and the PayLater Customer will not be able to use the blocked PayLater by ICICI Bank facility for any transaction/s. In the event, the PayLater Customers, after being informed by ICICI Bank of the probable fraud risk, still requests to unblock the PayLater by ICICI Bank Facility, ICICI Bank shall not stand liable or responsible in any manner for any fraudulent transactions reported to it thereafter, on account of fraudulent usage of the PayLater by ICICI Bank Facility or otherwise.

 

XIII. Disclosure

  • ICICI Bank shall be absolutely entitled to disclose any information relating to the PayLater Customer (including personal information), details in relation to loans, defaults, obligations, to any governmental/regulatory/statutory body, or private agency/entity, Credit Bureau(s), ICICI Bank’s other branches/subsidiaries/affiliates/group companies, service providers, other banks/financial institutions and/or any third parties, through a written or oral communication, including paper publication (with or without photographs), or as required under the Applicable Law, for KYC information verification, credit risk analysis and/or for continuing to provide various products and services to the PayLater Customer. In this connection, the PayLater Customer waives the privilege of privacy and privity of contract. CIBIL and/or any other agency so authorised, may use and/or process the above said information and data disclosed by ICICI Bank, in any manner as deemed fit by them

  • The PayLater Customer hereby gives specific consent to ICICI Bank for submitting/disclosing the ‘financial information’ as defined in Section 3(13) of the Insolvency and Bankruptcy Code, 2016 (IBC), with respect to the PayLater facility by ICICI Bank availed by the PayLater Customer, from time to time, to Information Utilities as defined in Section 3(21) of the IBC. The PayLater Customer agrees and undertakes that it shall promptly authenticate ‘financial information’ submitted by ICICI Bank, as and when requested by the Information Utilities.

  • In case the PayLater Customer commits any default in payment or repayment of the principal amount of PayLater by ICICI Bank or interest/charges due thereon, ICICI Bank and/or the RBI will have an unqualified right to disclose or publish the details of such default, along with the name of the PayLater Customer as defaulters in such manner and through such media as ICICI Bank and/or RBI may, in their absolute discretion, think fit

  • The PayLater Customer authorises ICICI Bank, its group companies and their agents to exchange, share or part with all the information and details relating to PayLater Customer’s existing loans and/or repayment history to other ICICI group companies, banks, financial institutions, Credit Bureaus, agencies, statutory bodies etc. as may be required or as they may deem fit and shall not hold ICICI Bank (or any of its group companies or its/their/agents/ representatives) liable for use/sharing of this information.