ICICI Bank today announced that it has introduced a debit card facility for customers availing the Loan Against Securities (LAS) from the Bank. The card is available on the Visa platform. It can be used by customers across all domestic merchant establishments to make seamless POS and online transactions like payments on e-commerce portals among others, using their sanctioned LAS amount.
ICICI Bank 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 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 making online transactions
post enabling the functionality. They also get the physical card within seven business days.
Existing customers of LAS will also get this card shortly.