Debit Card for LAS customers by ICICI Bank

 

Card can be used across domestic online portals & for physical POS transactions


Shortly after RBI permitted banks to issue Debit Cards to customers availing an overdraft facility which is of the nature of a personal loan with no specific end-use restriction, ICICI Bank has become the first bank in India to introduce a Debit Card facility for customers availing the Loan Against Securities (LAS) facilities from the Bank.

This card is available on the Visa platform. The Debit Card can be used by the customers for making seamless payments across all domestic merchant establishments on physical POS machines and for all domestic online transactions like payments on e-commerce portals among others, using their sanctioned loan amount.

Until now withdrawing funds from LAS accounts across banks, for purchases from merchant establishments and online platforms, was a tedious task for customers who had to transfer the amount from the loan account to the savings / current account using cheques or internet banking. This has been a big problem for customers looking for contact-free everyday banking solutions, especially in the new normal of living the COVOD-19 pandemic.

The Debit Card facility is aimed at easing this pain-point for the LAS Customers. The Bank provides a digital card which is made available within one working day of availing the Loan Against Security facility. The digi-card can be accessed on the ICICI Bank’s iMobile App for making purchases online.

The physical Debit Card is also provided within 7 working days. The Debit Card facility has been made available for customers applying for a fresh Loan Against Security, while the existing LAS customers will be able to avail the Debit Card facility shortly.

This is another step forward by one of India’s leading banks in its endeavour to constantly harness the digital prowess to provide pioneering new facilities to the tech-savvy population. This latest launch could not have come at a more opportune time with the festive season around the corner and businesses looking to bounce back from the pandemic.

KEY BENEFITS OFFERED BY THE DEBIT CARD INCLUDE:

1. Ease of convenience for LAS Customers for making merchant payments online and for physical POS transactions.

2. The Debit Card offers a maximum daily transaction limit of INR 3 lakh each for POS and online transactions.

3. The Debit Card is automatically renewed upon renewal of the LAS facility.

THE ADVANTAGES OF ICICI BANK LAS:

1. Customers can pledge their securities in favour of ICICI Bank to avail an overdraft facility of up to a certain value.

2. Customer can withdraw the money as when required.

3. Interest will only be charged on the amount withdrawn for the time span utilised.

4. The LAS facility against securities like — Demat Shares, Mutual Fund Units, Fixed Maturity Plans, Exchange Traded Funds, Insurance Policies and Saving Bonds.

Loan Against Security is a wonderful product to help customers get additional liquidity, without actually liquidating their investments, at low interest rates. The LAS facility combined with the ICICI Bank Debit Card for LAS accounts significantly eases major pain points for the customers, providing greater accessibility to their sanctioned loan amount and enabling hassle-free and seamless domestic digital payments and transactions across the widespread physical merchant networks.

Readers can find out more and apply for LAS here.

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