Indian private sector lender ICICI Bank has launched an EMI (Equated Monthly Instalments) facility on debit cards purchases.
Only those debit card holders who have fixed deposits of minimum Rs 10,000 with the bank can avail this scheme. EMIs have been fixed at three, six, nine and 12 months.
The facility offers a three-pronged advantage to customers as they can leverage on their fixed deposits and earn interest, while they shop and pay EMIs as well as earn reward points on transactions, the bank said in a statement.
Under the EMI facility, the bank will charge an interest rate of 13% on debit card purchases.
ICICI Bank has partnered 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 mobile phones, tablets and consumer electronics, among others.
The bank said it will add other brands under this facility in the months to come.
ICICI Bank executive director Rajiv Sabharwal said "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."