ICICI Bank-country’s largest private sector bank- is the first bank in the country to introduce this facility, an equated monthly instalment option (EMI) for its customers on debit card purchases.
This EMI option that so far was limited only to credit card holders will now allow even the debit card holders to convert their high value transactions into equated monthly instalments.
Only debit card holders that have fixed deposits of minimum Rs 10,000 linked to the savings bank account will be allowed to exercise this option of buying products on an EMI basis of 3, 6, 9 or 12 months. The customer is not allowed to break the fixed deposit till the end of the EMI term.
