ICICI Bank has introduced the facility of debit cards for customers who take loans against securities. This is the first bank of India to do so. Those who want to take advantage of the loan against securities from the bank are offering debit cards with bank visa platforms. The debit card will enable customers to make payments on the e-commerce website. They will be able to make payments from this debit card on online shopping as well as goods purchased from the shop and point of sale (POS) from the loan against securities unmount without any problems. The characteristic of this debit card is that it will be automatically renewed when the LAS account is renewed.
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The customer will get a digital debit card within a day of taking the loan against securities, which will be available on the bank’s mobile app iMobile. This digital card will be used to customers for online transactions. The debit card will be received by the customer within 7 days. This debit card can be used for POS and online transactions up to Rs 3 lakh a day.
As a result, customers can draw more money from their bank account than the existing balance. Apart from this, the money has to be repaid within a certain period. Interest is calculated on daily basis. An overdraft facility can be given by any bank or non-banking financial company (NBFC). The limits of the overdraft you receive are determined by the bank or NBFCs.
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