ICICI Bank Ltd.

ICICI Bank, India’s largest private sector bank, has unveiled an EMI (Equated Monthly Instalments) facility on debit cards to enable its customers to convert high value transactions into easy instalments. This new facility will offer a three-pronged advantage to customers as they can leverage on their fixed deposits and earn interest, while they shop and pay in EMI as well as earn reward points on transactions.

However, this facility is available to only debit card holders who have fixed deposits of minimum Rs 10,000 linked to the savings bank account. The customer is not allowed to break the fixed deposit till the end of the EMI term.

To begin with the bank has only tied up with Samsung for phones and consumer durable products. Going ahead, the bank plans to add more brands under the EMI option.

ICICI Bank is India's largest private sector bank and the second largest bank in the country with consolidated total assets of $124.76 billion at March 31, 2014. ICICI Bank's subsidiaries include India's leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI Bank's presence currently spans 19 countries, including India.