Terms and Conditions: Reduced rate of interest
Definitions - For the purposes of these terms and conditions:
1. "Card" shall mean ICICI Bank Credit Card, which has been issued by ICICI Bank
Limited ("ICICI Bank") and is valid and subsisting during the Program Period.
2. "Card Holder" shall mean such customer to whom a Card has been issued and
who is authorized to hold the Card.
3. "Program Period" shall mean the period mentioned in the written communication
sent to the Card Holder's mailing address. The Program Period shall vary from one
Card Holder to the other between 3-12 months.
4. "Program" shall mean the reduced rate of interest that will be offered by ICICI Bank
to its select Card Holders in place of the existing rate of interest. The low interest
rate could be for Purchases or for Cash Withdrawals or for both, as specified by
ICICI Bank in the written communication to the customer.
5. "Eligible Card Holder" shall mean a Card Holder who has received a written
communication from ICICI Bank confirming that he is eligible for the Program.
However, ICICI Bank reserves the right to offer the Program, at its sole discretion,
to selected Card Holders only.
6. "Delinquent Account" means an account in which payment has not been made as
specified in the Payment Clause in the Primary Terms and Conditions.
1.The reduced rate of interest applicable here is 1.25% per month (which is 15% per
annum and 16.08% per annum compounded) in place of 3.40% per month (which
is 40.8% per annum and 49.36% per annum compounded). This low interest is
applicable for purchases only.
2.The Program is valid only for Eligible Card Holders and shall be valid and
subsisting during the Program Period, unless otherwise notified by ICICI Bank.
3.ICICI Bank reserves the right to offer the Program to any Card Holder of its own
choice and shall not be held liable to any Card Holder for not offering the same.
4.The low rate of interest communicated to the Ca