ICICI Bank Multi Wallet – Benefits, Fees & Eligibility

Introduction

The ICICI Bank Multi Wallet Prepaid Card, issued by ICICI Bank, is a specialized prepaid card designed to streamline corporate employee benefits programs. It stands out for its multi-wallet functionality, allowing customized usage and spending limits, and offering a secure and easy application process for employees. This card is positioned as an ideal solution for organizations to manage various employee benefits efficiently.

Fees

• Annual Fee: ₹250 + GST as applicable.
• Joining Fee: ₹250 + GST as applicable.
• Card Replacement Fee: ₹200 + GST as applicable.
• Balance Inquiry from ICICI Bank ATMs: Free.
• Balance Inquiry from Non-ICICI Bank ATMs: ₹8.5 per inquiry + GST as applicable.
• Inactivity Fee: ₹25 + GST as applicable after card expiry.
• There is no charge levied on the card for spends at any merchant establishment.

Rewards

• Multi-Wallet Functionality: The card features separate wallets within one card, each designated for a specific spending purpose, offering enhanced organization for employee benefits.
• Customisable Usage: Companies can tailor the card's usage based on Merchant Category Codes (MCC) to align with their internal policies and ensure appropriate spending.
• Flexible Spending Limits: Companies have the ability to customize spending limits for various expense categories, providing granular control over employee expenditures.
• Safe and Secure: Users receive SMS alerts and notifications for every transaction, enhancing security. The card is equipped with an embedded microchip for high-level security.
• Reloadable: Funds can be added to the card exclusively by the company for purposes such as salary and reimbursements, with no restrictions on the number of times the card can be reloaded.
• Wide Acceptance: The card can be used at any merchant establishment (including shops, department stores, movie theatres, and restaurants) that accepts VISA Credit or Debit Cards, subject to the specific wallet configurations set by the company.

Rewards Redemption Guide

• Checking Card Balance:
  • Send an SMS with "PCBAL Last 4 digits of the Card" to 5676766 or 9215676766.
  • Call ICICI Bank Customer Care on 1800 1080.
  • Check at any VISA-enabled ATM in India.
  • Check using the ICICI Bank Pockets app.
• Checking Last Transactions:
  • Obtain details of the last 10 transactions by calling Customer Care on 1800 1080.
  • Log into the Prepaid Card Self Care Portal with your User ID and Password.
• PIN Generation/Reset:
  • Call Customer Care on 1800 1080.
  • Log into the Prepaid Card Self Care Portal.
  • Send an SMS with "PCPIN Last 4 digits of Card" to 5676766.

Card Eligibility Criteria

• Eligibility Rules:
  • The applicant must be an employee of a Corporate that is onboarded for this service.
  • The applicant must hold a valid KYC document as per RBI guidelines.
  • The applicant must be a Bank Account holder of any Bank in India.
• Documents Required:
  • PAN Card.
  • Valid KYC Document.
  • Mobile & Official Email ID.
  • No physical documents are required for the application process.

Card Review

• Overall Verdict: The ICICI Bank Multi Wallet Prepaid Card is an exceptional financial tool for corporates aiming to efficiently manage employee benefits, reimbursements, and salaries. Its unique multi-wallet feature, coupled with customizable spending controls and robust security measures, makes it highly advantageous for both employers and employees.
• Who Should Apply: This card is specifically designed for employees of corporates that have partnered with ICICI Bank to implement this prepaid card program. It is an ideal solution for companies seeking a flexible, secure, and easily manageable system for their employee benefits and expense management.
• Pros:
  • Streamlines the management of employee benefits and reimbursements for corporates.
  • Offers multiple distinct wallets for various spending categories within a single card.
  • Provides customizable usage restrictions and spending limits, set by the company.
  • Ensures high security through an embedded microchip and real-time SMS transaction alerts.
  • Features an easy application process and offers 24x7 customer support.
  • The card is reloadable by the company, facilitating continuous use for salary and reimbursements.
  • Accepted widely at all merchant establishments that accept VISA.
• Cons:
  • It is not a traditional consumer credit card and therefore does not offer typical rewards programs such as cashback, movie discounts, or travel points.
  • Funds can only be loaded onto the card by the company, not by the individual cardholder.
  • Cash withdrawal is not permitted from ATMs.
  • A fee is levied for balance inquiries conducted at non-ICICI Bank ATMs.

Important Product Details

• Card Type: This is a magnetic strip-based, reloadable Prepaid Card.
• Currency: The card is loaded in Indian Rupees.
• Usage: It can be used at any merchant establishment that accepts VISA Credit or Debit Cards. Usage is subject to the specific wallet configurations and restrictions directed by the issuing company.
• Activation: The card becomes active once the KYC process is completed and ICICI Bank receives funds for the card from the company.
• Validity: The card is valid for 5 years from its date of issue.
• Post-Expiry Balance: Any available balance on an expired card can be transferred to a new replacement card upon request.
• Minimum Balance: There is no requirement to maintain a minimum balance on the card.
• Security Features: To ensure maximum security, cardholders must sign inside the signature panel on the reverse of the card. Transactions at merchant establishments require a signature on the charge slip, which is matched with the signature on the card. The card also features an embedded microchip.
• Lost or Stolen Card: In case of loss or theft, the card must be reported immediately to Customer Care on 1800 1080 to block it and prevent misuse. A replacement card will then be provided through the company.
• Cash Withdrawal: Cash withdrawal is not permitted from ATMs.

Other Details

• Application Process for ICICI Bank Account Holders:
  • Log in to your ICICI Bank Internet Banking account.
  • Navigate to the ‘Cards & Loans’ tab on the homepage.
  • Select ‘Prepaid Cards’ from the list.
  • Enter your Corporate ID (either an 8-digit alphanumeric ID or a 17-digit numeric ID) and Corporate Name.
  • Choose ‘Multi Wallet Card’ from the dropdown menu.
  • Select ‘New Card Application’ from the dropdown menu.
  • Enter your Employee ID for identification.
  • Review the auto-populated personal details for correctness.
  • Click the checkbox to accept the Terms & Conditions and submit your application.
• Application Process for Non-ICICI Bank Account Holders:
  • Non-ICICI Bank Account Holders can apply for the Multi Wallet Prepaid Card through a specially-created online portal.
• Support and Contact Information:
  • For queries, contact your ICICI Bank Relationship Manager.
  • Send an e-mail to mwcenquiry@icicibank.com.
  • Customer Care can be reached at 1800 1080.
• General Terms & Conditions: The usage and features of the card are subject to the bank's general terms and conditions.