ICICI Bank Multi Wallet – Benefits, Fees & Eligibility

Introduction

The ICICI Bank Multi Wallet Prepaid Card is a corporate-focused, reloadable prepaid card issued by ICICI Bank, designed to streamline an organization’s employee benefits program. It operates on the Visa network and features a unique multi-wallet functionality, allowing companies to allocate funds for specific spending purposes with customisable usage restrictions. The card is tailored for corporate employees to manage salary, reimbursements, and other allowances seamlessly.

Prepaid Card Variant & KYC Tiers

• Card Type: Reloadable, magnetic strip-based prepaid card.
• KYC Requirement: Full KYC is mandatory for card activation. The cardholder must hold a valid KYC document as per RBI guidelines.
• Eligibility: Available exclusively to employees of corporates that are onboarded for the service.
• NCMC Compatibility: Not specified.

Balance & Transaction Limits

• Fund Loading: Funds can only be added by the corporate (employer) for salary and reimbursements. There is no restriction on the number of times the card can be reloaded.
• Cash Withdrawal: Cash withdrawal at ATMs is not permitted.
• Minimum Balance: No minimum balance is required.
• Usage: The card can be used at any merchant establishment that accepts Visa credit or debit cards, subject to wallet configurations and Merchant Category Code (MCC) restrictions set by the company.

Fees and Charges

• Joining Fee: ₹250 + GST as applicable.
• Annual Fee: ₹250 + GST as applicable.
• Annual Maintenance Fee: ₹25 + GST as applicable after card expiry.
• Card Replacement Fee: ₹200 + GST as applicable.
• Balance Inquiry (ICICI Bank ATMs): Free.
• Balance Inquiry (Non-ICICI Bank ATMs): ₹8.5 per inquiry + GST as applicable.
• Merchant Transactions: No charge is levied for spends at any merchant establishment.

How to Apply & Load Money

• Eligibility: The applicant must be an employee of a corporate onboarded for the service, hold a valid KYC document (PAN Card required), and have a bank account in India with a mobile and official email ID. No physical documents are required.
• For ICICI Bank Account Holders:
  1. Log into the ICICI Bank Net Banking account.
  2. Navigate to the ‘Cards and Loans’ tab.
  3. Select ‘Prepaid Cards’.
  4. Enter the Corporate ID and Corporate Name.
  5. Choose ‘Multi Wallet Card’ as the card type.
  6. Select ‘New Card Application’.
  7. Enter the Employee ID for identification.
  8. Review the auto-populated personal details.
  9. Accept the terms and conditions and submit the application.
• For Non-ICICI Bank Account Holders:
  • Apply through a specially created online portal.
• Loading Money: Funds are loaded exclusively by the corporate employer. Cardholders cannot add funds themselves.

Prepaid Card Review

• Who Should Apply: This card is ideal for employees of organizations that use the ICICI Bank Multi Wallet Card program to manage salary disbursements, reimbursements, and other employee benefits.
• Pros:
  • Multi-wallet functionality allows for organized spending.
  • Customisable usage restrictions based on Merchant Category Codes (MCC).
  • No transaction fees for merchant spends.
  • Free balance inquiries at ICICI Bank ATMs.
  • High security with an embedded microchip and SMS alerts.
• Cons:
  • Cardholders cannot self-load funds; loading is entirely dependent on the employer.
  • Cash withdrawals are not permitted.
  • Balance inquiries at non-ICICI Bank ATMs incur a fee.
  • Available only to employees of partnered corporates.

Important Product Details

• Positive Highlights:
  • Single card with multiple wallets for different spending purposes.
  • Flexible spending limits customisable by the company.
  • Safe and secure transactions with SMS alerts and notifications.
  • No minimum balance requirement.
  • 5-year card validity.
• Negative Highlights:
  • No self-loading option for cardholders.
  • ATM cash withdrawal is not allowed.
  • Card replacement and annual fees apply.
• Network Variant: Visa.

Refund & Card Closure Terms

• Card Expiry: The card is valid for 5 years from the date of issue.
• Expired Card Balance: The available balance on an expired card can be transferred to a new replacement card upon request.
• Replacement Process: A request must be placed with Customer Care. A replacement charge of ₹200 + GST is levied.
• Lost or Stolen Card: The card should be reported immediately to Customer Care to block it and prevent misuse. A replacement card will be provided through the company.

Other Details

• Balance Check Methods: Balance can be checked via SMS to 5676766 / 9215676766, by calling Customer Care, at any Visa-enabled ATM, or through the ICICI Bank InstaBIZ app.
• Transaction History: The last 10 transactions can be obtained by calling Customer Care or logging into the Prepaid Card Self Care Portal.
• PIN Generation: A forgotten ATM PIN can be regenerated by calling Customer Care, logging into the Self Care Portal, or sending an SMS to 5676766.
• Support Contact: Queries can be directed to the ICICI Bank Relationship Manager or via email to mwcenquiry@icicibank.com.