ICICI BankICICI Bank PayDirect Card – Benefits, Fees & Eligibility
Is the ICICI Bank PayDirect Card Right for You?
The ICICI Bank PayDirect Card is best suited for users who prioritize Corporate Expenses, Everyday Use, Budgeting. With an issuance fee of ₹250 + GST and an annual fee of ₹199 + GST, this card is positioned for cardholders who can maximize its benefits to justify the cost.
Key Card Details
₹250 + GST
₹199 + GST
Notable Perks
Prepaid Category
Corporate / Payroll
NCMC Transit Enabled
No
Things to Consider
Specific KYC limits for different tiers are not clearly defined in the card details.
Monthly loading and maximum balance limits are not explicitly stated for users.
Manual loading incurs a fee of ₹8.5 + GST, which might be a drawback for some.
Benefits & Features
Prepaid Category
Corporate / Payroll
Reloadable
Yes
Physical Card Available
Yes
ATM Cash Withdrawal Allowed
Yes
Fees & Charges
Issuance Fee
₹250 + GST
Annual Fee
₹199 + GST
Loading Fee
₹8.5 + GST per manual load transaction
ATM Withdrawal Charges
₹21 per withdrawal + GST
Card Replacement Fee
₹200 + GST
Pros & Cons
Pros
Key benefits and features of this card.
Simplifies payroll management for businesses, significantly reducing administrative costs.
Provides employees with secure and instant access to their salaries and reimbursements.
EMV chip ensures a high level of security for all transactions, protecting cardholders.
Reloadable and reusable nature makes it ideal for consistent salary disbursements.
Offers versatile usage for ATM withdrawals, POS purchases, and online transactions.
Cons
Key drawbacks and limitations of this card.
Specific KYC limits for different tiers are not clearly defined in the card details.
Monthly loading and maximum balance limits are not explicitly stated for users.
Manual loading incurs a fee of ₹8.5 + GST, which might be a drawback for some.
NCMC transit compatibility is not mentioned, limiting its use for public transport.
No explicit mention of any reward programs or welcome benefits for employees.
Product Details
EMV chip-based solution for enhanced security
Reloadable and reusable, suitable for consistent salary disbursements
Multi-use functionality for cash withdrawals, purchases, and bill payments
Features can be customised for spend limits and usage restrictions
No minimum balance required on the cards
Provides instant payments and reduces administration costs for businesses
Can be used for both online and offline transactions
Benefits & Features
Prepaid Category
Corporate / Payroll
Reloadable
Yes
Physical Card Available
Yes
ATM Cash Withdrawal Allowed
Yes
What matters, explained clearly
Introduction
The ICICI Bank PayDirect Card is an EMV chip-based, reloadable prepaid card issued by ICICI Bank, designed as a General Purpose Reloadable (GPR) solution for businesses to manage employee payroll, reimbursements, and incentives. Its primary value proposition is to simplify payroll management for companies while providing employees with secure and instant access to their funds, thereby reducing administrative costs.
Prepaid Card Variant & KYC Tiers
- The card is reloadable and reusable, allowing funds to be reloaded on each payday.
- It is an EMV chip-based card, ensuring high-level security.
- Information regarding Min KYC vs. Full KYC limits is not provided.
- NCMC transit compatibility is not mentioned.
Balance & Transaction Limits
- Employees are not required to maintain any minimum balance on their cards.
- The card features can be customised to match specific business needs, including spend limits and usage restrictions.
- Employees can use the card for cash withdrawals at any ATM.
- The card can be used for purchases at Point of Sale (POS) machines and online.
- Monthly loading limits and maximum wallet balance are not explicitly stated.
Fees and Charges
- Joining Fee: ₹250 + GST as applicable.
- Annual Fee: ₹199 + GST as applicable.
- ATM Withdrawal Fee: ₹21 per withdrawal + GST as applicable.
- Manual Loading Charges: ₹8.5 + GST.
- Card Replacement Fee: ₹200 + GST as applicable.
How to Apply & Load Money
- How to Apply:
- To apply for the PayDirect Card, businesses need to contact their Relationship Manager.
- How to Load Money:
- Companies preload employee funds directly onto the card for each pay period.
- Funds become available on payday for immediate use by employees.
- Manual loading charges of ₹8.5 + GST apply.
Important Product Details
- The card is an EMV chip-based solution for enhanced security.
- It is a reloadable and reusable card, suitable for consistent salary disbursements.
- Offers multi-use functionality, allowing employees to make cash withdrawals, purchases, and bill payments.
- Features can be customised to match specific business needs, including spend limits and usage restrictions.
- No minimum balance is required on the cards.
- Provides instant payments and reduces administration costs for businesses.
- Can be used for both online and offline transactions.
- Visa/Mastercard/RuPay variant availability is not specified.
Other Details
- The ICICI Bank PayDirect Card is designed for businesses of all sizes to simplify payroll management.
- It serves as a versatile payment solution for transferring salaries, reimbursements, and other incentives directly to employees.
- The card reduces the need for cash or cheques for salary disbursement.
- It ensures a high level of security and efficiency for businesses.
- Legal disclaimers and Terms & Conditions apply.