ICICI Bank Semi-Closed – Benefits, Fees & Eligibility

Introduction

ICICI Bank’s Semi-Closed Prepaid Card is a corporate-focused general purpose reloadable (GPR) card designed to streamline recurring disbursements for businesses. It offers a practical, convenient, and secure solution for managing corporate payments such as rewards, reimbursements, commissions, incentives, petty cash, and gifting solutions, thereby eliminating the need for traditional cash handling.

Prepaid Card Variant & KYC Tiers

• The card is reloadable, allowing funds to be added based on corporate schedules, providing flexibility for recurring payments.
• It offers easy onboarding with multiple KYC options. Cardholders must possess a valid KYC document as per RBI guidelines.
• NCMC transit compatibility is not mentioned.

Balance & Transaction Limits

• The card limits spending to the loaded amount, minimizing risks.
• No specific maximum wallet balance, monthly loading limits, daily POS/online transaction caps, or ATM cash withdrawal limits are explicitly stated in the provided content.

Fees and Charges

• Joining Fee: ₹250 + GST as applicable
• Annual 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
• Annual Maintenance Fee: ₹25 + GST as applicable (after card expiry)

Rewards, Offers & Partner Perks

• Cardholders can avail exclusive discounts and deals on top brands.

How to Apply & Load Money

Eligibility for Cardholders

• Must be an employee of the corporate onboarded for the service.
• Must be a holder of a valid KYC document as per RBI guidelines.
• Must be a bank account holder of any bank in India.

Documents Required for Application

• Pan Card
• Valid KYC document
• Mobile and official email ID
• No physical documents are required for the application process.

How Corporates Can Apply

• Corporates can send an e-mail to mwcenquiry@icicibank.com.
• Corporates can consult their Relationship Manager for assistance with the application.

How to Load Money

• Corporates send funds to ICICI Bank to load funds onto the Semi-Closed Prepaid Card as per their disbursement schedule.
• Corporates with an ICICI Bank Current Account can also load funds directly onto the card through the Corporate Net Banking (CIB) portal.

Card Usage

• Cardholders can use the card to make purchases at any Visa-enabled retail stores, ATMs, or e-commerce sites across the country.

Corporate Tracking and Control

• Corporates can manage the card through SMS, the ICICI Bank InstaBIZ app, the Self Care portal, or by contacting Customer Care.

Prepaid Card Review

The ICICI Bank Semi-Closed Prepaid Card is an ideal solution for corporates seeking to efficiently manage recurring payments such as employee rewards, dealer commissions, reimbursements, and petty cash. Its wide acceptance at Visa-enabled platforms, reloadable nature, and enhanced security features make it a robust tool for corporate disbursements. The card offers a streamlined alternative to cash handling, providing flexibility and control for administrators.

• Pros:
  • Wide acceptance across Visa-enabled Point of Sale (POS) machines and e-commerce platforms.
  • Reloadable for continuous use based on corporate schedules.
  • Enhanced security with an embedded microchip and spending limited to the loaded amount.
  • Long validity of 5 years for long-term usage.
  • Easy onboarding process with multiple KYC options.
  • Access to exclusive discounts and deals on top brands.
  • Streamlines corporate payments, reducing the need for cash handling.
  • Provides robust tracking and control mechanisms for corporates via SMS, InstaBIZ app, Self Care portal, or Customer Care.
• Cons:
  • Incurs joining and annual fees.
  • Charges apply for card replacement and balance inquiries at non-ICICI Bank ATMs.
  • An annual maintenance fee is applicable after card expiry.

Important Product Details

• Positive Highlights:
  • Designed specifically for corporate needs, enabling companies to manage recurring payments such as dealership incentives, reimbursement disbursal, petty cash, employee incentives/rewards, and recurring gifting solutions.
  • Widely accepted at all Visa-enabled physical retail stores, ATMs, and online platforms across the country.
  • Reloadable, offering flexibility for recurring payments based on corporate schedules.
  • Enhanced security features include an embedded microchip for high-level security and limits spending to the loaded amount.
  • Comes with a 5-year validity for long-term usage.
  • Offers easy onboarding with multiple KYC options.
  • Provides exclusive discounts and deals on top brands.
  • Streamlines payment processes, reduces cash handling, and enhances corporate operations and user convenience.
  • Corporates can track and control card usage via SMS, the ICICI Bank InstaBIZ app, Self Care portal, or Customer Care.
• Negative Highlights:
  • Subject to joining, annual, and card replacement fees.
  • Charges for balance inquiries at non-ICICI Bank ATMs.
  • An annual maintenance fee is levied after card expiry.
• Card Variant: Visa enabled.

Other Details

• The card is best for disbursing recurring benefits.
• It comes with an embedded microchip for high-level security, ensuring trust in every transaction.
• The Semi-Closed Card eliminates the need to handle cash, offering a streamlined payment alternative that enhances corporate operations and user convenience.