Interest charge

Icici Bank will charge a 1% fee for paying rent via its credit card

By CNBCTV18.com STI (Update)

mini

ICICI bank is the first to introduce a commission on rent payments made through its credit cards and others are expected to follow.

ICICI Bank credit card customers will have to pay a 1% fee to pay rents from October 20, 2022. The private sector lender notified customers via text message.

It is intended for cardholders who use their credit cards to pay for house rent through platforms such as Cred, RedGiraffe, Mygate, Paytm, and Magicbricks, among others.

Until now, no commission was charged by a bank or credit card company on these transactions. ICICI bank is the first to introduce a commission on rent payments made through its credit cards and others are expected to follow.

To pay rent via ICICI Bank credit card, users need to enter their details on the platform and then go to rent payment option and fill in the details such as name, bank account number, IFSC code or add the UPI (Unified Payments Interface) address of the owner, then make the desired payment.

In another development, ICICI Bank increased its MCLR by 10 basis points or 0.10%. The increase applies to all loan products offered at variable rates.
According to ICICI Bank’s website, the one-year MCLR rate was increased to 8.00%, and the overnight and one-month MCLR rate increased from 7.65% to 7.75%. For three months, the MCLR has been increased to 7.80%, and for six months, the new rates are 7.95%.