If you do not use a credit card and you need money, you can borrow money from ICICI Bank for 30 days. It also without paying any interest. However, there are certain rules and conditions for this.
What is PayLater?
According to information given on the ICICI Bank website, the payroll account is a digital credit product. It's similar to a credit card, where you spend first and then pay it.
How Does PayLater Work?
Under PayLater, you get interest free credit or loan for 30 days. With this credit you can pay a bill. You can buy, or you can pay the shopkeeper by UPI ID.
Either can not use
You can not use it to pay a credit card bill. Also, you will not be able to use it to transfer funds.
How To Find This Feature
According to the bank, this facility is available on 'In-net-only' basis. This means that if the bank thinks that you should give this facility, its pop-up will be shown on your Pocket Wallet, iMobile and Internet banking application.
Is there any charge to pay?
To take advantage of this feature, you do not have to pay any interest. But if you do not pay your bill until a fixed term, you will have to pay a fixed-late payment charge. You will have to pay this charge until you clear your claim.
How much is the limit?
On the payroll account you get credit in the range of 10 to 25 thousand rupees. Depending on the amount you get, it depends on how much you are eligible to receive according to the bank.
How to return money?
The amount you have received from the PayLater account will be automatically deducted from your account after the specified date. But if you do not have money in your account, you will have to pay a late payment charge.