Frequently Asked Questions

(Fees on Rent Payment Transactions)

1. What is a rent payment transaction?

Many property/real-estate management and payment portals/apps today offer customers
(tenants/lessee) the facility of paying/transferring rent to the property owners /lessors’ bank
account/UPI ID from the customer (tenants) credit card.
Such transactions are termed as rental payment transactions.

2. How does the bank identify rent payment transactions from other transactions coming from
these merchants/platforms?
Merchants/Platforms send these transactions to Credit Card issuing banks as a specific
merchant category code, which helps Banks, identify rental payments.
For eg. A rental payment transaction initiated at a merchant will come with a specific merchant
category code compared to other transactions like a wallet load or bill payment.

3. On which transactions is rent payment fee applicable?

All transactions towards payment of rent on any merchant/platform (as described in #1.) using
ICICI Bank Credit Card will be applicable for rent payment fee.

4. How much fee is ICICI Bank charging on rent payments?

ICICI Bank is charging 1% + GST on transaction amount made towards rent payments.

5. Is the fee applicable on all ICICI Bank Credit Cards?

Yes, rent payment fee is applicable on all ICICI Bank Credit Cards.

6. Will the fee go in addition with the platform/convenience fee charged by different merchants?
Yes, this 1% fee will be in addition with the platform/convenience fee charged by various
merchants facilitating rental payments.

7. When is this fees applicable on rent payments using ICICI Bank Credit Card?
Rent payment fees will be effective from 20th Oct 2022.