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  • ICICI Bank PayLater

    PayLater is a digital credit product offered by ICICI Bank to existing customers of the bank. Through this facility, you can get extended credit for up to 45 days at no additional interest. You can use PayLater to shop or pay bills instantly.

    Key Highlights of ICICI Bank PayLater

    • This is a virtual payment mode that doesn’t require a physical card to complete transactions.
    • Get extended credit for up to 45 days.
    • Use this payment mode to shop, pay bills, or make payments to merchants who have a UPI (United Payments Interface) ID.
    • Apply through multiple channels including on the mobile app, internet banking, or on Pockets (digital wallet).

    Features and Benefits of ICICI Bank PayLater

    Single payment mode for multiple payment options

    Avail this facility to pay your bills, make payments to merchants using a UPI ID, or to shop. Payment can be made instantly.

    Apply through multiple channels


    Pockets is a digital wallet in partnership with Visa.

    • Use the pop-up on Pockets to create a PayLater account.
    • Agree to the terms and conditions.
    • Enter your personal details, your Aadhaar number, and select the debit account. Click on ‘Submit’.
    • Enter your savings accounts details to enable auto-payments.
    • Create your VPA (Virtual Payment Address). Your account will be created.
    • Your PayLater account details can be found on the dashboard.

    iMobile (mobile app):

    • Use the pop-up invite to create your account.
    • Agree to the terms and conditions.
    • Enter the details requested, including your Aadhaar card number.
    • Enter your debit account details for auto-payment.
    • Create your VPA. Your account will be created.
    • Check your account details under the ‘Accounts and Deposits’ section.

    Internet banking:

    • Log into your account using your internet banking credentials.
    • On the top-left corner, go to ‘My Accounts’ and click on ‘PayLater’.
    • You can see your pre-filled details here. Link your savings account to your PayLater account.
    • Provide consent for auto-debit and click on ‘Submit’.
    • Your account will be created, and you will receive an e-Receipt online with your account limit.

    You will then have to create a PayLater UPI ID on the mobile app using the following steps:

    • Tap on ‘BHIM UPI’ after logging into the app.
    • Go to ‘My Profile’ under ‘Manage’.
    • Tap on ‘Create New VPA’.
    • Enter your prefix and check the availability.
    • From the drop-down list, choose the PayLater account number.
    • Tap on ‘Submit’ to get confirmation of your VPA registration.

    Interest-free credit

    You can get extended credit for up to 45 days with 0% interest using this payment method. You can maintain a higher balance in your savings account as payments will not be made using your account, thereby enabling you to earn higher interest in your account.

    Auto-debit facility

    Payments due on your PayLater account will be automatically debited from your savings account on the due date without you having to worry about tracking your payment dates. It will be debited from the account you provided when applying for PayLater.

    ICICI Bank PayLater Credit Limit

    Based on your eligibility, your account limit can be from Rs.5,000 to Rs.20,000. When an invite is sent to you, the limit will be preset.

    ICICI decides the account limit based on your usage of the account and the iMobile app. All PayLater accounts are reviewed by the bank periodically and the limit sanctioned changes from time to time. So, when you’re eligible for a change in the limit, the bank will send you a notification.

    You can transfer funds to your PayLater account up to your assigned limit.

    ICICI Bank PayLater Fees and Charges

    You will be primarily charged two types of fees in the event that you do not clear your PayLater dues on time. A penal interest will be charged depending on the daily outstanding due after your ‘Pay by Date’ (payment due date). You will also be charged a fixed late payment fee for the same.

    Eligibility Criteria for ICICI Bank PayLater

    This facility is only available to select customers of the bank. Those who are eligible for it will receive a pop-up invite when they log into internet banking, iMobile, or the Pockets wallet.

    Frequently Asked Questions

    1. Can I have multiple PayLater accounts and link them to various savings accounts?

      No. At any given point, you can only have 1 account, the details of which will reflect in eligible payment options.

    2. Can I apply for this account at a bank branch?

      No. This option is only available to select customers of the bank and can be applied for through internet banking, the mobile app, or on the Pockets wallet.

    3. Is PayLater a faster way to make payments than other payment modes?

      You can complete your payment with a single click on the checkout page on a merchant’s website using this option.

    4. Can I use PayLater to make credit card payments?

      No. You cannot use PayLater for credit card payments, to transfer funds to another person or a bank account.

    5. By when should I make the payment on my PayLater account?

      You need to make payments within 15 days of your bill generation date. Failing to do so will attract penal interest and late payment fees.

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