The ICICI Bank has launched two new cards dedicated solely to the benefit of Defence Personnel. These cards are ICICI Bank Parakram Credit Card and railway lounges. While talking about ICICI Bank Parakram Credit Card, this credit card has exclusive rewarding features. There are marvelous benefits of holding these cards which also include the specialized reward plan where you can earn 5 reward points in selected categories.
The primary cardholder is also entitled to Personal Accident Insurance of Rs. 2 Lakh along with an Air Accident Cover of Rs. 20 Lakhs. The benefit of culinary treats is an add-on by the ICICI Bank Culinary Treats Program. To protect the card from any fraud, counterfeiting, and duplication, there is an extra layer of security added to the microchip present in the card.
This card offers you rewards on multiple platforms and also the opportunity to get value back on your every other purchase. Since the card is specifically designed to fulfill the needs of defence personnel, you get 5X reward points on your purchases with Canteen Store Departments as well. The best feature of this credit card is the complimentary railway lounge access it provides. This feature will surely make the journey of many soldiers easier while they will travel to report for their post.
Have a thorough look at the credit card by ICICI bank especially designed for the defence people –
ICICI Bank Parakram Credit Card

Fees
Joining Fee
Nil
Renewal Fee
Nil
Best Suited For
Travel | Shopping |
Reward Type
Reward Points |
Welcome Benefits
NA
Movie & Dining
Dining benefits with ICICI Bank Culinary Treats Programme
Rewards Rate
5X reward points for every Rs. 100 spent on CSDs, groceries, and departmental stores and 1 reward point for every Rs. 100 spent on all other expenses
Reward Redemption
Rs. 99 will be charged on every reward redemption request
Travel
2 Complimentary domestic railway lounge access
Golf
NA
Domestic Lounge Access
2 Complimentary domestic railway lounge access
International Lounge Access
NA
Insurance Benefits
Personal accident insurance of Rs. 2 Lakh and Air Accident Cover of Rs. 20 Lakh
Zero Liability Protection
Cardholder will not be liable for any transactions made with the card, once the theft or misplacement is reported
Spend Based Waiver
NA
Rewards Redemption Fee
Rs. 99 per reward redemption request
Rewards Redemption Fee
Rs. 99 per reward redemption request
Foreign Currency Markup
3.5% per month or 42% annually
Interest Rates
3.40% per month or 40.8% annually
Fuel Surcharge
1% fuel surcharge waiver on all fuel transactions
Cash Advance Charges
2.50% of the withdrawn amount or a minimum of Rs. 300
Add-on Card Fee
Nil
- 5X reward points on your every Rs. 100 spent on CSDs, groceries, and departmental stores (max capped at 400 points per month).
- 1 reward point for every Rs. 100 spent on all other applicable expenses.
- Fuel, ATM withdrawal, balance transfer, cash withdrawal, EMIs, PLCC, fee, and other charges are not eligible to earn reward points.
- Complimentary domestic railway lounge access, max capped 2 per quarter only if you spend a minimum of Rs. 5,000 in the previous calendar quarter.
- 1% fuel surcharge waiver on all fuel transactions across the country.
- Personal accident insurance of Rs. 2 Lakh.
- Air Accident Cover of Rs. 20 Lakh.
- Up to 3 add-on credit cards with no added fee.
- Dining benefits with ICICI Bank Culinary Treats Programme.
The ICICI Bank has launched two new cards dedicated solely to the benefit of Defence Personnel. These cards are ICICI Bank Parakram Credit Card and railway lounges. While talking about ICICI Bank Parakram Credit Card, this credit card has exclusive rewarding features. There are marvelous benefits of holding these cards which also include the specialized reward plan where you can earn 5 reward points in selected categories.
The primary cardholder is also entitled to Personal Accident Insurance of Rs. 2 Lakh along with an Air Accident Cover of Rs. 20 Lakhs. The benefit of culinary treats is an add-on by the ICICI Bank Culinary Treats Program. To protect the card from any fraud, counterfeiting, and duplication, there is an extra layer of security added to the microchip present in the card.
This card offers you rewards on multiple platforms and also the opportunity to get value back on your every other purchase. Since the card is specifically designed to fulfill the needs of defence personnel, you get 5X reward points on your purchases with Canteen Store Departments as well. The best feature of this credit card is the complimentary railway lounge access it provides. This feature will surely make the journey of many soldiers easier while they will travel to report for their post.
Have a thorough look at the credit card by ICICI bank especially designed for the defence people –
Features and Benefits
The ICICI Bank Parakram Credit Card has specialized features and benefits. These benefits are to get value back on your every spend. There are curated dining privileges with the partnered restaurants of the bank, which will help you get the most discount on your meals. To have a thorough look at this card, here are the features and benefits explained –
Reward Rate
- 5X reward points on your every Rs. 100 spent on CSDs, groceries, and departmental stores (max capped at 400 points per month).
- 1 reward point for every Rs. 100 spent on all other applicable expenses
- Purchases like Fuel, ATM withdrawal, balance transfer, cash withdrawal, EMIs, PLCC, fees, and others are not eligible to earn reward points.
Reward Points Redemption
- You can redeem these rewards against a variety of options available at the bank’s official website.
- You can also redeem your collected reward points against a voucher from your desired brand.
- 99 will be charged for every reward redemption request you make.
- Here 1 RP = Rs. 0.25
Dining Benefits
- Exclusive dining privileges with ICICI Bank Culinary Treats Programme.
Domestic Lounge Access
- You will be able to access railway lounges as a travel benefit with the help of this card.
- You will get 2 complimentary railway lounge access per quarter.
- You will have to spend a minimum of Rs. 5,000 to avail this benefit.
Fuel Surcharge Waiver
- 1% fuel surcharge waiver at all outlets across the country.
Insurance Benefits
- You get Personal accident insurance of Rs. 2 Lakh.
- You will also get an Air Accident Cover of Rs. 20 Lakh.
Fees
- No joining or annual fee related to this card.
- Sum of Rs. 99 will be charged on every reward redemption request.
- Foreign currency markup fee charged is 3.5% per month or 42% annually.
- The interest rate is 3.40% per month or 40.8% annually.
- 50% of the withdrawn amount or the subject to a minimum of Rs. 300 is charged as Cash Advance Fee.
- There is no charge related to this credit card as an Add-on card fee.
Conclusion
The ICICI Bank Parakram Credit Card is solely dedicated to the needs of the defence personnel. Just like any other credit card this card helps in case of emergencies and gets you a value back on your expenses. But since its sole existence is to fulfill the needs of the individuals and families related to defence, the reward program is made in a way to get the benefits while purchasing from the CSDs. Since mostly in defence families, prefer CSDs rather than general stores, this reward system is quite overwhelming.
Looking at the market competitors of this credit card, AXIS Banks and SBI Bank have some of the few credit cards dedicated to defence in the market. These credit cards give fierce competition to this credit card. However, every credit card has one thing better than the other. This is what needs to be evaluated to find out the best-suited one for you.
FAQs:
The charges are 3.40% per month or 40.8% annually.
No, you will not be eligible for Golf rounds with this credit card. However, you can get Golf rounds as milestone benefit with ICICI Bank Parakram Select Credit Card.
You will be charged Rs. 99 on every reward redemption request with this credit card.
There are no annual or joining charges applied with ICICI Bank Parakram Credit Card.
2 Comments
Airport lounge facility should be available in this card.
Airport lounge facility should be aded