M16S / ICICI Bank / ICICI Parakram Credit Card
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ICICI Parakram Credit Card
The ICICI Parakram Credit Card charges no annual fee and no joining fee. Its base return is 0.25% (1 RP per Rs 100 domestic). Accelerated earn: 5 RP per Rs 100 at grocery stores, department stores and CSD canteens. The forex markup is 3.5%. Lounge visits in India: 1 per quarter. Read from the issuer's documents and an aggregator on 11 Oct 2026.
- Annual fee
- Free
- Fee waived at
- —
- Base return
- 0.25%
- Forex markup
- 3.5%
- Interest
- 3.75%a month
Apply on icici.bank.inOpens the bank’s own page.
What changed on this card
- ICICI cards lose air accident cover and INOX, fees rise, Dec 2026
From 15 December 2026, ICICI Bank ends air accident cover on 7 cards, CFAR cover on 4 and the INOX benefit on 9. Card replacement goes to Rs 300 plus GST from 11 December.
Each change is read from the bank's own notice or terms document, linked above. Every card's changes are on the change log.
Fees
| Joining fee | Free |
|---|---|
| Annual fee | Free |
| Fee notes | Lifetime free. Add-on Rs 199. |
Rewards
| Reward currency | ICICI Bank Reward Points |
|---|---|
| Base earn | 1 RP per Rs 100 domestic |
| Base returnunverified | 0.25% |
| Point valueunverified | Rs 0.25 per point (Card Insider) |
| Accelerated earn | 5 RP per Rs 100 at grocery stores, department stores and CSD canteens |
| Caps | Max 1,000 accelerated points a month; utility and insurance spend counted up to Rs 40,000 each per cycle; transportation Rs 10,000 |
| Spends that earn nothing | No points on rent, e-wallet loads, cash. Fuel does earn on Parakram cards (MITC). |
| Points expiry | 3 years from issuance |
| Reward notes | Rs 0.25 per point is from Card Insider, not the issuer. Redemption handling fee Rs 99 + GST per request (Rs 25 for partner-brand online/in-store redemptions) per MITC. base_return_pct = 1/100 x Rs 0.25 = 0.25%. |
Travel and perks
| Domestic lounge | 1 per quarter |
|---|---|
| International lounge | None |
| Lounge conditions | Spend of Rs 75,000 in the preceding calendar quarter unlocks access for the next quarter (rent, government, education, EMI spends excluded). Primary cardholder only. Rs 2 authorisation at entry. |
| Forex markup | 3.5% |
| Fuel surcharge waiver | 1% at all fuel stations |
| Other freebies | Air accident cover Rs 20 lakh; personal accident cover Rs 2 lakh; defence service title on card |
Charges and eligibility
| Interest per month | 3.75% |
|---|---|
| Late payment fee | Nil <Rs 100; Rs 100 (Rs 100-500); Rs 500 (Rs 501-1,000); Rs 600 (Rs 1,001-5,000); Rs 750 (Rs 5,001-10,000); Rs 900 (Rs 10,001-25,000); Rs 1,100 (Rs 25,001-50,000); Rs 1,300 (>Rs 50,000) |
| Cash advance fee | 2.5% min Rs 500 |
| Eligibility | Indian defence and paramilitary personnel, age 21+ |
| Fine-print notes | Parakram family page says 2 RP per Rs 100 base; the card's own page says 1 RP. Bank-wide transaction fees (MITC): 1% on rent; 1% on fuel txns above Rs 10,000; 1% on utility txns above Rs 50,000; 1% on transportation above Rs 50,000; 1% on education paid via third-party apps; 1% on wallet loads of Rs 5,000+; 2% on skill-based gaming. DCC fee on INR transactions abroad equals the card's forex markup from 15 Jan 2026. Fee-waiver spend excludes rent, government and education payments; a fee reversal forfeits annual gifts. |
Questions
- What is the annual fee of the ICICI Parakram Credit Card?
- No annual fee.
- Does the ICICI Parakram Credit Card give airport lounge access?
- Yes. In India: 1 per quarter. Outside India: none listed. Conditions: Spend of Rs 75,000 in the preceding calendar quarter unlocks access for the next quarter (rent, government, education, EMI spends excluded). Primary cardholder only. Rs 2 authorisation at entry.
- What is the forex markup on the ICICI Parakram Credit Card?
- 3.5% of each foreign-currency transaction, before GST.
- Which spends earn no rewards on the ICICI Parakram Credit Card?
- No points on rent, e-wallet loads, cash. Fuel does earn on Parakram cards (MITC).