India-based private sector lender, ICICI Bank, has decided to collect fees for redeeming points collected on their credit and debit cards.
Business Standard cited a note sent out by ICICI Bank to its customers saying, "…with effect from June 12, 2014, a redemption handling fee plus service tax will be charged on every redemption request for payback points earned on ICICI Bank credit cards, Debit Cards or MySavingsRewards."
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The lender further added that the new charge will be levied for redeeming payback points, which is the reward scheme of ICICI Bank in collaboration with payback, a customer loyalty program and rewards points.
According to the plan, the bank will charge INR99 ($1.70) as well as service tax on any catalogue based redemptions.
Additionally, an amount of INR25 as well as service tax will be collected on any online or in-store redemption made by the customer.
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