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May 19, 2014

ICICI Bank to collect fees for redeeming points on credit cards

Indian private sector lender ICICI Bank has decided to collect fees from customers for redeeming points collected on their credit and debit cards.

By Verdict Staff

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."

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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