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ICICI Bank to charge for Payback redemptions

ICICI Bank has informed its customers that it will charge them for redeeming points collected on their credit and debit cards. In a note to the customers, the bank said with effect from 12 June 2014, a redemption handling fee plus service tax will be charged on every redemption request for payback points earned on the bank’s credit cards, debit cards or MySavingsRewards. These charges will be applicable for redemption of Payback points, which is the reward scheme of ICICI Bank in collaboration with Payback, a customer loyalty program and rewards points. The bank said it will be charging Rs 99 plus service tax on any catalogue based redemptions. And Rs 25 plus service tax will be charged on any online or in-store redemption made by the customer.

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