Reward points for your daily spending is nothing new. We’ve been seeing the system since ages for credit cards and we’ve even seen it for savings bank transactions from country’s leading bank, SBI. Now, ICICI Bank, the second largest bank also forays in to rewards program for its savings bank customers.
I have personally experienced SBI’s reward points program (for Internet Banking) and I think it was a kind of disaster. It doesn’t exist now; may be it lasted for a couple of years. You just don’t earn any note worthy reward points until you spend too much and there weren’t even any redeemable things for little reward points. You earn about 25 paisa for every Rs.100 spent using your internet banking account and the minimum redeemable amount was Rs.400, which will be added back to your bank account. With a little calculation, you’d need to transact Rs.4 lakhs to earn Rs.400 in cash reward. A disaster was always on the writing (Note: There’s also a different reward points system for State Bank Debit Cards).
Where ICICI Savings bank reward points differ
In a lot of different ways. Starting with a fact that instead of crediting reward points back in to the account as cash, here you can redeem points for physical things. And instead of earning penny reward points for your spends, you earn decent points for certain things, which is not just limited to Internet banking transactions. For example, here you can earn reward points for just activating mobile banking (iMobile), more points when you shop on iMobile, points for adding your family members to your account, activate ICICI trading platform (iDirect).
These are apart from the normal transactions where you are credited some reward points such as shop with Internet banking or physically using Debit card, Pay bills, Pay for loans and RD’s .
The bank has partnered with Payback so you have a wide variety of options to redeem your points, from movie tickets, to travel discounts, electronics, home appliances, shopping coupons, fashion accessories etc.
Note: All retail savings account holders (current a/c holders are not eligible) are automatically eligible to participate in the program and the reward points are being credited from 1 September 2012.