Cards: ICICI Bank To Charge for Redeeming Points

In a note to its customers ICICI Bank has 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 credit cards, Debit Cards or MySavingsRewards.” The Bank would charge Rs99 plus service tax on catalogue-based redemptions. Rs25 plus service tax will be charged on any online or in-store redemption. These charges will be applicable for redemption of payback points, the reward scheme of ICICI Bank in collaboration with Payback, a customer loyalty programme and rewards points.

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COMMENTS

SUJIT NaNDi

2 months ago

This is ridicules, the bank has started charging payback redemption charge with service tax with all type of card. Bank person told "

- Will charge any how.
- There is no option can remove playback points on behalf of account
- They told don't redeem separately. Redeem one time
- Basically bank people charging without any legal reason. They are just updated on web site and make a policy we CHARGED...
- They are telling public are such idiot. Whatever bank will decide .. Public will follow their foolish statement.

Retirement: EPFO Asks Field Offices To Settle All Claims within 20 Days
Retirement fund organisation, EPFO (Employees’ Provident Fund Organisation) has asked over 120 field offices to settle claims, including PF withdrawal and pension, within 20 days against the mandated 30-day timeframe. Central provident fund commissioner, KK Jalan, noted that there are complaints that claims received by EPFO offices are not entered in the system immediately and no acknowledgement is issued to the claimant. The deficient claims are being returned without even being entered into the system.
 
Mr Jalan stated that the return or rejection of claims and reasons thereof should be watched and the establishment should be counselled and advised to submit duly complete claims. Offices that settle all claims within 10 days will be graded as excellent. 

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COMMENTS

SUJIT NaNDi

2 months ago

https://www.icicibank.com/Personal-Banking/rewards/icici-bank-rewards/terms-n-conditions.page?#toptitle

Life Insurance: Life Insurance Policies in Demat Form
The Insurance Regulatory and Development Authority (IRDA) is considering making issuance of life insurance  policies in dematerialised form mandatory from later this year. It will make it mandatory for life insurance companies to link their systems to insurance repositories and provide policyholders with an option to hold the policies in electronic form. Last year, IRDA had licensed five companies to provide insurance repository services. These were NSDL Database Management, Central Insurance Repository, SHCIL Projects, CAMS Repository Services and Karvy Insurance Repository.

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