Federal Bank introduces Utsav Rewards

Customers will get one Utsav point for every Rs100 spent through their Federal Bank debit cards at point-of-sale terminals and e-commerce mode

Federal Bank has launched Utsav Rewards, an exclusive loyalty programme for its debit card holders. The scheme will provide the customers with points accumulated over transactions, and will assist them in redeeming the same for a wide range of consumer products.

According to the Bank, customers will get one Utsav point for every Rs100 spent through their Federal Bank debit cards at point-of-sale terminals and e-commerce mode. Over 33 lakh customers will benefit from this scheme.

These points can be redeemed against two million merchandise items, which include electronic, entertainment, music, sports and family products, discount and gift vouchers as well as air/bus/movie tickets.

Customers are also likely to benefit by getting higher points or discounts for purchases made from certain brands as decided by the bank periodically.

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Tamilnad Mercantile Bank to offer express money transfer service

Tamilnad Mercantile Bank also has a tie-up with Western Union Financial Services Inc of the USA to offer money transfer service

Tamilnad Mercantile Bank (TMB) has entered into a memorandum of understanding with UAE Exchange and Financial Services to offer express money transfer services in India.

The MoU will enable instant transfer of money from NRIs to Indian customers and the general public at all the lender’s branches using ‘Xpress Money’ services.

UK-based Xpress Money is an instant money transfer service present in more than 100 countries across five continents with one lakh agents worldwide.

The MoU was exchanged between TMB Ltd Managing Director & CEO, Mr A.K. Jagannathan, and UAE Exchange & Financial Services Ltd Country Head – India, Mr V. George Antony, TMB’s headoffice here said in a press release.

The bank also has a tie-up with Western Union Financial Services Inc of the USA to offer money transfer service since May 2005. TMB also has rupee drawing arrangement with UAE Exchange Centre LLC since May 2007, the release said.

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IDBI Bank, MasterCard launch IDBI Bank Global Currency Card

The Global Currency Card will be issued on MasterCard platform and will be available in USD currency

IDBI Bank Ltd, has launched its new variant of pre-paid travel card—“IDBI Bank Global Currency Card”. The Global Currency Card will be issued on MasterCard platform and will be available in USD currency with similar features as IDBI Bank’s existing Prepaid Travel Card—World Currency Card (WCC) which is issued on Visa Platform. Currently, Bank is issuing WCC in 8 currencies.

The Global Currency Card (GCC) will have access to over 1.9 million MasterCard/Maestro/Cirrus ATMs for cash withdrawal and balance inquiry. The card can also be used for purchases at over 32.9 million acceptance locations across 210 countries and empowers the cardholders to shop online. The GCC also comes with a slew of insurance benefits.

The GCC offers cardholders the convenience of a traveller’s cheque, the safety of an ATM card and the acceptance of a credit card, all rolled into one. The same can be bought by any IDBI Bank customer as well as by walk-in customers from any of the IDBI Bank Branches or the associate full fledged money changers. The maximum amount which can be loaded into GCC is $10,000 per annum for individuals and USD 25,000 per business trip (as prescribed under extant RBI/FEMA regulations).

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