ICICI Bank launches credit card for super rich

The card is linked to a single card account with a single statement and a single fee

ICICI Bank has launched a new card product for the super affluent segment and the bank’s Wealth Management clientele called ICICI Bank Sapphiro. Earlier the Bank has launched two cards—ICICI Bank Coral and ICICI Bank Rubyx.

According to the Bank press release, “Card members will receive two cards—the ICICI Bank Sapphiro Platinum American Express Credit Card and the ICICI Bank Sapphiro Platinum Chip MasterCard Credit Card.”

The card is linked to a single card account with a single statement and a single fee. It provides access to a host of privileges from American Express and MasterCard. The cards provide exclusive privileges from some of brands such as Leading Hotels of the World Ltd., Atlantis the Palm, Dubai, and Air France-KLM.

Card members also can look forward to exclusive members—only events, Thursday night movie premieres, complimentary tee-offs at championship golf courses across the world and premium privileges across travel, shopping, wellness and entertainment, the release said.

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Federal Bank launches interbank mobile payment service

Under IMPS framework, a customer can transfer funds through Internet banking from his bank account to any another bank account

Private sector lender Federal Bank has launched real-time fund transfer facility IMPS (interbank mobile payment service) to its Internet banking customers from 20th March.

This facility is offered in association with National Payment Corporation of India. At present, much of inter-bank funds transfer transactions are through NEFT (National Electronic Funds Transfer) mechanism. Under NEFT, the transactions are processed and settled in batches from 9 a.m. to 7 p.m. and, hence, are not on real-time basis.

In the scheme launched by Federal Bank, a customer can transfer funds instantaneously through Internet banking from his/her bank account to any another bank account which comes under IMPS framework.

A customer does not require beneficiary IFSC code and account number.
Customers can use FedNet as a channel for accessing their bank accounts and transferring funds. The service is available 24 hours through out the day and for the whole year. A customer who wants to transfer funds has to register for Internet banking facility and update his mobile number with the bank.
Customers can transfer up to Rs50,000 daily and up to Rs2 lakh in a month, a press release said.

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LIC sees degrowth on ULIP this fiscal, says government

On the conventional plans of LIC there is growth of 11% in policies and 22% in premium till end of February 2012

The government today said that Life Insurance Corporation of India (LIC) has seen degrowth in sales of unit linked insurance plans (ULIP) in the current financial year.

"There is degrowth on ULIP which is a trend among the whole insurance industry," Minister of State for Finance Namo Narain Meena said in a written reply to the Rajya Sabha.

To a question on sales of various products of LIC, Meena said, "On the conventional plans there is growth rate of 11% in policies and 22% in premium till end of February 2012."

Dispelling the rumour that some of the agents have quit following cut in commission and strict guidelines set for them by LIC, Meena said, "The corporation has reported that there is no instance of quitting of agents in the LIC due to reduced commission or strict guidelines to agents set for them by LIC."

"The commission rates for the new products are also approved by Insurance Regulatory and Development Authority of India (IRDA)," he added.

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