e-Payments Loyalty Points from State Bank of India

Friends,

To promote e-payments , State Bank of India is running a scheme of Loyaty Rewards Probgram w.e.f. 26th Nov., 2009 to their retail internet banking customers. In this way, we will get petty money on each and every successful e-payments. 400 Loyalty Points = INR 100/- . Complete detail is given as under :-

Loyalty Rewards Program -

What is LOYALTY REWARDS PROGRAM? LOYALTY REWARDS PROGRAM is a scheme to reward existing as well as new retail internet banking customers of SBI w.e.f. 26th Nov., 2009. It is the stimulus for the customers to transact online, earn reward points and redeem the points for cash. This process is just one of the ways to reward our esteemed customers for their continued support and loyalty. Who is eligible for this service? All existing and new retail internet banking customers of State Bank of India. Am I supposed to register for availing the benefit? No registration is required for enjoying the benefits of this program. All internet banking customers doing online transactions will be automatically eligible for loyalty rewards. How am I going to be rewarded under this scheme? Based upon the number of transactions a customer will gain points and these points can be redeemed online for cash back. The cash from the redemption proceeds will be immediately credited to the customers transaction account upon opting for redemption, subject to the availability of a minimum of 400 points at the time of each redemption. How do I accumulate Points? Internet banking customers will automatically qualify for reward points if they carry on the following transactions of Rs. 100 or above via onlinesbi: Bill payments, online shopping, merchant payments etc. Government transactions pertaining to retail/individual customers falling under Central/State taxes (OLTAS,CBEC etc), Cyber treasury. Railways ticket booking through IRCTC. RTGS/NEFT (retail internet banking transactions only)/Visa Money Transfer. How many points do I get for carrying on the above transactions? The number of points rewarded for each transaction type is as per the following table Transaction Type No. of Points Rewarded IPO 4 RTGS/NEFT 5 Bill Payment/Merchant 6 IRCTC 10 VMT 10 Govt Tax Payments 20 What can I do with the accumulated points? Customers can redeem the accumulated points online for cash and can use it as per their choice. The redemption amount will be immediately credited to the customer's transaction account on opting for redemption, subject to the availability of a minimum of 400 loyalty reward points in the account at the time of each redemption. How is the redemption proceeds rendered back to me? A "redeem" link is provided on the "Loyalty Points" link under the "My Accounts" page. The accrued points are redeemed for cash back to the customer which will be directly credited to the customer's transaction account immediately with no time loss on applying for it. What is the monetary value of each point earned? The value of each point is Rs 0.25. What is the time required for getting the account credited with redemption proceeds from the time/day of redemption? Instantaneous credit at the mentioned rate would be provided to customer's account. How long will this Loyalty Rewards Program continue? The Loyalty Rewards Program will continue for 1 year. Will this program be extended beyond 1 year? It is subject to bank's policy from time to time. For how long are my accumulated points valid for redemption? The accumulated points are valid for another three months after the withdrawal of the program. Are points rewarded on online debit/credit card transactions under this particular scheme? No. this reward program covers only online retail transactions done through our INB portal www.onlinesbi.com. How do I check my points? Loyalty point details can be seen from the "Loyalty Points" link under the 'My Accounts' tab. I am a customer with only viewing rights. How do I benefit myself from this program? To benefit from this program, a customer needs to avail transaction rights for the account. He/she can then start earning points for the transactions he/she does every time. What is the minimum redemption limit? The minimum redemption limit is 400 points. After that it is multiples of 100 (e.g. 500, 600 and so on). Is there any cap on accrual of loyalty points? There is a cap/limit beyond which a customer cannot accrue loyalty points per account. CAP/LIMIT (Loyalty Points) Daily 400 Annual 10,000 Can I transfer the accumulated points from one banking A/c to another A/c? No. Are corporate internet banking customers eligible for this Loyalty Program? As of now, corporate internet banking customers cannot avail the benefits from this program. Calculate your Income Tax On line (Click Here) Calculate exemption of H.R.A. on line (Click Here)