Loyalty Rewards Program - FAQ
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.
All existing and new retail internet banking customers of State Bank of India.
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.
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.
Internet banking customers will automatically qualify for reward points if they carry on the following transactions of Rs.100 or above via onlinesbi:
Please note that credit card payments of Rs.1000/- and above only are eligible for reward points
The number of points rewarded for each transaction type is as per the following table
|Transaction Type||No. of Points Rewarded|
|Govt Tax Payments||20|
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.
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.
The value of each point is Rs.0.25.
Instantaneous credit at the mentioned rate would be provided to customer's account.
The Loyalty Rewards Program has been extended for another six months till 25th May, 2011. The loyalty points accrued till 26th November, 2010 will be carried forward.
The accumulated points are valid for another three months after the withdrawal of the program.
No. this reward program covers only online retail transactions done through our INB portal www.onlinesbi.com.
Loyalty point details can be seen from the "Loyalty Points" link under the "My Accounts" tab.
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.
The minimum redemption limit is 400 points. After that it is multiples of 100 (e.g. 500, 600 and so on).
There is a cap/limit beyond which a customer cannot accrue loyalty points per account.
|CAP/LIMIT (Loyalty Points)|
As of now, corporate internet banking customers cannot avail the benefits from this program.