Terms and Conditions for the MySavings Reward program

These Terms and Conditions (the “Terms”) apply to the MySavings Reward program offered by ICICI Bank and are in addition to and not in derogation of the terms and conditions applicable to the products/services mentioned herein (the “Primary Terms and Conditions”) as available on www.icicibank.com. To the extent of any inconsistency between these Terms and Primary Terms and Conditions, these Terms shall prevail. All capitalized terms used herein but not defined shall have the same meaning as specified under Primary Terms and Conditions.

Definitions

In these Terms and Conditions the following words and phrases shall have the meaning set herein below, unless the context indicates otherwise, and as may be modified from time to time.

  • “Program” shall mean the MySavings Reward Program offered by ICICI Bank in collaboration with PAYBACK.
  • “Reward Points” shall mean the points awarded by ICICI Bank under the Program
  • "PAYBACK" shall mean Loyalty Solutions & Research Pvt. Limited a company incorporated under the Indian Companies Act, 1956 and having its principal place of business at 4th & 5th Floors, Kabra Excelsior, #6A, 7th Main, 1st Block, Koramangala Industrial Layout, Bangalore—560 034 and such expression shall, unless it be repugnant to the subject or context thereof, include its successors, assigns, representatives and transferees.
  • "PAYBACK member" means the Customer/s who is/are also enrolled as a member of PAYBACK with a PAYBACK Account
  • "PAYBACK Card" means and includes the card issued by PAYBACK to the Customer/s for redeeming the Reward Points accumulated in the PAYBACK Account as per the terms and conditions specified by PAYBACK.
  • “PAYBACK Account” shall mean the account opened with PAYBACK in the name of the Customer/s for the purpose of accumulating the Reward Points earned under this Program.
  • "Effective Date" shall mean the date from which the Program commences.
  • “Eligible Transactions” shall include the transactions captured under Schedule 1 of these Terms and Conditions.
    • The Effective Date shall be 1st September 2012.
    • For the sake of these Terms, “Customer/s” shall only include resident Indian individuals holding an Account.
    • MAB Requirement : For value Banking and privilege Banking, only customers with MAB of Rs. 15,000 and above will be eligible for reward points. There is no minimum requirement of MAB in case of Wealth and GPC Customers.
    • Under the Program, Customer/s who undertake Eligible Transactions after the Effective Date will earn Reward Points in line with the clauses captured in Schedule 1 of these Terms and Conditions. The Reward Points earned in this manner shall be credited to the PAYBACK Account of the Customer/s.
    • Reward Points accumulated under this Program in a month shall be credited to the PAYBACK Account of the Customer/s and can be viewed in ICICI Bank Internet Banking on the 20 th day of the month succeeding the month when the Reward Points are earned. The Reward Points can also be viewed by the Customer/s on the website of PAYBACK – www.payback.in
    • The Reward Points earned under this Program shall expire 36 months after the date on which the Reward Points are credited to the PAYBACK Account of the Customer/s.
    • Under the Program, in addition to these Terms and Conditions, as mentioned herein, the Customer/s shall also be governed by the terms and conditions of PAYBACK for Reward Point redemption available at www.payback.in. In case of any contradiction between these Terms and Conditions and those available on the PAYBACK website, the former shall prevail. Disputes, if any, pertaining to the redemption of Reward Points under this Program shall be resolved directly by the Customer/s with PAYBACK, without any reference or recourse to ICICI Bank in any manner whatsoever and ICICI Bank shall not be liable for any such dispute that may arise between the Customer/s and PAYBACK under this Program.
    • The Reward Points earned by Customer/s can be redeemed by the Customer/s in the form and manner prescribed by PAYBACK in this regard.
    • The Program is complimentary and it is hereby understood that all transaction charges on Eligible Transactions on the basis of which the Reward Points are assigned to the Customer, are voluntarily incurred by a Customer in the normal course of their usage of ICICI Bank products/services. Further, nothing contained herein shall prejudice or affect the terms and conditions governing the operation and use of such ICICI Bank products/services.
    • ICICI Bank expressly reserves the right, at any time and without prior notice to the Customer/s, to add to and /or alter, modify, change or vary all or in part, this Program or to withdraw the Program altogether.
    • On redemption, the Rewards Points so redeemed will automatically stand reduced from the accumulated Reward Points in the PAYBACK Account. Computation of the Reward Points shall be final, conclusive and binding on the Customer/s and will not be liable to any dispute or questioning.
  • Customer/s may also earn reward points from PAYBACK through transactions undertaken by Customer/s with partners of PAYBACK. Such reward points earned in this manner shall be governed exclusively by the terms and conditions of PAYBACK and disputes, if any, arising out of or in connection with, or as a result of these reward points so earned should be referred directly to PAYBACK without any reference to ICICI Bank.
  • Customer/s may also earn reward points through transaction undertaken with their debit Card/s linked to the ICICI Bank Saving Account of the customer/s. For further details in this regard please refer to the ICICI Bank Debit Card terms and conditions.
  • ICICI Bank reserves the right to nullify the Reward Points earned under this Program.
  • Any tax (es) or charges payable to the Government or any other authority or body or any participating establishment which may arise or accrue to the Customer/s by redemption as aforesaid or otherwise as a result of this Reward Program, shall be borne by the Customer/s.
  • The existence of a dispute, if any, under this Program shall not constitute a claim against ICICI Bank.
  • In all matters relating to the conduct of this Program the decision of ICICI Bank shall be final and binding in all respects.
  • The Customer/s cannot transfer, assign or bequeath Reward Points accumulated under this Program to any another person under any circumstances.
  • ICICI Bank reserves the right to withdraw any Reward Points/s earned by Customer/s in case of default by the Customer/s on any relationship held by the Customer/s with ICICI Bank.
  • ICICI Bank makes no warranties or representations either expressed or implied, with regard to the type, quality or fitness of the goods/benefits received through PAYBACK.
  • Reward Points earned by a Customer under this Program shall be communicated to Customer/s through the account statements shared with Customer/s with respect to the Account. Customers may also view details of the Program through the logged in section of the netbanking facility provided with respect to the Account/s.
  • For the purpose of computation of Reward Points earned by Customer/s, only valid Eligible Transactions will be considered. Whether an Eligible Transaction is considered to be valid for the purpose of earning Reward Points shall be the sole discretion of ICICI Bank. If the Customer/s reverses an Eligible Transaction/s on which Reward Points are earned, Reward Points earned for such reversed transactions shall also be reversed.
  • Nothing contained in this Reward Program shall be construed as a binding obligation upon ICICI Bank or any participating establishment to continue the Reward Program in the event of the termination of the Program or otherwise.
  • Disputes, if any, arising out of or in connection with, or as a result of this Reward Program or otherwise shall be subject to the laws of India and the exclusive jurisdiction of the competent courts/tribunals in Mumbai only.

Schedule 1

Product TypeDescriptionMinimum Points per transactionMaximum Points per transactionMaximum Points that may be earned per calendar month (Capping)Remarks
Family Banking For every new customer ID addition to an existing Family ID under the Family Banking program. 400 400 800 Reward Points will be provided for addition of a maximum of upto 2 customer id’s under the Family Banking program in a month. e.g. even on addition of 4 customer id's in a month , only 800 points will be provided
Online Shopping through Net Banking For every payment of a minimum amount of Rs.200 made through ICICI Bank net banking to eligible payees, Customer/s shall earn 1 Reward Point for the first Rs. 200 spent and 1 Reward Point for every subsequent Rs. 100 spent 1 100 800 Multiple transactions through eligible sites can be clubbed to earn upto a maximum of 800 Reward Points in a calendar month. No single transaction can earn more than 100 Reward Points.
I-Mobile shopping transactions For every payment of a minimum amount of Rs. 200 made through I-Mobile on to eligible payees, Customer/s shall earn 1 Reward Point for the first Rs. 200 spent and 1 Reward Point for every subsequent Rs. 100 spent. 1 100 800 Multiple transactions through eligible sites can be clubbed to earn upto a maximum of 800 Reward Points in a calendar month. No single transaction can earn more than 100 Reward Points.
Internet Banking Bill Payments For payments of a minimum amount of Rs. 200 made to eligible billers through the Bill Pay facility in the logged in section of ICICI Bank netbanking, Customer/s shall earn 10 Reward Points 10 10 100 Customers can earn a maximum of 100 Reward Points in a calendar month. e.g. if a Customer undertakes 13 payments to eligible billers through the bill pay facility of an amount greater than or equal to Rs 200 a Customer shall earn only 100 Reward Points in that calendar month.
Recurring Deposit For successful contributions made through a standing instruction set in the ICICI Bank Savings Account of the Customer/s towards an ICICI Bank Recurring Deposit opened after the Effective Date, Customer/s shall earn 10 Reward Points 10 10 100 Customer/s can earn a maximum of 100 Reward Points in a calendar month. e.g. if 13 standing instructions are successfully executed in the ICICI Bank Savings Account of the Customer/s towards ICICI Bank Recurring Deposits opened after the Effective Date in a calendar month, Customer/s shall earn 100 Reward Points only.
Auto Loan with Auto Debit For successful contributions made through an auto debit set up in the ICICI Bank Savings Account of the Customer/s towards the EMI payment of an ICICI Bank Auto Loan the disbursement of which is made set set set as after the Effective Date, Customer/s shall earn 10 Reward Points for every lakh that has been disbursed with respect to the Auto Loan in respect of which the auto-debit has been set up. 10 800 800 Customer/s can earn a maximum of 800 Reward Points in a calendar month. e.g. for two ICICI Bank Auto Loans disbursed for a Customer of Rs. 11 lakh and Rs. 5 lacs with respect to which successful auto debit has happened from the ICICI Bank Savings Bank account of the Customer, 160 points will be awarded.
Personal loan with Auto Debit For successful contributions made through an auto debit set up in the ICICI Bank Savings Account of the Customer/s towards the EMI payment of an ICICI Bank Personal Loan the disbursement of which is made after the Effective Date, Customer/s shall earn 10 Reward Points for every lakh that has been disbursed with respect to the Personal Loan in respect of which the auto-debit has been set up. 10 800 800 Customer/s can earn a maximum of 800 Reward Points in a calendar month. e.g. for two ICICI Bank Personal Loans disbursed for a Customer of Rs. 15 lakhs and 10 lakhs with respect to which successful auto debit has happened from the ICICI Bank Savings Bank of the Customer, 250 points will be awarded
Home Loan with Auto Debit For successful contributions made through an auto debit set up in the ICICI Bank Savings Account of the Customer/s towards the EMI payment of an ICICI Bank Home Loan the first disbursement of which is made after the Effective Date, Customer/s shall earn 10 Reward Points for every lakh that has been disbursed with respect to the Home Loan in respect of which the auto-debit has been set up. 10 800 800 Customer/s can earn a maximum of 800 Reward Points in a calendar month. e.g. for three ICICI Bank Home Loans disbursed for a Customer of Rs.10 lakhs, 40 lakhs and 70 lakhs with respect to which successful auto debit has happened from the ICICI Bank Savings Bank of the Customer, 800 points will be awarded only.
Internet Banking activation On logging onto the logged in section of the internet banking platform using the user id and password provided with respect to the Account for the first time. 100 100 100 Reward Points can be earned under this category only once.
3-in-1 account activation On account activation of the trading account with ICICI Direct when applying for a 3-in-1 account with ICICI Bank and ICICI Direct, Customer/s shall earn 100 Reward Points. 100 100 100 Reward Points can be earned under this category only once.
I-Mobile activation On logging in for the first time on the I-mobile facility, Customer’s shall earn 100 Reward Points. 100 100 100 Reward Points can be earned under this category only once.
Travel Card With effect from 1st April 2013, Customer/s shall earn a 100 Reward Points for the first Rs. 25,000 and 50 Reward Points for every subsequent Rs. 10,000 debited in a calendar month from the ICICI Bank Savings Account of Customer/s towards loading of an ICICI Bank Travel Card. 100 800 800 Customer/s can earn a maximum of 800 Reward Points in a calendar month. e.g. Customer has uploaded Rs.45,000 on Travel Card by debiting his savings account. For first minimum upload of Rs.25,000 he will earn 100 points .For Next Rs.10,000 he gets 50 reward points ,for Next Rs.10,000 he earns 50 points. The total Reward points earned is 100+50+50=200 reward points on Rs.45,000 upload
Outward Remittance With effect from 1st April 2013, Customer/s shall earn a 100 Reward Points for the first Rs. 75,000 and 50 Reward Points for every subsequent Rs. 25,000 debited in a calendar month from the ICICI Bank Savings Account of Customer/s towards an Outward Remittance made through ICICI Bank. 100 800 800 Customer/s can earn a maximum of 800 Reward Points in a calendar month. e.g . Customer has debited his savings account Rs.1,25,000 on Outward Remittance. For first minimum debit of Rs.75000 he will earn 100 points .For Next Rs.25,000 he gets 100 reward points ,Next Rs.25,000 he earns 100 points. The total Reward points earned is 100+100+100=300 reward points on Rs.125,000
Gold Loan With effect from 1st September ,2013 Customer/s shall (i)earn 200 reward points for new Gold loan account opened and linked with the ICICI Bank Savings account in the same cust id . (ii)300 reward points shall be earned for every Gold loan opened subsequently linked to the ICICI Bank savings account in the same cust id for the same customer (iii)300 points will be given for linking(activating) on renewing Gold Loan account with ICICI Bank savings account in the same cust id 200 800 800 Customer/s can earn a maximum of 800 reward points in a calendar month. e.g Customer has availed a new Gold Loan opened with ICICI Bank Savings Account in the same cust id , if he avails Gold Loan for subsequ ent three times in the month The total reward points earned is (200+300+300+300=1100), however the maximum points earned by the customer in the month will be 800 reward points

Product Types Inclusions and Exclusions -

  • On addition of a new customer ID to the Family ID, Reward Points shall be earned only for all the Savings Accounts held under the Primary Customer_ID of the Family ID.
  • For the purpose of earning Reward Points on payments made through ICICI Bank netbanking/I-mobile/Bill Pay facility to payees/billers, it shall be the sole and absolute discretion of ICICI Bank as to which payees/billers shall qualify as an eligible payee and/or eligible biller under the Program.
  • Customer/s shall be eligible to earn Reward Points on loading of ICICI Bank Travel Cards on all currencies permitted by ICICI Bank policy/process.
  • The foreign exchange rate offered at the time of upload of the ICICI Bank Travel Card will be used as the basis for calculation for Reward Points earned by the Customer/s on that transaction.
  • Customer/s shall earn Reward Points only on transactions made in favor of ICICI Bank Individual Travel Card issued to domestic ICICI Bank Savings Account holder/s. Transactions involving ICICI Bank Corporate Travel Card/s shall not be eligible for earning Reward Points under this Program.
  • The service tax applicable on transactions involving foreign exchange shall not be included in the amount eligible for earning Reward Points.
  • Transactions on Gold Loan involving part payment, interim interest payments , closures etc will not be included for earning reward points
  • Only those customer/s holding individual savings account (excluding joint savings account) are eligible for reward points on linking the Gold Loan account to savings account
  • Please find below an indicative list of types of transactions that may be considered as transactions eligible / Ineligible to earn Reward Points under the Program:

For transactions made through ICICI Bank netbanking and I mobile shopping transactions, type of transactions included are IRCTC, Travel, Ecommerce / Consumer Shopping, Entertainment, Master Merchant, DTH, Insurance, Quick Pay, Education & Utility. Transactions not eligible for Reward Points include: online tax payments, Payment towards mutual funds, payment to brokers, government payments and payments to trusts and asset management companies, ICICI Bank credit card payments and Click2pay transactions. Bill Payment transactions through Internet Banking will Payment billers, Presentment, Visa Money Transfer & DTH.

 

Please note that the above mentioned list is purely indicative in nature and shall in no way be construed to impinge on ICICI Bank’s right to determine whether a particular payee/biller shall be considered an eligible payee/biller under the Program.

  • No Reward Points shall be earned with respect to payments made towards Recurring Deposits that are closed within one month of opening.
  • Reward points for payments made with respect to Home/Personal/Auto loan products will be given for payments made within a period of 12 months from the first disbursement subject to successful auto debit from a Customer/s Account towards payment of EMI/ Pre EMI of the respective Home/Personal/Auto loan. Reward points shall be provided for Home Loans taken from ICICI Bank or ICICI HFC. Only Home Loan will be will be part of this program. Home Loans on subvention scheme where Pre EMI/EMI is not paid by customer are not part of this scheme. For Home Loans, part payments of the loan would not be considered for reward points. Buy outs loans from other organizations are not eligible for rewards.
  • For Internet Banking activation or I-mobile activation, every Savings Bank account in the name of the Customer ID under the primary customer ID used to activate the Internet Banking/I-Mobile facility shall earn reward points.