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As per the advice / directions of Indian Banks’ Association (IBA), five free cash transactions per month will be allowed in other bank ATMs for savings bank customers w.e.f. 15th Oct 2009. Also, the maximum withdrawal limit per transaction is Rs. 10,000/-.

Take advantage of the Loyalty Rewards Program introduced by SBI for Internet Banking customers. This scheme is effective from November 26, 2009.

This scheme rewards existing as well as new retail internet banking customers of SBI by giving them reward points for transacting online. The rewards points can then be redeemed for cash.

According the the release from SBI, internet banking customers will automatically qualify for reward points if they carry on the following transactions of Rs. 100 or above via onlinesbi:

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.

The number of points rewarded depends on the transaction type as shown in the table below: 

Transaction Type No. of Points Rewarded
RTGS/NEFT 5
Bill Payment/Merchant 6
IRCTC 10
VMT 10
Govt Tax Payments 20

 

The value of each rewards point is Rs 0.25.

The best part of this scheme is that 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.

The Loyalty Rewards Program will continue for 1 year and maybe extended at the discretion of the bank. You will have three months after the withdrawal of the scheme to redeem your points.

If you are a internet banking customer doing a lot of transactions, this is an excellent offer from SBI. Find more details of the Loyalty Rewards Program here.