Kotak Mahindra Bank (KMB) has introduced a fixed deposit credit card for bank’s non-resident Indian customers. According to bank sources the NRI can get this credit card against a fixed deposit of Rs 1 lakh and above and the credit limit of the card is up to 80% of the deposit.
During the launch of the credit card Mr C. Javaram, Executive Director of the bank, said the cardholders will get offers such as four times reward points on international spends, fuel surcharge waiver, choice on redemption of rewards points and no-charge equated monthly installments for three months.
On this card, the cardholders will get the freedom to pay in rupee for their purchases which is will help them in saving on the ‘forex mark-up fee’. Normally the cardholders have to pay forex mark-up fee on using their international credit cards in India. Bank’s NRI customers while travelling in India can make payments of their travel, shop and dine in rupee through the card.
On the occasion Jayaram also made an official announcement of the opening of bank’s branch in Kazhikode, it is the fourth branch in Kerala the other three are already operating in Kottayam, Kochi and Thiruvananthapuram.
He told that bank will be expanding its overseas business. Following this bank’s offshore asset management business operating from offices in Dubai, London, New York, San Francisco and Singapore will be expanded. The bank has filed an application with the Reserve Bank to get permission for opening of overseas branches.
Monday, August 30, 2010
Friday, August 27, 2010
Standard Chartered Bank launches Preferred World Credit Card for its premium customers
Few days back Standard Chartered Bank had launched Preferred Banking for the emerging affluent segment in India. Now bank has introduced Preferred World Credit Card for its premium customers. Standard Chartered is the first Bank in India to introduce a differentiated offering for the emerging affluent segment with an aim to make the relationship with customers even more rewarding.
During the launch of the card Mr. Neeraj Swaroop, chief executive officer, India and South Asia, Standard Chartered Bank, Ms. Foo Mee Har, Global Head, Premium Banking, Standard Chartered Bank, Mr. T V Seshadri, vice president and country general manager, South Asia, MasterCard Worldwide and actress Kangana Ranaut were present.
This card will offer a host of features like accelerated rewards, petrol surcharge waiver, travel insurance benefits also powerful MasterCard Platform benefits like access to airport lounges in India, special privileges on staying at Taj Hotels, Resorts and Palaces in India, Silver Tier membership of Kingfisher Airlines, discounts on entry fee to premium golf clubs and more.
In India population of affluent segment has increased and is rapidly growing at 18% per annum so their needs are increasing. Preferred Banking customers are those with funds under management of up to Rs 500,000 or a mortgage of Rs 50 lakhs to Rs 1 crore, these customers are mostly young, financially growing, techno literate professionals between 25 to 40 years of age group, who are in search of recognition, convenience and rewards, and solutions.
The Preferred World Credit Card has the MasterCard platform with features provided by MasterCard Worldwide, a premier global payment solutions provider. MasterCard is one of the significant partners of Standard Chartered Bank. MasterCard has been increasing business worldwide by developing economic connections that propel real value for its customers, associates, merchants and consumers.
This unique and premium segment card will also provide preferred access to an array of world-class services to the affluent segment of society.
MasterCard from time to time has been developing innovative products so that consumers can experience life’s passion in many ways. It has a family of brands such as MasterCard®, Maestro® and Cirrus®, through which it is providing services to consumers and businesses in more than 210 countries and territories and processes over 22 billion transactions each year.
During the launch of the card Mr. Neeraj Swaroop, chief executive officer, India and South Asia, Standard Chartered Bank, Ms. Foo Mee Har, Global Head, Premium Banking, Standard Chartered Bank, Mr. T V Seshadri, vice president and country general manager, South Asia, MasterCard Worldwide and actress Kangana Ranaut were present.
This card will offer a host of features like accelerated rewards, petrol surcharge waiver, travel insurance benefits also powerful MasterCard Platform benefits like access to airport lounges in India, special privileges on staying at Taj Hotels, Resorts and Palaces in India, Silver Tier membership of Kingfisher Airlines, discounts on entry fee to premium golf clubs and more.
In India population of affluent segment has increased and is rapidly growing at 18% per annum so their needs are increasing. Preferred Banking customers are those with funds under management of up to Rs 500,000 or a mortgage of Rs 50 lakhs to Rs 1 crore, these customers are mostly young, financially growing, techno literate professionals between 25 to 40 years of age group, who are in search of recognition, convenience and rewards, and solutions.
The Preferred World Credit Card has the MasterCard platform with features provided by MasterCard Worldwide, a premier global payment solutions provider. MasterCard is one of the significant partners of Standard Chartered Bank. MasterCard has been increasing business worldwide by developing economic connections that propel real value for its customers, associates, merchants and consumers.
This unique and premium segment card will also provide preferred access to an array of world-class services to the affluent segment of society.
MasterCard from time to time has been developing innovative products so that consumers can experience life’s passion in many ways. It has a family of brands such as MasterCard®, Maestro® and Cirrus®, through which it is providing services to consumers and businesses in more than 210 countries and territories and processes over 22 billion transactions each year.
Thursday, August 12, 2010
Citibank credit card holders get unique offer from Yatra.com
Citibank credit card holders can now do payment of their air travel through the Citibank EMI service. This unique offer is given by Yatra.com, India’s leading online travel portal for its domestic and international air travelers. Under this scheme Yatra consumers get equated monthly installments payments option with no extra charges. But this offer is valid only for online travel bookings made on Yatra.com.
The customers can avail this offer by following three simple steps- they have to search for the travel of their choice using the travel booking form, choose their preferred airline or hotel booking and continue with the booking process. Lastly on the payment page, select the EMI option and complete the booking with their Citibank credit card. Using this option the travelers will be able to do bookings of airlines or hotel conveniently especially those who book bulk tickets. They will have to pay only a part of the total amount reducing their monetary burden at a point of time.
Speaking about the offer, Pratik Mazumder, Head of Marketing and Strategic Relations, Yatra.com, said, "In our endeavour to provide the best deals to our customers, this additional payment option will allow the travelers to plan their expenditure over a period of time. This service should facilitate airlines and hotels to increase their bookings and serve as a delight to all the Citibank credit card holders who book on yatra.com."
Before this Yatra.com has introduced number of distinctive schemes and offers including the recent “The 3G” offer that promise best deals and offers at an unbeatable price range. Among those offers one was two free tickets on every purchase on Yatra.com.
The offer will be valid up to 15 August, 2010 and Citibank cardholders can avail the offer across India through Yatra.com official website, mobile phones and retail lounges. The travel company plans to tap around 5 lakh customers across the country.
The customers can avail this offer by following three simple steps- they have to search for the travel of their choice using the travel booking form, choose their preferred airline or hotel booking and continue with the booking process. Lastly on the payment page, select the EMI option and complete the booking with their Citibank credit card. Using this option the travelers will be able to do bookings of airlines or hotel conveniently especially those who book bulk tickets. They will have to pay only a part of the total amount reducing their monetary burden at a point of time.
Speaking about the offer, Pratik Mazumder, Head of Marketing and Strategic Relations, Yatra.com, said, "In our endeavour to provide the best deals to our customers, this additional payment option will allow the travelers to plan their expenditure over a period of time. This service should facilitate airlines and hotels to increase their bookings and serve as a delight to all the Citibank credit card holders who book on yatra.com."
Before this Yatra.com has introduced number of distinctive schemes and offers including the recent “The 3G” offer that promise best deals and offers at an unbeatable price range. Among those offers one was two free tickets on every purchase on Yatra.com.
The offer will be valid up to 15 August, 2010 and Citibank cardholders can avail the offer across India through Yatra.com official website, mobile phones and retail lounges. The travel company plans to tap around 5 lakh customers across the country.
Monday, August 9, 2010
Axis-Visa traveler card, the first card in India to touch $1-billion in v olume
Axis Bank, a private sector lender started Travel Currency Card program in tie-up with Visa and it is the first card in the country to touch $1-billion in volume.
Under the program the business and leisure travelers get the facility to load money in local currency of the destination they are traveling to in turn can use the pre-paid amount securely for meeting travel expenses.
Axis Bank's Executive Director, S K Chakrabarti, said, "(Our customers) have loaded in excess of $100-million onto their cards over April and May this year alone."
Mostly international travelers use the credit cards. Visa India said in a release, according its study, over 40 per cent of business travelers told they used prepaid cards on trips, and added the demand for pre-paid cards is growing.
Under the program the business and leisure travelers get the facility to load money in local currency of the destination they are traveling to in turn can use the pre-paid amount securely for meeting travel expenses.
Axis Bank's Executive Director, S K Chakrabarti, said, "(Our customers) have loaded in excess of $100-million onto their cards over April and May this year alone."
Mostly international travelers use the credit cards. Visa India said in a release, according its study, over 40 per cent of business travelers told they used prepaid cards on trips, and added the demand for pre-paid cards is growing.
Thursday, August 5, 2010
American Express platinum card holders get lounge facility at Mumbai airport
American Express platinum card members will now get lounge facility at Mumbai’s Chhatrapati Shivaji International Airport. American Express had launched a similar facility at the Delhi IGI airport last year.
Shailesh Baidwan, chief executive officer, American Express banking corporation, said, ''We already have very strong lodging and airline privilege benefits and are now making the cardmembers' on-ground experiences better.''
For primary and supplementary platinum charge card members bank is offering lounge facility as complimentary accompanied by an additional guest whereas platinum credit card members have to pay a nominal fee to avail lounge facility.
Bank is offering various other benefits to platinum card members like discounts on international air tickets, complimentary hotel upgrades, exclusive platinum amenities at more than 650 hotels and resorts around the world, access to 600 exclusive VIP airport lounges in 90 countries, and travel rewards through the membership rewards program.
American Express Bank started operations in 1921 in India, since then it has been providing high quality travel related services to individuals and corporate in India.
Shailesh Baidwan, chief executive officer, American Express banking corporation, said, ''We already have very strong lodging and airline privilege benefits and are now making the cardmembers' on-ground experiences better.''
For primary and supplementary platinum charge card members bank is offering lounge facility as complimentary accompanied by an additional guest whereas platinum credit card members have to pay a nominal fee to avail lounge facility.
Bank is offering various other benefits to platinum card members like discounts on international air tickets, complimentary hotel upgrades, exclusive platinum amenities at more than 650 hotels and resorts around the world, access to 600 exclusive VIP airport lounges in 90 countries, and travel rewards through the membership rewards program.
American Express Bank started operations in 1921 in India, since then it has been providing high quality travel related services to individuals and corporate in India.
Tuesday, August 3, 2010
Banks still to link credit card interest rates to base rate system
Banks have switched to new base rate system for lending rates but banks have still not linked the interest on credit cards to new base rate.
As per July 1 circular issued to all commercial banks by the Reserve Bank of India (RBI), banks should link the interest on credit card dues to their respective base rates and prescribe a ceiling rate of interest. Again on July 9 RBI issued another circular in which it asked banks to strictly adhere to its guidelines on credit cards. But till now, no bank has changed the interest on credit cards linked to the new base rates.
Shikha Sharma, managing director and chief executive officer of Axis Bank said, “I have not seen the circular. If the RBI has issued such a circular, we’ll follow it.”
On the other hand Parag Rao, head of HDFC Bank’s credit card business said, “I am not aware of any such circular. I’ll look for it and if anything is there, I’ll get back to you.”
ICICI Bank did not gave reply of an email query.
RBI spokesperson Alpana Kilawala said, “Whenever the RBI issues a circular, we send it to the chairman’s office of every bank. Besides, the circulars are also available on the RBI’s website. So, the ignorance about the circular cannot be justified.”
She added, “However, we will consider it a deviation on the part of the banks if they do not shift to the base rates after the time period given to them for the transition and the question of penalty or a penal action will be considered then.”
However banks have been allowed to make changes in the methodology of calculating the base rate till December 31, therefore from January next year, banks will have link credit card interest rate to base rate and charge dues according to it.
Credit card dues come under lending in the non-priority sector. Till June, banks did not had any restriction and set the rate of interest on credit card buys without referring to their benchmark prime lending rate (BPLR).
Therefore, as per RBI circular, from July 1, all categories of loans, including credit card dues, must be linked to the base rate also RBI has given free hand to banks to review their base rates once in three months. According to this the interest rate on credit cards will change with every revision of the base rates.
As per July 1 circular issued to all commercial banks by the Reserve Bank of India (RBI), banks should link the interest on credit card dues to their respective base rates and prescribe a ceiling rate of interest. Again on July 9 RBI issued another circular in which it asked banks to strictly adhere to its guidelines on credit cards. But till now, no bank has changed the interest on credit cards linked to the new base rates.
Shikha Sharma, managing director and chief executive officer of Axis Bank said, “I have not seen the circular. If the RBI has issued such a circular, we’ll follow it.”
On the other hand Parag Rao, head of HDFC Bank’s credit card business said, “I am not aware of any such circular. I’ll look for it and if anything is there, I’ll get back to you.”
ICICI Bank did not gave reply of an email query.
RBI spokesperson Alpana Kilawala said, “Whenever the RBI issues a circular, we send it to the chairman’s office of every bank. Besides, the circulars are also available on the RBI’s website. So, the ignorance about the circular cannot be justified.”
She added, “However, we will consider it a deviation on the part of the banks if they do not shift to the base rates after the time period given to them for the transition and the question of penalty or a penal action will be considered then.”
However banks have been allowed to make changes in the methodology of calculating the base rate till December 31, therefore from January next year, banks will have link credit card interest rate to base rate and charge dues according to it.
Credit card dues come under lending in the non-priority sector. Till June, banks did not had any restriction and set the rate of interest on credit card buys without referring to their benchmark prime lending rate (BPLR).
Therefore, as per RBI circular, from July 1, all categories of loans, including credit card dues, must be linked to the base rate also RBI has given free hand to banks to review their base rates once in three months. According to this the interest rate on credit cards will change with every revision of the base rates.
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