ICICI Bank Ltd.

ICICI Bank, country’s largest private sector lender, has introduced a rewards programme - MySavings Rewards for customers transacting through savings bank (SB) account, in order to stave off competition from other banks. It has unveiled this rewards programme, as other competitor banks are paying higher interest rates, ranging from 5.5-6% on SB balance up to Rs 1 lakh and 6-7% on balance over Rs 1 lakh.

The bank customers will get reward points for various transactions including activating internet banking, shopping online/ paying utility bills with internet banking, and auto-debit from savings account towards equated monthly installments for home/ auto/ personal loan/ recurring deposit.

The bank aims to respond to the challenge posed by smaller rivals on the SB deposits mobilization front and to get existing retail depositors to maintain higher balances, attract new ones, migrate transactions to alternate channels that is internet and mobile, give a thrust to e-commerce, and cross-sell loans to retail depositors.