Federal Bank launches rewards scheme for debit card holders

Aluva-based Federal Bank has announced the launch of Utsav Rewards, an exclusive loyalty programme for the bank's debit card holders.

The scheme will provide the customers with points accumulated over transactions, and will assist them in redeeming the same for a wide range of consumer products.

Addressing a press conference here on Tuesday, Mr D. Sampath, Additional General Manager, Federal Bank, said that customers will get one Utsav point for every hundred rupees spent through their Federal Bank debit cards at point-of-sale terminals and e-commerce mode. Over 33 lakh customers will benefit from this scheme.

These points can be redeemed against two million merchandise items, which include electronic, entertainment, music, sports and family products, discount and gift vouchers as well as air/bus/movie tickets.

Customers are also likely to benefit by getting higher points or discounts for purchases made from certain brands as decided by the bank periodically, he said.

“We are pleased to be able to reward our customers with these benefits. We look forward to continue providing the best possible facilities to our customers and launching similar programmes as well,” Mr Sampath said.

Awareness campaign

He said that bank is planning a massive outdoor campaign for creating awareness among the customers on using debit cards for transactions. The usage of debit cards for merchandise transactions has been increasing in the country, and has overtaken credit-card usage.

The bank has a simple registration and redeeming process which can be accessed through its Web site. The Utsav points are valid for 36 months from the month of accrual, and the introductory offer comes with two Utsav points on every Rs 100 spent at Federal Bank PoS terminals.

Gold sales

Asked about the gold sales of the bank, Mr Sampath said the growth this year has been noteworthy. The bank could sell around 500 kg so far this year, against 260 kg last year. The sale of gold is likely to touch 600 kg by the end of this fiscal against the target of 800 kg, he added.