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Banks woo retail investors with festive season freebies

Our Banking Bureau  |  Mumbai 

ICICI Bank, HDFC Bank and UTI Bank are going all out to entice retail customers in the ensuing festive season with freebies.
ICICI Bank today launched 'Everybody Wins Program' for its eight million credit and debit card holders. Under this scheme, the card holders can get five per cent cash back on purchases of Rs 2,000 and above.
On a purchase of Rs 2,000 on the ICICI Bank debit card, Rs 100 will be credited to the customers savings account, while on the credit card, Rs 100 will be credited to the credit account.
The offer will be valid until December 31. During the same period, a HDFC Bank debit or credit card holders can win an international holiday, a home theatre system, jewellery worth Rs 1 lakh and even can go on a dream date with his/ her partner. What more, the winners can get a ride in a helicopter or a Mercedes car.
There are also assured gifts. For instance, for spends between Rs 3,000 and Rs 5,999, the cardholder gets a silver coin; between Rs 6,000 and Rs 9,999, a Timex watch; between Rs 10,000 and Rs 14,999, a diamond pendant; and for spends over Rs 15,000, a free holiday.
The festive season triggers a growth in personal loans, says HDFC Bank vice-president and business manager, retail lending, Ramakrishnan.
UTI Bank has launched overdraft facility on its savings account which is accessible through the banks debit card.
However, this facility will be offered to select customers based on their relationship with the bank, said UTI Bank vice-president, retail assets, Sujan Sinha.The overdraft facility can be availed for a maximum sum of Rs 10 lakh for an interest of around 12 to 18 per cent, he added.
The bank has also decided to offer a 50 per cent cut in processing fee on personal loans from two per cent to 1 per cent.

First Published: Sat, October 02 2004. 00:00 IST