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Federal Bank joined hands with the National Payments Corporation of India (NPCI) to launch the ‘Federal Bank RuPay Signet Contactless Credit Card’. One of the major highlights of this card is, it comes with the lowest Annual Percentage Rate (APR) starting from just 5.88% per annum.
The Federal Bank RuPay Signet credit cardholders will gain access to a wide variety of offers and deals across categories including travel, food and dining, shopping, sports, entertainment, lifestyle and much more. With a range of exciting offers, the card is presently offered to existing customers of the Bank. The offers include Amazon Gift vouchers as welcome benefits, attractive reward points, Buy One Get One (BOGO) free offer at INOX, complimentary membership programs, complimentary Swiggy vouchers, complimentary lounge access at Domestic and International airports and much more.
Adopting a ‘Digital First’ card approach, the card is immediately made available for use in FedMobile, the Bank’s Mobile Banking application, through a 3 click process. The physical card will be delivered to the customer in due course. Specially designed for millennial customers, this card offers an interesting 3-2-1 rewards structure personalised for them. They would get 3x rewards on spends for Electronics & Apparel categories, 2x rewards on Entertainment category and 1x rewards for other categories, using the Federal Bank RuPay Signet credit card.
Commenting on the launch, Ms. Praveena Rai, COO, NPCI said, “We are excited to launch with our partner bank - the Federal Bank RuPay Signet Contactless Credit Card. This card has a significant potential to attract new-age customers as it has a complete package of benefits suiting their lifestyle backed up with an innovative cashback scheme. At NPCI, for RuPay, we continue to work towards offering a delightful and contactless shopping experience to all our customers. We also believe our association with Federal Bank will provide a wider penetration of RuPay contactless cards in the country.”
Virtually launching the card, Shalini Warrier, Executive Director & Business Head- Retail, Federal Bank said, “Federal Bank has, yet again, ensured that the mantra of “Digital at the fore, Human at the core” comes to life via this latest offering, the RuPay credit card. This card is also a symbol of our strong partnership with NPCI, an entity known for innovation in the retail payments space.”
About Federal Bank Limited
Federal Bank (NSE: FEDERALBNK) is a leading Indian private sector bank with a network of 1,289 banking outlets and 1,957 ATMs/Recyclers spread across the country. The Bank’s total business mix (deposits + advances) stood at ₹ 3.05 Lakh Crore as on March 31, 2021. Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines, stood at 14.62% as on 31st March 2021. Federal Bank has its Representative Offices at Dubai and Abu Dhabi that serve as a nerve center for Non Resident Indian customers in the UAE. The Bank also has an IFSC Banking Unit (IBU) in Gujarat International Finance Tec-City (GIFT City). Federal Bank is transforming itself, keeping its principles intact, into an organization that offers services beyond par. It has a well-defined vision for the future as a guidepost to its progress.
About NPCI
National Payments Corporation of India (NPCI) was incorporated in 2008 as an umbrella organisation for operating retail payments and settlement systems in India. NPCI has created a robust payment and settlement infrastructure in the country. It has changed the way payments are made in India through a bouquet of retail payment products such as RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC Fastag) and Bharat BillPay. NPCI also launched UPI 2.0 to offer more secure and comprehensive services to consumers and merchants. NPCI is focused on bringing innovations in the retail payment systems through use of technology and is relentlessly working to transform India into a digital economy. It is facilitating secure payments solutions with nationwide accessibility at minimal cost in furtherance of India’s aspiration to be a fully digital society.
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