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NPCI/2019-20/Rupay/051 31St March 2020 Rupay Platinum Debit Program FY 2020-2021

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NPCI/2019-20/RuPay/051 31st March 2020 RuPay Platinum Debit Program FY 2020-2021 Introduction RuPay Platinum Debit Card was launched in July 2014. RuPay Platinum Debit Cards come with various in-built features & offers. With the support of partner banks, RuPay has gained substantial volumes in the recent years & therefore it has been decided to continue with the features & benefits provided on RuPay Platinum Debit Cards for FY 2020-21. RuPay Platinum Debit – Features & Benefits: i. Domestic and International - Lounge Access Program Domestic Airport lounge program for RuPay Platinum Debit Card provides access to cardholders two (2) times per calendar quarter per card in any of the 20+ participating Domestic Airport lounges. International lounge program provides access to cardholders two (2) times per calendar year in any of the 500+ participating International Airport lounges. ii. Cash back on Payment of Utility Bills* 5% cash back on utility bill payments (capped at Rs. 50/month/card). Cash back on Utility bill is restricted to Merchant Category Code (MCC) as defined by NPCI under the program. *Please note that we may replace the “Cash back on Payment of Utility Bills” feature with equivalent or better offer. The same will be communicated to all the stakeholders in due course of time. iii. Personal Accident Insurance RuPay offers Personal Accident Insurance (Accidental Death or Permanent Total Disability) of upto Rs 200,000 for the Platinum Debit Cardholders. Kindly note that the following amendment has been made in the Term & Conditions of RuPay Insurance Program for RuPay Premium Cards for FY 2020-21: Existing Term Revised Term Minimum one successful RuPay Card induced Minimum one successful RuPay Card induced financial or non-financial transaction at any channel financial transaction at any PoS/E-com, both Intra and both Intra and Inter-bank i.e. on-us (ATM/ Inter-bank i.e. on-us or off us within 45 days prior to MicroATM/PoS/E-com/ Business Correspondent of date of accident including accident date of RuPay the bank at location by any payment instrument) Cardholder within 45 days prior to date of accident including accident date of RuPay Cardholder or off us iv. Concierge Services Concierge service is available to banks as 24X7 service across India for a host of services like Gift / Flower Delivery Assistance, Restaurant referral & Arrangement, IT Return Assessment & Filing Assistance, etc. v. Merchant Offers and Benefits NPCI brings in a host of merchant offers and benefits for RuPay Platinum cardholders across travel, dining and retail shopping. Circular released by NPCI to all RuPay member banks - NPCI/2018-19/RuPay/042, dated 20th March 2019 “RuPay Platinum Debit Program FY 2019-2020” has been enclosed as Annexure A. Details and terms and conditions of the above mentioned offers and benefits are enclosed as Annexure B Capping on Feature Utilisation (FY 2020-21): Please note that the capping on feature utilisation will continue in FY 2020-21 on the below mentioned features: - Airport Lounge Access Program – Domestic / International - Cashback on Payment of Utility Bills Please find below the detailed structure: Feature Capping structure Lounge Utilization capped at 0.25% of the RuPay Airport Lounge Access Program – Platinum Card Base. Domestic & International Upon breach at portfolio level, cost to be billed to banks based on their utilization rate Cashback on Payment of Utility Bills capped at 7.50 % Cashback on Payment of Utility Bills of the RuPay Platinum Card Base. Upon breach at portfolio level, cost to be billed to banks based on their utilization rate The utilization limits would be calculated basis: a). 100% of the card base at the end of the FY 2019-20; and b.) 50% of the cards issued in FY 2020-21 The utilization report will be shared with the banks on a quarterly basis. Please note that capping structure of these features applies to the portfolio of the bank and will not have any impact on the individual cardholder. We further wish to inform you that in case if the utilisation of the above mentioned features, crosses the pre-defined capped limit at the end of the FY, the cost of the same shall be recovered from the Banks as mentioned below: Criteria Recovery Process Cost of feature over utilisation is equivalent to or The amount shall be recovered from the less than the Product fee rebate for FY 2020-21 Product fee Rebate The amount shall be recovered from the Cost of over utilisation is more than the Product entire Product fee & the residual amount shall fee rebate for FY 2020-21 be billed to the Bank Bank does not qualify for receiving Product fee The entire amount of over utilisation shall be rebate in FY 2020-21 billed to the Bank RuPay Platinum Debit - Fee Rebate Structure & Activation Incentive: NPCI provides rebate to RuPay Platinum issuing banks in order to encourage banks to issue RuPay Platinum Cards which in turn reduces the fee per card for the banks. Please find below the rebate structure & the activation incentive program details effective 01st April 2020: Rebate Structure for RuPay Platinum Cards issued in the current financial year There is no change in the first year rebate structure. Banks will continue to get rebate as per the previous structure as mentioned below: Cards issued in current FY 2020-21: # of RuPay Platinum Cards issued (Current FY) Product Fee Rebate Up to 1.25 Lakh 0% Greater than 1.25 lakh and up to 2.50 lakh 20% Greater than 2.50 lakh and up to 3.75 lakh 40% Greater than 3.75 lakh and up to 5.00 lakh 60% Greater than 5.00 lakh 80% Rebate Structure for RuPay Platinum Cards issued till previous financial year The rebate structure applicable for RuPay Platinum Cards issued till previous financial year shall also remain the same as mentioned below: # of RuPay Platinum Cards issued till previous Product Fee Rebate financial year Up to 2.50 lakh 40% Greater than 2.50 lakh 60% Activation Incentive: In addition to the rebate structure mentioned above, Banks will continue to get the activation incentive as mentioned below: Banks get an opportunity to earn Incremental Incentive of 120% on the 01st Year Product Fee for all the cards activated in the year. The activation criteria has been defined as at least one POS / E-Com transaction on the card in the defined period (three to fifteen months). Yours truly, SD/- Praveena Rai COO Enclosures: Annexure A- RuPay Platinum Debit Card Features & Offers Circular dated 20th March 2019 Annexure B- RuPay Debit Platinum Features & Benefits - Terms & Conditions RuPay Platinum Debit Card - Airport lounge Program Terms and Conditions “Card" shall mean RuPay Platinum Debit card issued by participating banks of NPCI. “Card Holder/s" shall mean such customer/s to whom a Card has been issued and who is authorized to hold the Card. “Service Provider” an outsourced third party vendor appointed by NPCI to manage the Airport lounge program for RuPay Platinum Debit cards. “Products/Services” shall mean the goods / benefits / facilities offered at the airport lounge and facilitated by the Service Provider. “Standard Offer Terms and Conditions” shall means Standard Terms and Conditions as prescribed under RuPay Platinum Debit Card Program for Value Added Services like Airport Lounge Program, Concierge Service and/or Offers and Benefits listed from time to time. Terms & Conditions The program is applicable at select airport lounges across India listed in http://npci.org.in/documents/Domestic-International-Lounge-List.pdf.. RuPay Platinum Debit Card Holder/s of participating bank/s are eligible to avail of the airport lounge access program. Access to the airport lounge would be granted upon successful authorization of the RuPay Platinum debit card on the point of sale terminal/s placed at the lounge/s. RuPay Platinum Debit Card airport lounge program is valid from 1st April 2020 till 31st March 2021. The period may be revised / extended at the discretion of NPCI and the same will be communicated periodically. Program is open only for Card Holders carrying a valid and eligible RuPay Platinum Debit card issued in India. Only two free access per Card Holder per calendar quarter will be permitted subject to maximum of 8 (eight) airport lounge access per year. Unutilized access will lapse at the end of quarter and cannot be carried to next quarter. In case, a Card Holder accesses the airport lounge beyond 2 times, he/she will be charged as per the regular access rates prescribed by the lounge. Card Holder/s is/are advised to check the services and facilities that are covered under the RuPay airport lounge access program at the lounge. An authorization for an amount (Rs. 2) will be taken on the card for validation purposes only and it will be charged to Card Holder's account. The authorization amount is non-refundable. The program can be modified, amended, changed or revoked at any time by NPCI without prior intimation. The access to the airport lounge will be available on first-come-first-served basis. Complimentary access is limited to the card holder. Complimentary access cannot be transferred or encashed. Complimentary access may also be restricted or unavailable If NPCI withdraws the facility (either as a program or in relation to any eligible Card Holders or issuer bank or any participating airport lounge) for any reason at its sole and absolute discretion NPCI offers no guarantee that any privileges, benefits or facilities under the Program or otherwise will be made available by the participating airport lounge to an Eligible Card Holder and NPCI cannot be held liable for the same.
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