The card "comes with the lowest Annual Percentage Rate (APR)," Federal Bank said.
New Delhi: Federal Bank has partnered with the National Payments Corporation of India (NPCI) to launch the 'Federal Bank RuPay Signet Contactless Credit Card'. The lender, in a statement released on Monday, said that the card "comes with the lowest Annual Percentage Rate (APR) starting from just 5.88% per annum."
"The 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, Federal Bank added.
Some of other offers included Amazon Gift vouchers, 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 more, the lender stated.
It also said that "the card is immediately made available for use in FedMobile, Federal Bank's mobile banking application, through a "3-click process".
The lender further said that the card comes with an 3-2-1 rewards structure for electronics, apparel, entertainment and other categories respectively.
Praveena Rai, COO, NPCI said, "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.”
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."
On Saturday, the lender's board had appointed Sankarshan Basu and Ramanand Mundkur as its additional non‑executive independent directors. Federal Bank's K Balakrishnan had retired as independent director after completing a 3-year term on September 24.