July 21: Prabhu Bank has launched ‘InstaPay’ and ‘Reward Points’ schemes in a bid to provide additional facilities to its credit card users. Under the ‘InstaPay’ scheme, customers can pay bill of foreign visit, pay the fees of college or school, hospital or pay for different electronic goods through credit card.  Similarly, customers can use the scheme while buying jewelries and two-wheelers like motorcycle and scooter.  The bank informs that the customers can make payment on monthly installments up to maximum of 18 months. Under the scheme, no interest charge will be levied however the customers need to pay designated service charge during the period. The customers willing to use the scheme have to request the bank within the 7 days of transaction specifying the number of installments he/she willing to pay. Based on the application, the bank will determine the monthly installment.  

Similarly, under the ‘Reward Points’ scheme, the customer will get one point for purchasing goods worth Rs 200 through credit card.  When the accumulated points reach 500 points in the process, the bank will deposit Rs 500 in the account of the customer.