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ICICI crediting credit card refunds to savings account

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Deal Cadet
harish90
Got my ICICI amazon card statement today and was surprised to see all refunds credited to bank account instead of credit card. When enquired with customer care, was informed that as per RBI rule it is applicable from 9th April 2024 for all cards if the person is holding savings account with the bank.

Never came across any such rules. Anyone aware or had similar experience? IMG20240429165350
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Direct method of credit card to bank transfer.

Calling @abhishek012 for testing and making it popular.

Deal Cadet Deal Cadet
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But there is a catch, they first credit to cc, reverse rewards/cashback and then send to bank

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Finance Ninja Finance Ninja
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Yup, my all UPI link RuPay Credit card refunds credit to my ICICI saving account.

Helpful Helpful
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My Visa refunds too
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Deal Cadet Deal Cadet
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Generous Generous
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To kya hame cancel cancel khelna hai?

Deal Cadet Deal Cadet
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I asked the cc executive that i can then cancel high Value orders and get money in my savings bank account and he said yes sir, you can do that.. stuck_out_tongue_winking_eye

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Generous Generous
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Ab iske liye icici account kholna pdega joy joy

Trick to mast hai joy joy

Deal Newbie Deal Newbie
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Be Careful Guys.Bank will consider this refund as your income

Deal Cadet Deal Cadet
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This rule doesn't make sense. Can anyone give a logic behind this rule?

Flame Flame
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You are right, Useless rule. Instead they should start considering refund as credit. 

People are gonna misuse it a lot.
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Deal Cadet Deal Cadet
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What if I don't have any savings account?

Deal Cadet Deal Cadet
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welcome to refund processing charges soon!

Deal Subedar Deal Subedar
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oh soon? hmmm
Post Emperor Post Emperor
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Not for me. Received refund directly in visa cc from amazon on 24 April.

Deal Subedar Deal Subedar
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How come ?? this money belong to credit / loan from credit card, its not logical hmmmm if this is allowed then everyone will just order and cancel and then credit card amount will be sent to bank account as refund, and 45 days free credit hot cash lol is this really okay???

Deal Newbie Deal Newbie
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The Reserve Bank of India (RBI) amended the "Master Direction - Credit Card and Debit Card – Issuance and Conduct Directions, 2022" on March 07, 2024. When you get a credit card refund after you pay your credit card bill for the month, you will have options to either adjust it or get it in your bank account.

This applies to credit cards of all banks, ICICI seems to be the pioneer in implementing it.

Read this Economic Times article to know more.

Deal Cadet Deal Cadet
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But it has come even before statement was made

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Deal Newbie Deal Newbie
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S ..same with me..

Deal Captain Deal Captain
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It shouldn't consider the spend even for milestones or fee waiver, since it is just a refund

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i got 200 cashback in amazonpay on adding 400 from icici amazon card. sunglasses

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50% cashback upto 200 CB Using apay ICICI cardy wala offer hoga but maine bhi tumhari comments k baad try kiya mera ko to nhi mila CB.

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