ICICI Bank announces Rs 10,000 cashback offer for home loan customers; This is what it is

India's second-largest private bank, ICICI Bank on Friday announced a "cashback" offer for its home loan customers. 

As per the bank customers who avail a new home loan or transfer their existing home loan to ICICI Bank can get cashback of 20% (upto Rs 10,000). 

"The cash back amount is based on minimum spend of Rs 30,000 by the customer on his/her ICICI Bank credit / debit card," the bank said.

This offer is valid from September 1, 2017 to November 30, 2017.

To make it simpler to understand the offer, the bank said for instance there is an ICICI Bank customer or a home buyer is sanctioned home loan in September, 2017 with disbursal in October 2017. If that person spends more than Rs 30,000 on his ICICI Bank credit card during the period September 1, 2017 to November 30, 2017, will get a cashback of Rs 10,000 on his credit card as per the offer. 

A customer with both credit and debit cards will be eligible for cashback on only one card where maximum cashback is applicable, the bank added. 

However, if you read the terms and conditions, ICICI Bank reserves the right to modify/ change all or any of the terms applicable to the Programme without assigning any reasons or without any prior intimation whatsoever.

"ICICI Bank also reserves the right to discontinue the Programme without assigning any reasons or without any prior intimation whatsoever," the bank said. 

At 1510 hours, the shares of the bank were trading at Rs 291.95 per piece, down 0.65% or Rs 1.90 on BSE.