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A new way of spending - The Executive Plus from New India Bank

Online PR News – 24-February-2012 – – Press Release
9th Sept, 2010
A new way of spending - The Executive Plus from New India Bank
Mr. Hiren Bhanu Vice Chairman of the bank is pleased to announce the launch of the Executive Plus Card which is his brainchild. The Visa card has unique features and benefits to business travellers, this card was launched in Bangalore on 9th September 2010 by the Minister of Trade and Commerce, Shree Anand Sharma.
The Executiveplus card collaboration with EEPC represents a groundbreaking new facility and service for members of EEPC, said Aman Chadda, a Director of New India Bank and Chairman of EEPC. This will become a key enhancement to New India Bank and EEPC’s forward-thinking approach when it comes to providing the best products & services to our respective customers in India and globally.

This card is pivotal in its concept to benefit its members who travel overseas for any business purposes. Members can enjoy 10 per cent credited back into their card account on the money they spend in hotels, restaurants and other expenses when they are abroad. This includes refunds of VAT in over 40 countries.
This innovation taps into a new revenue-recouping gap in the market. Research shows that most people who travel abroad do not claim rebates of VAT or GST on these key business expenses such as hotels, exhibitions, restaurants etc. The amounts credited back to the Executive Plus card include such rebates currently from some 40 countries, and these figures are expected to increase progressively.

Mr. Hiren Bhanu, who said: “I am pleased that we have launched the Executive Plus Visa card and New India Bank is collaborating with EEPC to offer the unique benefits of the New India bank Executiveplus Card and facilities to all the members of EEPC”.

Mr. Hiren Bhanu continued. “When we founded New India Bank 42 years ago, our mission was simple - "to grow prudently & steadily into a strong bank, by providing good service and being responsive to the needs of our customers and our staff". I am pleased to say that we have been able to achieve this because of the efforts of our successive Boards, good management and the support of our customers and staff.
“Today our focus is to become the best bank by 2020. Towards that goal we have invested in and are innovatively using advanced and the latest technology to offer the best banking experience and service. Simultaneously, this also provides and enables our well trained staff to work in a conducive environment at the Bank. We have an excellent track record, well capiltalised, and New India Bank is amongst the fastest growing bank in our sector.”

The Executiveplus concept does away with the conventional reward concepts of how Visa cards generally work and brings a fresh, and easy-to-use methodology supported by the latest technology. Visa cards issued in India generally offer reward points, air miles or cash backs. These give the cardholders on average 1 per cent to 2 per cent of their specific spend. Cardholders still have to remember to claim the points or air miles. Then they have to apply and redeem their points in time. Even after this lengthy process users cannot spend the redemption vouchers anywhere or with whom they wish. The choice and decision is not theirs.
Executive Plus does away with this cumbersome method, giving purchasing power entirely into the hands of the card member - the full amount is credited automatically back to the visa card to spend as they wish, giving them complete freedom of purchase.
Executive Plus has also tied up with major hotels, airlines and suppliers around the globe to launch the innovation. Before members travel they can login to the exclusive member’s website and get a comparative quotation. If Executive Plus is found to be more competitive they can book & pay online instantly using the card. When members book with Executive Plus, they receive 2 per cent to 5 per cent back straight back onto their card, which is on top of the 10 per cent they enjoy when they travel abroad.

There are an array of other features and benefits to having this card; access to statements online 24/7, individual credit limits for each member to meet their needs, not to mention the time saved on administration. Customized MIS reports can be availed for auto integration – and specific purpose cards are available for projects or departments. Cards can even be tailor made for specific geographical areas enjoying global access to cash at ATM’s around the world and around the clock. A world away from the limitations of cash conversions and traveler’s cheques, the Executive Plus card is accepted at over 25 million outlets all over the world.
Executive Plus will serve to become of inherent value and is available for members of EEPC. Wholly unique, utterly innovative, it is an enticing proposition for anyone who travels overseas on business. For those who are interested to know more or to apply online, there is a dedicated website
New India Bank offers complete and innovative banking and financial solutions to meet the growing needs of Individuals and Businesses including corporate and public sector corporations.
For Further Details:
Customer Care – 022-66586658
MahebubChatur -Head of Business Development (Executive Plus)
Vishal Vedak - Relationship Coordinator Shekhar Salvi - Relationship Coordinator