1 ICICI Reward point is worth ₹1.00 in India.

₹1.00

₹1,000 per 1,000 points, our house mark

held at ₹1.00 · re-marked 10 Jul

Reviewed

How we got this ₹ figure

₹1.00 is our HOUSE value for a point — what a disciplined traveller actually clears, not the best redemption we have ever seen (₹1.00, the ceiling) and not the worst you can always fall back on (₹0.25, the floor). It is the number every route on this page is priced with.

The mark has 2 dated points in data/valuation-history.yaml, each one pinned to a quantified event in the tracker — no interpolation. The last move was re-marked 10 Jul. How we value a point →

Which of my cards reach it? — 24 do

24 cards earn ICICI Reward Points outright. The figure is the reward rate — what ₹100 of ORDINARY spend earns back at our house ₹/point, before milestones, accelerators and the annual fee. How we compute it →

ICICI Emeralde Private Metal3.0%ICICI BankICICI Times Black2.0%ICICI BankICICI Sapphiro0.5%ICICI Bank
21 more cards that earn it — same ranking, best first

Emeralde Private earns hard and redeems near ₹1 on iShop travel; the 2026 category exclusions hurt everyday earn.

To iShop (ICICI travel portal)₹1.001:1

best way out — what one point is worth once it lands

ICICI Reward Points has been cut before — we grade its nerf risk elevated 5 cuts in 24 months — latest: Sep-2026 lounge cut (minor) How we grade it →

₹0.25
Floor
₹1.00
House value / point
₹1.00
Ceiling
▼
Trend

Expiry: 3 years from issuance

Posting: Credited to the rewards account within 5 working days from the statement generation date — ICICI Bank's credit card MITC, "Terms and Conditions pertinent to ICICI Bank Rewards", verbatim "Reward Points will be credited to your rewards account within 5 working days from statement generation date."

No corridor on our board prices a seat in ICICI Reward Points against a published chart — every option that reaches it is dynamic, and an estimate is not a seat. the 2,196 corridors that DO have a verified price →

The map view see the whole network →
ICICI Reward Points — the transfer routes in and outiShop (ICICI travel portal)1:1Air India Maharaja Points1:1ICICI Reward Points0 in · 2 out

This drawing wants a wide screen. Every route it draws is in the lists below, priced.

Every way out

Ranked by real ₹ per point at our house values — the play first, the traps last. Ratios read ICICI Reward Points : partner miles.

By alliance: Star Alliance 1 · Hotel and retail programmes 1

1:1
iShop (ICICI travel portal) time not published no minimum published
listed as iShop travel portal
only via ICICI Emeralde Private Metal · ICICI Times Black
Flights/hotels at ~₹1/point of ₹ value, no transfer hassle — the default for most ICICI cards.
₹1.00 /pt
1:1 (up to a week)
listed as Air India Maharaja Club
only via ICICI Emeralde Private Metal · ICICI Times Black
The only airline transfer, and only on two cards — Emeralde Private Metal & Times Black at 1:1. Sapphiro/Rubyx have no airline route; iShop/catalogue only. Domestic + Star Alliance.
₹0.80 /pt

Rank every corridor across every currency →

What a point has been worth

Derived only from quantified, dated events in the tracker — no interpolation, no vibes.

₹1.00 — unchanged since 2022
  • 10 Jul 2026 ₹1.00 current house value
  • 22 Nov 2022 ₹1.00 2022-11-22 — ICICI launches invite-only Emeralde Private Metal (changelog launch event; the card that anchors this house value). No recorded movement since: iShop travel redemptions have paid ~₹1/pt throughout — the 2024–26 ICICI purges cut earning categories and perks, not the ₹/point.

The nerf log

Full tracker →

Every tracked event that touches ICICI Reward Points.

  • 10 Sept 2026
    Lounge minor ICICI Bank
    ICICI's September lounge list drops four doors and adds Bhogapuram
    The prior edition opened Bhubaneswar's landside Bird Lounge, Vadodara's Premium Lounge, Visakhapatnam's Airr Lounge and Bar, and Dehradun's landside Bird Lounge, and filed Ahmedabad T2 international as The Lounge opposite Gate 3 → Those four rooms are gone. Bhubaneswar keeps O'Vetra near Gate 8, Dehradun keeps Carnations in the security hold, Vadodara is off the list, and Visakhapatnam's rows are Encalm domestic and international at Bhogapuram. Ahmedabad T2 international is Adani Silver Lounge - International, Gate 08, and it is not asterisked

    ICICI re-saved its consolidated domestic lounge list on 10 September 2026 and moved rooms, not quotas. Four doors an Annexure-1 card used to open are off the list: Bhubaneswar's landside Bird Lounge (O'Vetra, airside near Gate 8, stays), Vadodara entirely, Visakhapatnam's Airr Lounge and Bar, and Dehradun's landside Bird Lounge (Carnations, in the security hold, stays). Visakhapatnam's replacement is two Encalm rooms at Bhogapuram, which this map does not carry yet — the airport is not in our coordinate file, so those doors are recorded here and not drawn. Ahmedabad's T2 international row is no longer The Lounge opposite Gate 3. It is Adani Silver Lounge - International, first floor, Gate 08, and the row has no asterisk, so the whole Annexure-1 board gets it at each card's own quarterly quota rather than the three unlimited cards alone. Noida's three Jewar rows are still on the PDF and still unmapped.

  • 29 Aug 2026
    Lounge minor ICICI Bank
    ICICI un-reserves Mumbai's Adani Silver lounge — the whole Annexure-1 board gets in
    Row 57 of ICICI's consolidated domestic lounge list read '* Adani Silver Lounge / Terminal 2 / International', and the asterisk footnote confined it to 'Diamant, Emerald Private Metal and Times Black Credit Card customers' — three cards, two of which we carry → The August-2026 edition renames the row 'Adani Silver International Lounge', keeps it at row 57 and drops the asterisk. The footnote itself is unchanged, so an unasterisked row means what it means everywhere else on this list: every card on Annexure 1 gets it, at that card's own quarterly quota

    This is a small door opening for a large number of cards. ICICI publishes one consolidated domestic lounge list for its whole book, and the access model on it is a single character: rows carrying an asterisk are reserved for the three unlimited-tier cards, and rows without one go to every card in Annexure 1. Until August, Mumbai T2's Adani Silver was asterisked. It is not any more — so a Coral, a Rubyx, a Sapphiro, a MakeMyTrip or an Adani One now opens a room that used to be Emeralde-Private-and-Times-Black only. Read two limits before you plan around it. First, ICICI files this room in its DOMESTIC list even though the room, the terminal-type column and the address all say International, post-immigration at T2 Level 4 — so a visit here spends one of your domestic quarterly visits rather than being a free international one, and it only helps if you are flying out internationally anyway. Second, Adani Silver is the overflow tier at CSMIA and it shows: 12:00–23:59 only, cold buffet, standard pours. Adani East is the better room if your card opens it. Worth saying plainly that this is a one-edition change on a row that was also renamed in the same pass, which is exactly the shape an editing slip takes; the desk verified the asterisk's absence against a raw extraction of the PDF rather than a formatted one, and will revert the grant if it comes back. The same edition grew the list from 87 rooms to 89 and added five ICICI business and corporate cards to Annexure 1 at 2 visits a quarter — which changes nothing here, because those cards already advertised that quota on their own product pages. Every other asterisked row survives: both 080 VIP rooms at Bengaluru T2, Hyderabad's Privé and Delhi's Privé stay reserved.

  • 29 Jul 2026
    Buff minor ICICI Bank
    Times Black publishes its eligibility bar and swaps BLADE for Thumby Aviation
    Invite-led with no published income criteria; ₹5L mobility wallet named BLADE helicopter, Avis and Indian Travel House → Product page publishes 21+, ₹2L/month salaried or ₹24L/yr self-employed with an open Apply flow; ₹5L wallet now offers WeWork day passes or transfers via Thumby Aviation, Avis or Indian Travel House; ₹20L stay adds Lohono alongside Ayatana

    ICICI's mid-July revision of the Times Black page quietly ends the mystique: the bank now prints the entry bar — over 21, ₹2,00,000 a month salaried or ₹24,00,000 a year self-employed — next to an open Apply button, where it previously published nothing and let the invite branding do the gatekeeping. The ₹50,000 milestone ladder keeps its face values but reshuffles the experiences: the ₹5L mobility wallet drops BLADE and now runs helicopter transfers through Thumby Aviation (with WeWork day passes as the new alternative), and the ₹20L resort night can now be a Lohono villa instead of Ayatana. Nothing here changes the card's maths — it changes who can get it.

  • 1 Jul 2026
    Lounge major ICICI Bank
    ICICI's lounge-gate exemption expires for Adani One and MakeMyTrip
    Adani One ICICI Signature, Adani One ICICI Platinum and the MakeMyTrip ICICI Bank Credit Card were exempt from the ₹75,000-per-quarter spend gate on complimentary domestic lounge access — "valid till Jun 30, 2026" → All three now "require spends of ₹ 75,000 to be made in a calendar quarter to unlock airport lounge access in the next calendar quarter, with effect from Jul 01, 2026"

    ICICI's MITC, headed "Last updated on Aug 2nd, 2026", carries the expiry date inside the exemption list itself and then restates it as a dated instruction below. No lounge visit is removed — MakeMyTrip keeps 2 domestic a quarter plus 1 international, Adani One Signature 4 a quarter plus 2 Priority Pass, Adani One Platinum 2 a quarter — but all of them now cost ₹3 lakh of routed annual spend on top of the fee, which reprices the ₹750 Adani One Platinum hardest. The ₹75,000 excludes rent, government, education, EMI, fees, interest, DCC and reversals, and the qualifying quarter is offset (26th to 25th), so the spend that unlocks Oct-Dec was made between 26 June and 25 September. Worth flagging for the desk: ICICI's own "Upcoming changes to Credit Card features and charges" page, re-read 28 August 2026, still lists MakeMyTrip among the exempt cards with no expiry, and never names the Adani One pair at all. Two live ICICI documents, two different answers; the MITC is the regulated one and the more recently dated, so it is the one we follow.

  • 1 Feb 2026
    Devaluation minor ICICI Bank
    ICICI gates its BookMyShow movie perk behind quarterly spend
    Complimentary BookMyShow ticket offer, no spend condition → Needs ₹25,000 spend in the preceding quarter

    ICICI didn't kill the BookMyShow benefit outright — Instant Platinum loses it entirely from 1 February 2026, while other cards keep it only if you've spent ₹25,000 in the prior quarter. It's a small perk on paper, but it's part of the same February devaluation wave that also killed several reward categories, and it signals ICICI is done handing out 'free' lifestyle perks with no spend attached.

5 earlier events on this program
  • 15 Jan 2026
    Devaluation major ICICI Bank
    ICICI caps transport rewards and excludes rent, tax, fuel spends
    Emeralde/Sapphiro earned on unlimited transport; 1.99% DCC → Transport rewards capped at ₹20,000/month; DCC to 2%

    From 15 January 2026, Emeralde, Emeralde Private, Sapphiro and Rubyx only earn points on the first ₹20,000 of monthly transport spend, and government services, fuel, rent, tax and third-party wallet loads earn nothing at all — categories that used to be reliable point-farming ground. Layer on a DCC fee hike to 2% and a new ₹3,500 add-on card fee, and this is one of the broadest single-day devaluations any Indian issuer has run across its premium metal tier.

  • 15 Nov 2024
    Devaluation major ICICI Bank
    ICICI's November purge: rewards, lounges and 1% fees
    Broad earn; easy spend-based lounge access → Rent/gov/education excluded; grocery capped; 1% ed/utility fee; spend-gated lounges

    The single worst day of 2024 for ICICI holders, Emeralde Private included. Rent, government and education spends stop earning and stop counting toward fee waivers, grocery rewards get capped, a 1% fee lands on third-party education/utility, and lounge access is restructured behind prior-spend gates.

  • 5 Feb 2024
    Devaluation moderate ICICI Bank
    ICICI stops rewards on rent and wallet loads
    Rent and e-wallet loads earned points → Zero reward points

    ICICI's opening move of 2024: from 5 February, rent payments and e-wallet loading earn nothing. A quiet start to what became a brutal year for ICICI reward chasers.

  • 22 Nov 2022
    Launch major ICICI Bank
    ICICI Bank launches invite-only Emeralde Private Metal card
    No true super-premium ICICI travel card → Emeralde Private Metal: 3% back, unlimited lounge/golf

    ICICI finally built a card that could sit at the same table as Infinia and Magnus — invite-only, metal, 3% uncapped value-back, unlimited lounge and golf access, plus a Taj Epicure membership thrown in. It marked ICICI's real entry into India's super-premium travel-card fight.

  • 18 Jan 2019
    Launch moderate ICICI Bank
    ICICI Bank launches Emeralde, wedging above Sapphiro
    Sapphiro topped ICICI's travel-and-rewards credit card lineup → Emeralde debuts with ~₹3 lakh in annual benefits at a ₹12,000 fee

    ICICI Bank soft-launched the Emeralde credit card on January 18, 2019, slotting it above Sapphiro with a headline claim of roughly ₹3 lakh in annual benefit value against a ₹12,000 annual fee. It gave ICICI a genuine super-premium travel card to compete with HDFC Infinia and Diners Black for the first time, years before the invite-only Emeralde Private Metal would push the lineup even further upmarket.

Straight answers

The questions people actually type about ICICI Reward Points — answered from the same data as everything above, with the same numbers.

What is 1 ICICI Reward point worth in INR?

Our desk marks ICICI Reward Points at ₹1.00 a point — so 1,000 points are worth ₹1,000 and 10,000 are worth ₹10,000. That is the number every route on this page is priced with. The ₹0.25 floor is the redemption you can always fall back on; the ₹1.00 ceiling is the best sweet spot we have actually verified. The mark is trending down, last reviewed 4 Sept 2026. The valuation index prices it against every other program we cover.

Which Indian cards earn ICICI Reward Points?

24 Indian cards earn ICICI Reward Points outright. Best-ranked earners: ICICI Emeralde Private Metal, ICICI Times Black and ICICI Sapphiro, the best of them at 3.0% reward rate. The card list above names each of them with its rank, its ratio and what one of its points becomes here.

Which airlines can I transfer ICICI Reward Points to?

1 airline programme (and 1 hotel or retail programme). Best by what one point becomes: Air India Maharaja Points at 1:1. Every one is in the ways-out block above with its ₹ per point, its published landing window and the cards allowed to ride it.

When did ICICI Reward Points last devalue?

1 Feb 2026 — ICICI gates its BookMyShow movie perk behind quarterly spend. We logged it Complimentary BookMyShow ticket offer, no spend condition → Needs ₹25,000 spend in the preceding quarter. That is the newest cut on our record. The nerf log below carries 10 tracked events touching ICICI Reward Points, and the program grades elevated on nerf risk.