Redeeming reward points of Citibank Credit card It is flexible yet a bit complicated (time consuming task).
You can redeem your reward points against,
listed items in the catalogue,
online shopping at infibeam.com, yebhi.com, bookmyshow.com and magazinemall.com as of today (June 2013).
You can buy something physically at Shoppers Stop, Landmark, Westside, just inform the biller to redeem your reward points. (any extra amount can be paid seperately)
Refer to http://www.online.citibank.co.in/portal/newgen/cards/tab/rewards-home.htm
Value of a Citibank reward point
100 reward points = Rs 40/- approximately (it can vary on the shop you buy etc..)
but if you are holding a Citibank Ultima credit card, 100 reward points = Rs 100/-
See here for a complete list of how many reward points you get - card vs item-you-buy http://www.online.citibank.co.in/portal/newgen/cards/tab/popup/reward-points.htm