So to put it in layman's terms, the heavy ice pushes down on the Earth's crust, so even though there's less water (because it's in the form of ice), the sea levels don't fall. So in the reverse, with less ice pushing down, the earth's crust "rebounds" back upwards and even with the additional water (from the melted ice), the sea level changes are mitigated.
Proving once again, the climatological systems are just too complex to make human-based calculations on, even with our most powerful computers.
Rebound might be helpful for northern areas of Europe and America, but I can’t see it doing much for India or South East Asia.