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Tag: HDFC Bank

  • HDFC Bank To Sell Up To Rs 10,000 Cr Shares Via OFS In HDB Financial’s Upcoming IPO | Economy News

    Mumbai: Leading private lender HDFC Bank on Saturday announced to sell equity shares worth Rs 10,000 crore via an offer for sale (OFS) in the upcoming initial public offering (IPO) of its subsidiary HDB Financial Services Ltd. 

    The size of the IPO of HDB Financial Services Ltd (HDBFS) will be Rs 12,500 crore, including a fresh issue of Rs 2,500 crore, the bank said in a regulatory filing.

    “The Board of Directors of the bank approved the offer for sale (OFS) of such number of equity shares of face value of Rs 10 each of HDBFS aggregating up to Rs 10,000 crore held by the Bank in the proposed IPO, subject to applicable law, market conditions, receipt of necessary approvals/ regulatory clearances and other considerations,” said HDFC Bank.

    Accordingly, “the IPO will be for such number of equity shares of face value of Rs 10 each of HDBFS aggregating up to Rs 12,500 crore comprising of a fresh issue of such number of equity shares of face value of Rs 10 each of HDBFS aggregating up to Rs 2,500 crore and an OFS of such number of equity shares of face value of Rs 10 each of HDBFS aggregating up to Rs 10,000 crore,” the bank informed.

    The price and other details of the proposed IPO will be determined in due course by the competent body.

    The public debut of HDB Financial Services is expected by the end of the current financial year. Post-IPO, HDB Financial Services will remain a subsidiary of HDFC Bank, complying with relevant regulations.

    HDB Financial Services serves the retail and commercial segments, offering a wide range of products such as personal loans, vehicle loans, and loans against property. The IPO will enable HDB Financial Services to meet a listing requirement mandated by the Reserve Bank of India (RBI).

  • No More Cashback, EMI Benefits For HDFC Bank Credit Card Holders On Apple Products? What We Know So Far |

    New Delhi: Country’s largest private sector lender HDFC Bank has ‘taken a temporary break’ from its tie-up with Apple, the Business Standard newspaper has reported.

    A senior official of the bank has told the BS that the decision has been arrived following a review of the partnership from a cost-to-income perspective.

    “We worked with Apple for five years. We built a good brand relationship with Apple. We took a pause because we reviewed the entire nature of the partnership. We monitor cost to income and sometimes the cost-to-income measure does not work out for a particular partnership. We have taken a temporary break,” Parag Rao, group head – Payments, Consumer Finance, Marketing, Liability Product Group – HDFC Bank has told the Business Standard.

    Will HDFC Bank Credit Card Holders Not Get Cashback, EMI Benefits On Apple Products? What We Know So Far

    HDFC-Apple tie-up included exclusive cashback and EMI benefits to the Bank credit card holders on Apple products. Though the company has not categorically mentioned that the temporary-relationship halt is going to impact the Cashback and EMI Benefits, it is implied that HDFC Bank Credit Card Holders may not get the services.

    Furthermore, Apple is offering instant cashbacks and no cost EMI facility on American Express, Axis Bank, and ICICI Bank cards, according to the company’s website.

  • Come August 1, Major Changes In Offing: From LPG Cylinder Prices To Google Maps Charges & More | Personal Finance News

    New Delhi: Several important changes in financial rules and regulations will come into effect starting August 1, 2024. The changes will impact the daily lives of many citizens. Each month brings adjustments to various laws and this August is no different.

    Among the notable changes, HDFC Bank, the country’s largest private sector lender will modify its credit card rules while Google will update its charges for Google Maps in India. It’s important to stay informed about these upcoming changes to understand how they might affect you. Here’s a look at what’s changing next month.

    Update on LPG Cylinder Prices

    Every month major changes in LPG gas cylinder prices are implemented first. Last month, the Centre reduced the cost of a 19 kg commercial cylinder, and there are speculations that the government might lower the cost again this time.

    Google Maps Service Charges Reduced

    There will be significant changes in Google Maps rules in India starting August 1, 2024. The company announced that it has reduced service charges in India by up to 70 per cent and will now bill in Indian rupees instead of Dollars.Notably, these changes won’t affect regular users as no extra charges will be applied to them.

    HDFC Bank Credit Card Rule Changes

    Starting August 1, bank customers using services like CRED, Cheq, MobiKwik and Freecharge to pay rent will be charged 1 per cent of the transaction amount, this will restrict to Rs 3,000 per transaction. Further, fuel transactions under Rs 15,000 will not incur any extra charges but transactions over Rs 15,000 will attract a 1 per cent fee, also restricted  at Rs 3,000 per transaction.

  • HDFC Bank Posts 35 Per Cent Rise In YoY Profit; 2 Per Cent Dip From Last Quarter Of FY24 | Markets News

    New Delhi: Banking giant HDFC bank posted a standalone net profit of Rs 16,175 crore, climbing 35.3 per cent on a Year-On-Year (YoY) basis in the first quarter of Financial year (FY) 2025, as per the financial statement filed by the company with the stock exchanges on Saturday.

    The lender in the same period last year had reported a net profit of Rs 11952 crore. However, the net profit in the first quarter of FY 25 has dropped 2 per cent to Rs 16,511.85 crore, as compared to Rs 16512 crore in the fourth quarter of financial year 2024.

    The bank’s net interest income (NII) rose to 2.6 per cent quarter-on-quarter to Rs 29,837 crore. Net Interest Income (NII) is the difference between the revenue generated from a bank’s interest-bearing assets and expenses incurred while paying its interest-bearing liabilities. 

    The bank had reported Rs 29,078 crore in the March period.The net non-performing asset (NPA) of the bank upped 17.5 per cent sequentially. It stood at Rs 9508.4 crore in the first quarter of FY 25 as compared to Rs 8.091.7 crore in the fourth quarter of last year.

    The gross NPA of the bank also rose by 6 per cent quarter on quarter to Rs 33,026 crore in the June quarter, as compared to Rs 31,173 crore in the preceding March quarter of FY 2024.The bank had reported a 37 per cent YoY jump in the net profit at Rs 16,511 crore in the March quarter. 

    The net interest income had grown by 29 per cent YoY to Rs 29,077 crore.In the last trading session on Friday this week, the HDFC Banks stocks ended in red territory as they lasted 0.46 per cent lower at Rs 1607 apiece on the National Stock Exchange (NSE).The bank’s stocks have seen a decline of around 1.4 per cent over the past five trading sessions. However the the stocks of the bank have performed well rising 12.45 per cent in the last six months. 

  • HDFC Bank Credit Card Rules Changing From 1 August 2024: Check New Payment Fee And Other Details | Personal Finance News

    New Delhi: HDFC Bank has made an important announcement relating to its Credit Card. The bank has said that effective from 1st August 2024, it will be making following revision to the Credit card charges.

    The new payment charges pertain to Rental Transactions, Fuel Transactions, Utility Transactions, Educational Transactions, International / Cross Currency Transactions, Rewards Redemption towards Statement Credit, Finance Charges and Easy-EMI Processing Fee.

    Check Complete Revisions of  HDFC Bank Credit Card Terms Effective From 1st August, 2024

    Rental Transactions

    If you use services like (but not limited to) CRED, PayTM, Cheq, MobiKwik, Freecharge, and others to pay rent, a 1% fee will be charged on the transaction amount and capped at ₹3000 per transaction.





    Category
    Merchant Category Codes (MCC)




    Rent
    6513

    Fuel Transactions

    Consumer Cards:If you spend less than ₹ 15000 per transaction on fuel, no additional fee will be charged. However, if you spend more than ₹15,000 per transaction on fuel, a 1% fee will be charged on the entire amount and capped at ₹3000 per transaction.

    Business Cards:If you spend less than ₹ 30000 per transaction on fuel, no additional fee will be charged. However, if you spend more than ₹30,000 per transaction on fuel, a 1% fee will be charged on the entire amount and capped at ₹3000 per transaction.




    Category
    Merchant Category Codes (MCC)




    Fuel
    1361,5172,5541,5542,5983,9752

    Utility Transactions:

    Consumer Cards: If you spend less than ₹ 50,000 per transaction on Utilities, no additional fee will be charged. However, if you spend more than ₹50,000 per transaction on utilities, a 1% fee will be charged on the entire amount and capped at ₹3000 per transaction. Business Cards: If you spend less than ₹ 75,000 per transaction on Utilities, no additional fee will be charged. However, if you spend more than ₹75,000 per transaction on utilities, a 1% fee will be charged on the entire amount and capped at ₹3000 per transaction.





    Category
    Merchant Category Codes (MCC)




    Utility
    4900

    Insurance transactions will not be considered as Utility transactions and hence no charge will be applicable.

    Educational Transactions

    If you make education payments through college/school websites or their POS machines, there will be no fees. International education payments are excluded from this charge. However, on education payments through third-party apps like (but not limited to) CRED, PayTM, Cheq, MobiKwik and others, a 1% fee will be charged and capped at ₹3000 per transaction.





    Category
    Merchant Category Codes (MCC)




    Education
    8211,8220,8241,8244,8249,8299

    International / Cross Currency Transactions

    If you make an International / Cross currency transaction, a 3.5% markup fee will be applicable.

    *Mark up fee will remain 2% for Infinia, Infinia (Metal Edition), Diners Black, Diners Black (Metal Edition), Biz Black Metal Card, Regalia Gold, BizPower, Tata Neu Infinity HDFC Bank and 2.5% mark up fee for 6E Rewards Indigo XL.

    Rewards Redemption towards Statement Credit

    If you redeem your rewards towards statement credit (CashBack), a ₹50 redemption fee will be charged.

    Rewards Redemption charge will not be applicable for Infinia, Infinia (Metal Edition), Diners Black, Diners Black (Metal Edition), BizBlack Metal,Swiggy HDFC Bank,Flipkart Wholesale.

    Finance Charges

    If you avail the revolving credit facility & hence choose to pay an amount less than the total amount due reflected in the monthly billing statement, finance charges of 3.75% (per month) will be applicable from the transaction date till the outstanding balance is paid in full . Applicable to all retail & cash transactions.
    * Finance charge will remain 1.99% (per month) for Infinia, Infinia (Metal Edition), Diners Black, Diners Black (Metal Edition) ,BizBlack Metal.

    Late Payment

    Late payment fee structure has been revised as follows:





    Outstanding Amount Slab
    Revised Charges




    < = ₹ 100
    Nil


    ₹ 101 – 500
    ₹ 100


    ₹ 501 – 1000
    ₹ 500


    ₹ 1001 – 5000
    ₹ 600


    ₹ 5001 – 10000
    ₹ 750


    ₹ 10001 – 25000
    ₹ 900


    ₹ 25001 – 50000
    ₹ 1,100


    > ₹ 50000
    ₹ 1,300

    Easy-EMI Processing Fee

    If you avail the Easy-EMI option at any online / offline store, EMI processing fee of up to ₹299 will be charged. All fees are subject to GST as per government regulations. The Merchant Category codes are defined by the network (Visa, Master Card, Rupay, Diners). HDFC Bank does not define the merchant category.

  • HDFC Bank Hikes Fixed Deposit Rates On Various Tenors –Check Latest HDFC FD Rates | Personal Finance News

    New Delhi: Private sector lender HDFC Bank has hiked fixed deposit rates on retail deposits by 20 basis points with effect from June 10. The rates are applicable on various tenors.

    HDFC Bank is offering FD rates at 7.10 percent for 15 to 18 months, FD rates at 6.60 percent for a one year to 15 months and FD rates at 7.25% for 18 months to less than 21 months.

    Senior citizens will get 50 bps higher FD rates as compared to general public.

    The move comes a week after the Reserve Bank of India (RBI) announced pause in its key lending rates in its monetary policy for the 8th consecutive time.

    On June 7, the RBI’s Monetary Policy Committee (MPC) meeting decided to stick to the current 6.5 per cent repo rate with a 4:2 majority vote. The RBI had last changed rates in February 2023, when the repo rate was hiked to 6.5 per cent. The RBI raised rates by 2.5 per cent between May 2022 and February 2023 after which they have been kept on hold to support economic growth despite inflationary pressures in the past.

    The repo rate is the interest rate at which the RBI gives short term loans to banks to enable them to meet their liquidity requirements. This in turn has an impact on the cost of loans that the banks extend to the corporate entities and consumers.

  • HDFC Bank Debit, Credit Cards Will Not Work For THESE Two Days: Check Dates Here | Personal Finance News

    New Delhi: HDFC Bank has notified its customers through email and SMS that all HDFC Bank debit, credit and prepaid card transactions will be temporarily unavailable during a scheduled upgrade window. “HDFC Bank debit, credit and prepaid card transactions will not be available on June 4, 2024 from 12:30 AM – 2:30 AM and on June 6 from 12:30 AM – 2:30 AM,” HDFC Bank informed its customers via email.

    HDFC Bank has scheduled a system upgrade for its debit, credit, and prepaid card services on the following dates. HDFC Bank has scheduled a system upgrade that will temporarily affect debit, credit, and prepaid card services. Please note that DFC Bank is not affected by this outage. (Also Read: Lenskart Secures $200 Million From Temasek And Fidelity: Key Details Inside)

    The upgrade will take place on the following dates:

    June 4th, 2024, from 12:30 AM to 2:30 AM

    June 6th, 2024, from 12:30 AM to 2:30 AM

    During the system upgrade all debit, credit, and prepaid card services will be temporarily unavailable on HDFC Bank’s ATM, POS (Card Swipe Machine at Stores), and Online (Payment Gateway portal), including Netsafe transactions. Further, HDFC Bank Rupay Cards will not function for online transactions, even on other (non-HDFC Bank) Payment Gateways. (Also Read: Mother Dairy Hikes Milk Prices By Rs 2 per Litre In Delhi-NCR After Amul: Check New Prices HERE)

    HDFC bank has announced that it will stop sending sms alerts for UPI transactions below Rs 100 starting from June 25. However, all UPI transactions will still generate email alerts for customers, as per HDFC’s Bank Communication. After June 25, customers will only receive text notifications for transactions above Rs 100 or when they receive more than Rs 500 via UPI, as stated by the bank.

  • From HDFC To IDFC: 4 Important Credit Card Changes You Need To Know | Personal Finance News

    New Delhi: In May 2024, several banks and card issuers updated their credit card fees, charges and rules. The top banks making these changes include Bank of Baroda, Swiggy HDFC Bank Credit Card, Yes Bank and HDFC Bank. It’s important for credit card customers to stay informed about these updates and follow the revised fees and guidelines set by their bank or credit card company.

    1. Bank of Baroda

    Bank of Baroda is increasing the late payment fees for credit cards starting from June 26. If customers miss a payment or pay less than the amount due they’ll have to face higher late fees. Further, the interest rate on unpaid dues will rise from 3.49 per cent i.e 41.88 per cent annually to 3.57 per cent per month i.e 45 per cent annually. (Also Read: HDFC Bank To Stop SMS Alerts For Small UPI Transactions Starting From THIS Date: Find Out Why)

    2. Swiggy HDFC Bank Credit Card

    There will be a significant change from June 21 in how this bank handles cashback. Instead of cashback appearing as Swiggy Money on its app it will be directly reflected on your credit card statement. This means the cashback will reduce your statement balance for the next month. The cashback will continue to show up on your Awiggy app as usual until June 20. (Also Read: PAN-Aadhaar Linking Update: Link PAN With Aadhaar Card Online Before May 31 And Avoid Higher TDS Deductions; I-T Dept Issues Notification)

    3. Yes Bank

    There have been several updates made by YES Bank to its credit cards except for the ‘private’ credit card type. These changes primarily affect the fuel fee category on some cards. The way spending levels are calculated for waiving annual and joining fees has been modified. Further, there is also a new extra fee utility transactions.

    4. IDFC Bank

    IDBC First Bank will be adding a utility bill surcharge for its credit card customers. If your total utility bill payments exceed Rs 20,000 in a single billing cycle you will be charged 1 percent fee plus GST. However, the FIRST Private Credit Card, LIC Classic Credit Card, and LIC Select Credit Card are exempt from this surcharge.

  • HDFC Bank Customers Alert! UPI, Net Banking, And Mobile Banking Services Will Be Down On THIS Date & Time- Details Inside | Personal Finance News

    New Delhi: HDFC Bank customers would not be able to access several banking services early on Saturday, May 25. Due to scheduled maintenance, net banking, mobile banking and UPI will be unavailable from 3:30 am to 6:30 am, as stated on the bank’s website.

    HDFC Bank has informed its customers via SMS: “Scheduled Maintenance: Some transactions on HDFC Bank NetBanking and MobileBanking App will be unavailable on May 25, from 3:30 AM to 6:30 AM.”

    What banking services will be unavailable?

    The HDFC Bank website states that accounts, deposits, fund transfers (NEFT, IMPS, RTGS, and within bank transfers), online payments, and certain other transactions will be unavailable from 3:30 AM to 6:30 AM on May 25, 2024. (Also Read: Adani Enterprises Stock Recovers $30 Billion Following Hindenburg Report)

    Will UPI work during these hours?

    No, During this period customers will also be unable to make payments via UPI. (Also Read: Sensex, Nifty Close Flat After Touching All-Time High)

    HDFC Bank customers can utilize the bank’s ChatBanking service to learn more about the services affected by the scheduled maintenance of the bank’s platforms.

    What is HDFC ChatBanking service?

    HDFC Bank ChatBanking is a WhatsApp-based chat service allowing customers to access over 200 services and transactions 24/7. HDFC Bank’s ChatBanking service on WhatsApp is fully secure with end-to-end encryption.

    How to register for HDFC Bank’s ChatBanking service?

    To register for HDFC Bank ChatBanking simply save the number 7070022222 in your contacts. Then, send “Hi” or “Register” via WhatsApp from your bank-registered mobile number to 7070022222. You’ll receive guidance through the registration process. The bank has provided some frequently asked questions (FAQs) for customers regarding the ChatBanking service.

  • India’s Top Cashback Credit Cards For 2024: Check Annual Charge, Joining Fee, And Benefits | Personal Finance News

    New Delhi: If you’ve been wondering how to save on everyday expenses, cashback credit cards might be the solution you’ve been looking for. Known for their simplicity and effectiveness, these cards offer a straightforward benefit to your spending. Using a credit card can give you cashback, meaning you get back some money from your purchases.

    But not all cashback cards are the same. Some give you a set percentage back on everything you buy, while others offer more cashback on certain types of purchases. (Also Read: Latest HDFC Bank FD Rates 2024: How Much Return Will You Get From Fixed Deposit? Check Here)

    With the right credit card, you can earn money back on the things you buy the most, like groceries or online shopping. To help you choose the best option, here’s a list of the top cashback credit cards in India: (Also Read: Latest SBI FD Rates 2024: How Much Return Will You Get From Fixed Deposit? Check Here)

    Best Cashback Credit Cards In India For February 2024:

    Cashback SBI Card: Annual Charge

    The joining fee is Rs 999 and the same for the annual/renewal fee.

    Cashback SBI Card: Benefits

    5 percent cashback on all online spending and 1 percent cashback on all offline spending.

    Axis Ace Credit Card: Annual Charge

    The joining fee and annual/renewal fee are both Rs 499.

    Axis Ace Credit Card: Benefits

    5 percent cashback on utility bill payments and recharges via Google Pay, and 4 percent cashback on Swiggy, Zomato, and Ola.

    Flipkart Axis Bank Credit Card: Annual Charge

    The joining fee and annual/renewal fee are Rs 500 each.

    Flipkart Axis Bank Credit Card: Benefits

    5 percent unlimited cashback on Flipkart purchases and 4 percent cashback on partner merchants like Swiggy, PVR, etc.

    Amazon Pay ICICI Credit Card: Annual Charge

    No joining fee or annual/renewal fee.

    Amazon Pay ICICI Credit Card: Benefits

    Up to 5 percent cashback on Amazon purchases and 1 percent cashback on all offline spends.

    HDFC Millennia Credit Card: Annual Charge

    The joining fee and annual/renewal fee are Rs 1000 each.

    HDFC Millennia Credit Card: Benefits

    5 percent cash back on major online brand spends and 1 percent cash back on other spends.

    Airtel Axis Bank Credit Card: Annual Charge

    The joining fee and annual/renewal fee are Rs 500 each.

    Airtel Axis Bank Credit Card: Benefits

    Up to 25 percent cashback on transactions at the Airtel Thanks app.

    Standard Chartered Smart Credit Card: Annual Charge

    The joining fee and annual/renewal fee are Rs 499 each.

    Standard Chartered Smart Credit Card: Benefits

    2X cashback on online spending and low interest of 0.99 percent per month on credit card EMIs.

    Swiggy HDFC Bank Credit Card: Annual Charge

    The joining fee and annual/renewal fee are Rs 500 each.

    Swiggy HDFC Bank Credit Card: Benefits

    10 percent cashback on Swiggy food orders, Instamart, Dineout & Genie, and 5 percent cashback on online spending.