Latest News on HDFC Bank
Outshining ICICI Bank and Axis Bank, HDFC Bank’s interest rates are the lowest – See the latest rates from India’s top private lender – Personal Finance
HDFC Bank, India’s second-largest bank by assets, has reduced its interest rate on savings accounts by 25 basis points to 2.75%. This reduction is effective from April 12 and applies to savings accounts with balances less than Rs 50 lakh, earning an interest rate of 2.75% per annum. Accounts with balances over Rs 50 lakh will earn an interest rate of 3.25% per annum. This move comes after the Reserve Bank of India (RBI) announced a second consecutive benchmark repo rate cut, which has shifted its monetary policy stance from Neutral to Accommodative.
The reduction in HDFC Bank’s interest rate brings it closer to public sector lenders like State Bank of India and Punjab National Bank, which offer a minimum interest rate of 2.70% on savings account deposits since 2022. HDFC Bank’s interest rate is now on par with Bank of Baroda, which offers an interest rate of 2.75% on deposits up to Rs 50 crore.
In comparison, HDFC Bank’s peers, ICICI Bank and Axis Bank, are currently offering a minimum interest rate of 3% on balances below Rs 50 lakhs. The reduction in HDFC Bank’s interest rate is likely a response to the changing economic environment and the RBI’s move to prioritize growth over inflation control.
Widespread disruption: India’s UPI transaction system crashes, leaving users unable to access multiple apps and services nationwide | Top News Stories
A major outage affected several UPI (Unified Payments Interface) apps on Saturday, preventing users from sending and receiving money. According to data from Downdetector, a website that tracks app outages, over 2,300 reports of UPI issues were submitted around 1 PM. Google Pay, Paytm, and various banks were among the apps affected. The outage caused significant inconvenience to users across India, marking the third major UPI outage in the past 30 days.
The most affected banks included State Bank of India (SBI), HDFC Bank, Axis Bank, Bank of India, Indian Bank, ICICI Bank, Kotak Mahindra Bank, Bank of Baroda, Federal Bank of India, IDBI Bank, Yes Bank, IndusInd Bank, and IDFC Bank. Many users reported issues with mobile banking, online banking, fund transfers, and bill payments.
While the outage was widespread, no single issue dominated the reports. Some users reported payment failures, while others experienced problems with transactions, mobile banking, and online banking. The exact cause of the outage is not clear, but it highlights the importance of reliable payment systems and the need for banks and fintech companies to prioritize user experience.
The recent outage serves as a reminder that technology can fail, and it is essential to have backup plans and redundancy measures in place to minimize the impact of outages. In the meantime, affected users are advised to monitor the situation and wait for further updates from their banks and fintech companies.
Keki Mistry urges investors to lock in long-term gains, touting India’s resilient story as a prime opportunity
Despite the relief emanating from the US’s decision to withhold tariffs, veteran banker Keki Mistry believes that India’s economy remains strong and robust. Mistry, who sits on the boards of several leading institutions, including HDFC Bank, believes that the impact of trade tariffs on India would be minimal due to the country’s relatively small export sector. He notes that exports to the US account for only 17% of India’s total exports, which means that the direct impact on India’s GDP would be limited to 40-50 basis points.
Mistry further argues that the fear surrounding trade tariffs has been “overblown” and that India’s economy should be evaluated on a relative basis, rather than in isolation. He points out that India’s GDP is comprised of multiple sectors, including services, manufacturing, and agriculture, and that the exports component is relatively small. Additionally, he cites the decline in oil prices as a positive factor, which would offset some of the potential negative impact of tariffs. He also notes that the Reserve Bank of India (RBI) has infused liquidity into the system, which would add further to India’s economic growth.
Mistry believes that long-term investors should view the current market volatility as a buying opportunity, as the tariffs are a short-term issue. He estimates that the net impact of tariffs on India’s GDP would be around 25-30 basis points, which is a manageable level. Overall, Mistry’s assessment is that India’s economy remains strong and resilient, and that the concerns surrounding trade tariffs have been exaggerated.
HDFC Securities Unveils cutting-edge F&O Analytics Platform on HDFC Sky, Empowering Investors with Enhanced Market Insights
HDFC Securities has introduced a comprehensive Futures and Options (F&O) Dashboard on its discount broking platform HDFC Sky. The new feature is designed to empower investors with advanced tools and actionable insights to make informed decisions in the derivatives market. The F&O Dashboard integrates cutting-edge analytics with one-click execution capabilities, catering to both new and experienced investors.
The dashboard offers a suite of powerful tools, including Smart Option Chain for in-depth analysis of options contracts, Smart Future Chain for a consolidated view of all available future contracts, and FII/DII Activity Tracker for insights into institutional buying and selling trends. Traders can also leverage features like Basket Order for strategy execution, Quick Options for pre-built trades, and Trade with Heatmap for visual representation of market breadth.
The Advanced F&O Dashboard also provides access to expert professional recommendations, Forecast View & Level Option Strategy for pre-designed strategies based on user-defined views or price levels. With this dashboard, investors can enhance their market analysis, save time with one-click multi-leg strategy implementation, and access comprehensive market coverage across indices, options, and futures.
The development process involved extensive research, design iterations, and rigorous testing to ensure a seamless user experience that adds tangible value to traders’ decision-making processes. HDFC Sky has continued to innovate in the discount broking space with this new feature, marking another milestone in its journey to provide investors with best-in-class tools for navigating financial markets.
Overall, the new F&O Dashboard represents a significant milestone in HDFC Securities’ journey to empower Indian investors with institutional-grade tools and enhance their trading experience. The company remains committed to enhancing its digital offerings to meet the evolving needs of India’s growing investor community.
HDFC Bank, ICICI Bank, Yes Bank, and IDFC First Bank Earnings: Check 2025 Q4 Results Announcement Dates at Goodreturns
Fourth Quarter Results Update for Top Indian Banks
The fourth quarter of the year is a crucial period for banks as they announce their earnings results. Here’s an update on key Indian banks that are set to release their quarterly results:
HDFC Bank:
- Fourth Quarter Results Date: Date not specified
- Previous Year’s Result: HDFC Bank had reported a net profit of ₹9,168 crores in the fourth quarter of the previous year
ICICI Bank:
- Fourth Quarter Results Date: Date not specified
- Previous Year’s Result: ICICI Bank reported a net profit of ₹5,213 crores in the fourth quarter of the previous year
Yes Bank:
- Fourth Quarter Results Date: Date not specified
- Previous Year’s Result: Yes Bank reported a net loss of ₹1,026 crores in the fourth quarter of the previous year
IDFC First Bank:
- Fourth Quarter Results Date: Date not specified
- Previous Year’s Result: IDFC First Bank reported a net profit of ₹382 crores in the fourth quarter of the previous year
The announced date of their earnings is not yet available, but the above information indicates expected results.
Stock Market Updates of ESAF Bank
Recent Updates
India’s central bank is expected to slash the repo rate on April 9, potentially driving home loan rates down to record lows of under 8%.
The Reserve Bank of India (RBI) is set to announce its first monetary policy for the financial year 2025-26 on April 9, with markets and economists expecting a repo rate reduction of at least 25 basis points. This could lead to a decrease in home loan interest rates, making it an opportune time for those considering a new loan or refinance. Currently, public sector lenders such as Central Bank of India, Union Bank of India, and Punjab National Bank offer interest rates ranging from 8.1% to 8.15% per annum.
Private sector banks like HDFC, Axis, and ICICI Bank have already reduced their interest rates on fresh home loans by 5-10 basis points between January and April. According to RBI rules, banks are required to review interest rates at least once every quarter, and new borrowers may see their rates going down in the coming days.
A 25-basis point repo rate cut could mean home loan interest rates dipping below 8% per annum. For instance, a Rs 50-lakh home loan with a 20-year tenure would attract an EMI of Rs 42,106 with an interest rate of 7.9% per annum, compared to the current EMI of Rs 42,290.
The article provides a breakdown of the cheapest home loans offered by Indian banks, with Central Bank of India and Union Bank of India offering the lowest interest rates at 8.1% per annum. Other public sector banks, such as Bank of India, Indian Overseas Bank, and Punjab National Bank, offer interest rates ranging from 8.15% to 8.25% per annum.
Private sector lenders like HDFC Bank, Axis Bank, and ICICI Bank offer interest rates ranging from 8.25% to 8.75% per annum. Housing finance companies like LIC Housing Finance, Bajaj Finserv, and PNB Housing Finance also offer competitive interest rates, with rates starting at 8.2% to 8.6% per annum.
HDFC Bank Lowers Fund-Based Lending Rates by 10 Basis Points, Effective Across All Tenures
HDFC Bank has reduced its marginal cost of fund-based lending rate (MCLR) by 10 basis points across various tenures, effective Monday. The revised MCLR range now stands at 9.10-9.35%. The one-year MCLR, which is commonly used for pricing corporate loans, has decreased to 9.30% from 9.40%. This indicates that the bank’s cost of fund has decreased over the past two months, since the Reserve Bank of India (RBI) announced its first policy rate cut in five years.
The reduction in MCLR comes two days before the RBI is scheduled to announce its monetary policy, during which it is expected to cut the repo rate by 25 basis points to 6.00%. HDFC Bank’s move is seen as a precursor to the expected rate cut, as the bank is passing on the benefit of lower costs to its customers.
The bank had previously hiked MCLR by 5 basis points on its overnight tenure on the same day as the RBI’s last rate cut in February. Last week, HDFC Bank discontinued its special deposit scheme, which offered higher rates for longer-term deposits. The bank is now offering 7% on these deposits.
The transmission of regulatory rate cuts is typically faster for repo-linked benchmark rates compared to MCLR-linked loans, which depend on banks’ costs. This means that the impact of the rate cut may be delayed for MCLR-linked loans, but HDFC Bank’s reduction in MCLR suggests that it is passing on the benefit of lower costs to its customers.
Invest just Rs 2 lakh in a PNB FD and watch your money grow to Rs 2,49,943
Punjab National Bank (PNB) is a government-owned bank that offers fixed deposit (FD) schemes to its customers. FDs are a type of savings scheme that provides a fixed and guaranteed rate of return on investment. PNB FD rates vary depending on the duration of the investment, ranging from 3.50% to 7.25% for general customers and 4.00% to 7.75% for senior citizens. For example, for a 3-year FD, general customers can earn an interest rate of 7.00%, while senior citizens can earn 7.50%.
One of the benefits of PNB FDs is that they offer guaranteed returns with no risk, making them a secure investment option. To illustrate this, if a general customer invests Rs 2 lakh in a 3-year FD, they can expect to receive Rs 2,46,287 at maturity, including Rs 46,287 in interest. For senior citizens, the interest earned would be Rs 49,943.
Recently, PNB updated its FD rates and introduced two new schemes for deposits under Rs 3 crore. The bank is offering a 7% annual return on a 303-day FD and a 6.7% return on a 506-day FD for general customers. These revised rates will take effect from January 1, 2025.
In comparison, HDFC, the largest private sector bank in India, has also updated its fixed deposit rates for bulk deposits (Rs 5 crore and above). The updated rates aim to provide improved returns for investors.
Overall, PNB FDs offer customers a fixed and guaranteed rate of return on investment, making them a secure and attractive option for those looking to save and grow their wealth.
A total of 41 MITHS students have been awarded HDDC Parivartan scholarships.
The Madanapalle Institute of Technology & Science (MITS) has achieved a significant milestone as 41 students from the institution have been selected for the Educational Crisis Scholarship Support (ECSS) under HDFC Bank’s Parivartan program. The merit-cum-need-based scholarships aim to support students in financial need, and the awardees have been announced with great fanfare.
Among the recipients, three MBA students received a scholarship of Rs 75,000 each, while 37 MCA students received Rs 35,000 each. One B Tech student received a scholarship of Rs 50,000. The students expressed their gratitude and pride at being selected for the prestigious scholarship.
The announcement was made by Principal Dr C Yuvaraj, who praised HDFC Bank for its efforts in supporting education through financial aid. The college’s Executive Director Keerthi Nadella, Vice-Principal Dr C Kamal Basha, Student Welfare Officers Dr Sameena and Moulali, and College Correspondent Dr N Vijaya Bhaskar Choudary also congratulated the awardees and commended HDFC Bank’s commitment to education.
The ECSS program is a key initiative of HDFC Bank’s Parivartan program, which aims to provide financial support to deserving students. The scholarship is designed to take into account both academic merit and financial need, ensuring that students who are struggling financially are not left behind.
The selection of 41 students from MITS for the ECSS program is a testament to the college’s commitment to academic excellence and social responsibility. The scholarship will go a long way in supporting the students’ educational pursuits, and the institution is proud to be associated with HDFC Bank’s Parivartan program.
Ahead of RBI’s monetary policy committee meeting, HDFC Bank, Yes Bank, and Punjab & Sind Bank have all cut their term deposit interest rates.
Several Indian banks, including HDFC Bank, Yes Bank, and Punjab & Sind Bank, have revised their fixed deposit (FD) interest rates ahead of the Reserve Bank of India’s (RBI) Monetary Policy Committee meeting next week. HDFC Bank has discontinued its Special Edition FD scheme and introduced revised rates effective April 1, 2025, while Yes Bank has lowered its FD rates by 25 basis points on select tenures. Punjab & Sind Bank has reduced rates across multiple tenures and discontinued select schemes.
HDFC Bank now offers FD interest rates between 3% and 7.25% for regular citizens, with the highest rate of 7.25% offered on tenures of 10 months to less than 21 months. For senior citizens, the interest rates vary between 3.5% and 7.75% for tenures ranging from 7 days to 10 years.
Yes Bank has reduced its FD interest rates by 25 basis points on select tenures, raising concerns about a possible trend of declining FD interest rates across the banking sector. The bank now offers FD interest rates between 3.25% and 7.75% for general citizens, with the highest rate of 7.75% offered on a tenure of 12 months to less than 24 months. For senior citizens, the bank offers interest rates between 3.75% and 8.25% per annum.
Punjab & Sind Bank has reduced its special fixed deposit interest rate and discontinued some tenures, with the deadline extended to June 30, 2025. The bank has discontinued 333 days and 555 days tenures, offering FD interest rates of 77.2% and 7.45%, respectively. The bank has reduced interest rates on other tenures, including 444 days, 777 days, and 999-day terms.
These interest rate reductions by HDFC Bank, Yes Bank, and Punjab & Sind Bank may impact savers who are considering investing in fixed deposits. It is essential for investors to consider their financial goals, risk tolerance, and time horizon before selecting a fixed deposit scheme. Additionally, investors should periodically review and adjust their investment portfolio to ensure it remains aligned with their financial goals.
Financial institutions show remarkable growth in fourth-quarter lending and deposits, according to latest banking and finance reports.
The four Indian banks, HDFC Bank, Bank of Baroda, Bank of India, and IDFC First Bank, have reported robust growth in advances and deposits for the fourth quarter of 2024-25. According to their provisional business updates, HDFC Bank’s deposits grew 14.1% year-on-year to ₹27.15 lakh crore, while its gross advances rose 5.4% YoY to ₹26.43 lakh crore. The bank’s CASA deposits, which are current and savings accounts, achieved a growth of around 3.9% over the year-ago period.
Bank of Baroda’s domestic deposits increased by 9.28% to Rs 12.42 lakh crore, while domestic advances gained 13.7% to Rs 10.21 lakh crore. The lender’s global business grew 11.44% in the quarter under review to Rs 27.03 lakh crore.
Bank of India reported a growth in domestic deposits to Rs 7 lakh crore, from Rs 6.8 lakh crore in the previous quarter. Global deposits also rose to Rs 8.2 lakh crore, compared with Rs 7.9 lakh crore in the previous quarter. The bank’s global business grew to Rs 14.8 lakh crore, from Rs 14.5 lakh crore in the December quarter. Its global gross advances increased to Rs 6.7 lakh crore, up from Rs 6.5 lakh crore in the previous quarter.
IDFC First Bank’s loans and advances witnessed a significant increase of 20.3% to Rs 2.41 lakh crore. Deposits also grew 25.2% to Rs 2.42 lakh crore. The strong growth in advances and deposits indicates a positive trajectory for these banks in the coming years.
SEBI sends stern warning to HDFC Bank for flouting regulations in its custody operations
HDFC Bank, a private sector lender, has disclosed that it has received an administrative warning letter from the Securities and Exchange Board of India (SEBI) for alleged non-compliance with regulatory guidelines in its custody-related operations. The warning letter was issued after an inspection of the bank’s custody activities, which identified certain lapses in compliance with SEBI’s (Custodian) Regulations, 1996. The bank has clarified that the warning has no financial or operational impact on its activities, and that it will take necessary corrective measures to rectify the identified lapses.
According to the bank’s regulatory filing, the SEBI letter flagged non-compliance with certain regulatory guidelines applicable to custodians. However, the bank has assured that the warning has no impact on its financials, operations, or other measurable aspects. To rectify the identified lapses, the bank will take necessary steps to ensure compliance with regulatory guidelines.
The development is a reminder of the importance of regulatory compliance in the financial services industry. As a leading bank in India, HDFC Bank’s compliance with regulatory guidelines is critical to maintaining public trust and ensuring the integrity of the financial system. The bank’s prompt disclosure of the warning letter and its commitment to correcting the identified lapses demonstrate its commitment to regulatory compliance and transparency.
HDFC Bank discontinues its special edition deposit offering, instead launching a new FD option with an industry-leading interest rate of 7.75%, previously 7.90%
HDFC Bank has discontinued its special edition Fixed Deposit (FD) offering, which provided investors with an opportunity to maximize their savings with stable and guaranteed returns. The last date to invest in the Special Edition FD was March 31, 2025. With the discontinuation of the scheme, HDFC Bank has revised its FD interest rates, effective April 1, 2025.
The revised interest rates for regular citizens range from 3% to 7.25% for tenures ranging from 7 days to 10 years for amounts less than Rs 3 crore. The highest interest rate of 7.25% is offered on a tenure of 10 months to less than 21 months. For senior citizens, the interest rate varies between 3.5% to 7.75% for the same tenures and amounts.
Notably, Yes Bank has reduced its fixed deposit interest rates by 25 basis points (0.25%) on select tenures, which may indicate a trend of declining FD interest rates across the banking sector. Thus, it is crucial for investors to stay informed about changes in FD interest rates and make informed decisions accordingly.
Investors should also be aware that longer FD tenures can offer higher interest rates, such as a 35-month tenure offering an annual interest rate of 7.35% for regular investors and 7.85% for senior citizens. A 55-month tenure (4 years, 7 months) offers a higher interest rate compared to a 35-month tenure, with regular depositors earning 7.40% per annum and senior citizens earning 7.90% per annum.
AU Bank scores a windfall, securing ₹770 crore through the sale of tier-II bonds.
AU Small Finance Bank has successfully raised ₹770 crore through the sale of tier-II bonds, with an annual coupon of 9.20%. The funding, which saw investments from reputable entities such as HDFC Bank, Nippon India Mutual Fund, insurance companies, and pension funds, is expected to boost the bank’s capital adequacy ratio by approximately 1% to 19.9%.
The proceeds from the bond issue will be used to fuel the bank’s future growth, enabling the bank to extend its digitally powered banking products and services across the country. According to AU Bank’s managing director, Sanjay Agarwal, the fundraising will be instrumental in boosting the bank’s growth trajectory and supporting its expansion plans.
As of the third quarter, the bank’s total loan portfolio stood at ₹1.09 lakh crore, while its deposit base stood at ₹1.12 lakh crore. The successful bond issuance is a testament to the bank’s financial stability and its ability to attract reputable investors.
The injection of funds is expected to have a positive impact on the bank’s operations, enabling it to expand its offerings, improve its services, and increase its geographical footprint. The bank’s commitment to leveraging technology to drive its business is also likely to receive a boost, as it looks to further digitize its operations and offerings.
Overall, AU Small Finance Bank’s successful bond issuance is a significant milestone in its growth journey, and the bank is well-positioned to continue its rapid expansion and growth.
Tight liquidity tests HDFC Bank’s mettle, even with the backing of Nippon Anchor.
AU Small Finance Bank (AU SFB) has successfully raised ₹770 crore through the issuance of Tier-II bonds at a 9.20% coupon rate, led by HDFC Bank and Nippon India Mutual Fund. This is one of the largest Tier-II bond issuances by a small finance bank in India. The transaction, executed on the final working day of FY 2024-25, signals strong investor appetite in India’s small finance bank sector, particularly amid a tight liquidity cycle.
The issuance received robust interest from qualified institutional buyers (QIBs), with anchor investors HDFC Bank and Nippon India Mutual Fund supporting the transaction. The bond issue was oversubscribed nearly 2X, with AU SFB ultimately accepting ₹770 crore in bids. This funding will enhance the bank’s capital adequacy ratio, building on its already strong capital position.
The successful issuance reflects investor trust in AU SFB’s banking franchise and the strength of its capital planning. The bank’s leadership believes that this transaction will power its expansion plans and support its digitally led banking services across India. AU SFB’s CEO, Sanjay Agarwal, expressed gratitude to investors for their continued faith in the bank and acknowledged HDFC Bank’s support.
This capital infusion marks a significant milestone in AU SFB’s strategic capital planning, following its last capital raise in August 2022. The bank has now mobilized over ₹1,200 crore in Tier-II capital in less than three years, enabling it to continue expanding its footprint in underserved and semi-urban markets. With this capital, AU SFB is well-positioned to further its vision of inclusive, technology-driven financial services in India.
AU Small Finance Bank Successfully Completes Impressive ₹770 Crore Tier-II Bond Issue Amidst Challenging Liquidity Conditions
AU Small Finance Bank (AU SFB), India’s largest small finance bank, has successfully completed a capital raise of ₹770 crores through the issuance of Tier-II bonds at a coupon of 9.20%. This fund raise is expected to increase the capital adequacy ratio of the bank by nearly 1%. The bank’s overall capital adequacy ratio stood at 19.9% as of Q3’FY25, including interim profits for 9M’FY25.
The capital raise saw strong participation from Qualified Institutional Buyers (QIBs), including mutual funds, insurance companies, and pension funds. HDFC Bank was the lead manager for the issue and was also the anchor investor, along with Nippon India Mutual Fund. The issuance received an overwhelming response, with subscription of approximately twice the base issue.
The bonds issued have a 10-year maturity, with a call option exercisable after 5 years from the date of issuance. The issue is rated ‘AA/Stable’ by ICRA & CARE. AU SFB’s Founder, MD, and CEO, Sanjay Agarwal, expressed his gratitude to investors for their faith in the bank and its long-term partner HDFC Bank.
The successful completion of this capital raise is a testament to the strength of AU SFB’s banking franchise and the confidence of its investors. The issue proceeds will boost the bank’s future growth trajectory and enable it to extend its digitally powered banking products and services across the country. AU SFB has a history of evaluating its capital position as per its business growth plans and had last done a capital raise in August 2022 for a total capital of ₹2,500 crores.
AU Small Finance Bank secures a funding boost of Rs 770 crore from a consortium of investors, led by HDFC Bank.
AU Small Finance Bank has successfully raised Rs 770 crore by issuing tier-II bonds at a coupon of 9.20% per annum. The bond issue was subscribed by a range of investors, including HDFC Bank, Nippon India Mutual Fund, and other insurance companies and pension funds. The net proceeds from the issue are expected to increase the bank’s capital adequacy ratio by approximately 1%, from 19.9% at the end of December last year.
According to Sanjay Agarwal, Managing Director of AU Bank, the issue proceeds will accelerate the bank’s growth trajectory and enable it to extend its digitally powered banking products and services across the country. At the end of the third quarter, the bank’s total loan portfolio stood at Rs 1.09 lakh crore, while its deposit base was Rs 1.12 lakh crore.
The successful bond issue is a significant milestone for AU Small Finance Bank, which has been expanding rapidly in recent years. The bank’s small size and limited capital base had previously restricted its growth. However, with this capital raise, the bank is now poised for further expansion, leveraging its already strong deposit base and lending platform.
AU Bank’s tier-II bond issue is also a testament to the bank’s ability to attract a diverse range of investors, including prominent financial institutions and insurance companies. This demonstrates the bank’s credibility and attractiveness to institutional investors, which is likely to have a positive impact on its reputation and growth prospects.
Overall, the successful bond issue is a significant step forward for AU Small Finance Bank, providing the necessary capital to support its future growth and expansion plans.
Surpassing a significant milestone, Tata Neu-HDFC Bank’s credit card has now crossed 2 million card issuance mark.
Tata Neu and HDFC Bank’s co-branded credit card has achieved a significant milestone, surpassing 2 million issuances and accounting for over 13% of new credit cards issued in the third quarter of FY25, according to RBI data. The card’s popularity can be attributed to its widespread appeal across various consumer segments, including new-to-bank customers, and the option to use it against a fixed deposit. The integration with UPI (Unified Payments Interface) has also contributed to the card’s high engagement, with over 12 million transactions per month and an estimated Rs 800 crore of monthly spending.
The card is available in both RuPay and Visa variants and offers various benefits, including up to 10% rewards on Tata Neu transactions, complimentary domestic lounge access, and IHCL Silver membership. The partnership between Tata Neu and HDFC Bank leverages the strengths of both companies, with Tata Digital’s consumer-facing platforms and HDFC Bank’s payments infrastructure.
Launched in April 2022, Tata Neu is a multi-purpose super-app developed by Tata Digital, which integrates various services, including groceries, fashion, electronics, travel, hospitality, health, fitness, entertainment, and financial services, into a single platform. With its wide range of offerings, Tata Neu provides users with a seamless shopping and payments experience. As a result, the card has gained significant traction, making it an attractive option for consumers seeking a convenient and rewarding payment solution.
RBI Hands Down Heavy Fines: HDFC Bank Slapped with Rs 75 Lakh Penalty for KYC Norms Non-Compliance, Punjab & Sindh Bank Gets Rs 68.20 Lakh Fine
The Reserve Bank of India (RBI) has imposed penalties on several banks, including HDFC Bank, Punjab and Sind Bank, for non-compliance with Know Your Customer (KYC) norms. HDFC Bank has been slapped a penalty of Rs 75 lakh by the RBI, while Punjab and Sind Bank has been fined Rs 68.20 lakh.
The RBI inspections revealed that HDFC Bank had failed to maintain a proper record of changes made to the KYC of its customers, and had also not properly verified the identity of its customers. The bank also failed to update the KYC records of its customers and did not maintain a central repository of customer data.
On the other hand, Punjab and Sind Bank was found to be lacking in implementing the RBI’s guidelines on KYC. The bank had failed to verify the identity of its customers and did not maintain a comprehensive and updated database of its customers.
The RBI has taken this action to ensure that banks maintain high standards of compliance with regulations and follow proper procedures to ensure the security and integrity of their customers’ data. The central bank has also issued a warning to the two banks to take corrective action and ensure that they comply with the KYC norms.
This development is a significant one, as it highlights the importance of maintaining high standards of compliance and integrity in the banking sector. The RBI is taking a strong stance to ensure that banks meet the required standards and do not compromise on customer data security and integrity.
It is also a reminder to other banks to follow the guidelines and regulations set by the RBI and to ensure that they maintain the highest standards of compliance and integrity. The penalties imposed on HDFC Bank and Punjab and Sind Bank serve as a deterrent to other banks to maintain the necessary standards and avoid similar consequences.
The development has important implications for the banking sector as a whole, as it signifies that the RBI is committed to ensuring that banks maintain strong controls and processes to safeguard customer data and protect the financial system from potential risks.
Join us on World Water Day as HDFC Bank Parivartan spotlights innovative water conservation efforts with Water Wonders, empowering a sustainable future for all
HDFC Bank’s CSR initiative, Parivartan, is marking World Water Day with a digital campaign #WaterWonders, highlighting the importance of water conservation and innovative measures to address water scarcity. The bank is committed to improving water conservation through initiatives such as watershed development, rainwater harvesting, and efficient irrigation systems. Through its community-based projects, Parivartan has constructed over 14,360 water conservation structures across 20 states in India, enhancing water availability and improving agricultural productivity and livelihoods.
One of the notable projects is the adoption of ice stupas, artificial glaciers that work by diverting stream water into cone-shaped structures that melt during the spring, providing a steady supply of water for agriculture. HDFC Bank has partnered to scale up ice stupa projects in Ladakh, a region facing severe water shortages due to climate change. The projects are designed to address the region’s specific challenges, with automation technology now being integrated to regulate water flow, optimize ice formation, and monitor weather patterns in real-time.
The bank has supported the construction of four new ice stupas in Ladakh, serving seven villages and having a storage capacity of over 20 million liters of water. In total, seven stupas have been supported by HDFC Bank through its implementation partners. Nusrat Pathan, Head of CSR at HDFC Bank, said, “The ice stupas have proven to be an effective solution for water management in Ladakh, providing a reliable water source and helping communities cope with the effects of climate change.” The bank is committed to supporting innovative solutions that address climate challenges and water scarcity, blending traditional wisdom with modern sustainability practices, as part of its Parivartan initiative.
Can ICICI’s sleek Emerald Private Metal card dethrone HDFC Infinia’s dominance in the credit card market?
ICICI Bank has introduced a new rewards platform called iShop, which offers accelerated rewards on multiple categories, including flights, hotels, and vouchers. The platform offers 6x rewards on flights, 12x on hotels, and 6x on vouchers, making it more competitive in the premium segment. The bank’s super-premium Emerald Private Metal credit card is at the top, offering up to 36% returns on hotel bookings and 18% on flights, one of the most lucrative reward structures in the market.
According to credit card consultant Aly Hajiani, ICICI Bank has done it better than others, with higher accelerated reward rates. HDFC’s Infinia, while a dominant force, offers lower monthly caps and lower return rates than ICICI’s Emerald Private Metal. ICICI’s iShop platform is scalable, with flexibility across premium cards, making it a game-changer.
The iShop platform offers accelerated rewards across categories, with cardholders earning 6 points for every 200 rupees spent, and up to 90% of points can be used to book hotels. However, the redemption value of iCash is capped at 1 rupee per point. The maximum accelerated rewards are capped at 18,000 points per month for Emerald Private Metal and 15,000 points for Times Black.
While ICICI has made some progress, credit card advisors are cautious, suggesting not to switch from HDFC’s Infinia just yet. With Core indicators such as sustainable rewards, transfer partners, and a seamless user experience, ICICI needs to continue to innovate to maintain its competitive edge.
As the lucrative bank IPO market of the past decade saw IDFC First, Bandhan, RBL, Ujjivan, and Suryoday venture forth, the quest for the next HDFC Bank giant proves to be a reverse, with none managing to replicate its spectacular success.
The article highlights the struggles of banking stocks, particularly private banks that listed in the last decade. Despite being seen as having growth potential, many of these banks have underperformed the market, leading to significant losses for investors who tried to identify the “next HDFC Bank”. Out of 13 private bank IPOs in the last decade, only 2 have posted positive returns since their IPO, and none have beaten the index. Even larger banks, such as Federal Bank, have only managed to keep pace with the Nifty Bank index, with a CAGR of 10%.
The article suggests that “fortune favors scale”, implying that larger banks are more likely to perform well over the long-term. This is reflected in the Nifty Bank index, where the top 5 constituents (HDFC Bank, SBI, ICICI Bank, Axis Bank, and Kotak Mahindra Bank) account for 86.5% of the combined market capitalization of all Nifty Bank constituents, up from 17.5% in 2015.
The article concludes that investors would be better off buying the index rather than trying to pick individual stocks in the banking sector. This is a decade-long lesson learned, with many investors having lost money trying to identify the next high-performing bank. As legendary investor John Bogle once said, “Don’t look for a needle in the haystack. Just buy the haystack.” This piece of advice may be particularly relevant for long-term investors who are not sure how to pick stocks in the banking sector.
HDFC Bank Introduces the Embassy Fixed Deposit Scheme: Who’s Eligible, Interest Rates, and Key Details – MSN
HDFC Bank, one of India’s leading private sector banks, has introduced the Embassy Fixed Deposit (FD) scheme, a new investment option for its customers. The scheme is designed to provide a fixed return with a guaranteed interest rate, making it an attractive option for those looking for a low-risk investment.
Eligibility:
The Embassy Fixed Deposit is open to individual customers of HDFC Bank, including minors above 18 years of age, who have a savings or current account with the bank. The scheme is also available to HUFs, Partnership Firms, and Companies that have a current or savings account with HDFC Bank.
Interest Rates:
The interest rates for the Embassy Fixed Deposit vary depending on the tenor (duration) of the deposit. The rates range from 2.50% to 5.50% per annum. Here are some examples:
- 7 days to 14 days: 2.50% per annum
- 15 days to 1 year: 3.00% per annum
- 1 year to 2 years: 3.50% per annum
- 2 years to 3 years: 4.00% per annum
- 3 years to 5 years: 4.50% per annum
- 5 years to 10 years: 5.50% per annum
Key Features:
- Low-risk investment option with guaranteed returns
- High-yielding interest rates compared to other savings instruments
- Flexibility to choose from various tenors
- Can be opened in a single name or jointly
- Interest can be paid quarterly, yearly, or compounded
- Premature withdrawal allowed with a penalty
Documents Required:
To open an Embassy Fixed Deposit, customers need to submit the following documents:
- Proof of address (like a utility bill, lease agreement, or a copy of the electricity bill)
- Proof of identity (like a passport, driver’s license, or a PAN card)
- A cancelled cheque or a cheque book leaf
- Other documents as required by the bank
Overall, HDFC Bank’s Embassy Fixed Deposit offers a low-risk investment option for customers looking for a guaranteed return. With a range of interest rates and tenors to choose from, it is an attractive option for individuals, HUFs, and companies looking to park their surplus funds.
With the launch of our latest banking innovation, customers can now seamlessly deposit funds for Senior Citizen Savings Schemes (SCSS) and benefit from our new facility!
The Senior Citizen Savings Scheme is a government-run savings scheme that offers a 8.2% annual return to its investors. HDFC Bank, one of the largest private banks in India, has recently started working as an agency bank for the government, allowing its customers to open Senior Citizen Savings Scheme accounts at its branches. The scheme is available to senior citizens above 60 years of age, as well as civilian employees who have retired or are above 55 years of age. Even defense service employees can open an account at the age of 50.
The scheme offers several benefits, including tax deduction under Section 80C of the Income Tax Act and a lock-in period of five years. However, the interest rates may vary and can be extended for three years. The scheme is also available at other banks selected by the Reserve Bank of India, including Andhra Bank, Allahabad Bank, and State Bank of India, among others.
HDFC Bank’s decision to work as an agency bank for the government has made it easier for its customers to invest in the Senior Citizen Savings Scheme. The bank’s customers can apply for the scheme by visiting any of its branches. The interest rate of 8.2% per annum has been determined by the Central Government and will be applicable from April 1, 2024, to March 31, 2025. Overall, the Senior Citizen Savings Scheme provides a safe and secure way for senior citizens and retired employees to protect their savings and earn a decent return.
Axis is exploring alternative options after experiencing ongoing service difficulties with its current ATM provider.
Axis Bank is in talks to acquire 3,500-4,000 of its automated teller machines (ATMs) currently managed by struggling service provider AGS Transact Technologies. The bank is looking to transfer the machines to a new service provider due to concerns over deteriorating service quality. Under the current agreement, Axis Bank and AGS Transact have a “Brown Label ATM” arrangement, where the service provider manages the entire ATM lifecycle, including maintenance and cash management, while the bank’s branding appears on the machines.
The acquisition would involve a comprehensive audit of the ATMs to determine the purchase price, which would be based on factors including depreciation, maintenance, and upgrade costs. Axis Bank has already started discussing the deal with other ATM service providers, but will need to wait for the buyout to be completed before making the transition.
The move comes after a recent ET report highlighted the financial troubles of AGS Transact, which has impacted over 38,000 ATMs of major banks, including State Bank of India, ICICI Bank, and HDFC Bank. AGS Transact’s financial woes have led to the migration of over 50% of its machines to other network providers, and the company is struggling to pay its debts, which stand at over ₹726 crore. Credit rating agencies have downgraded the company’s ratings, citing a high risk of debt default. Despite these challenges, 80-85% of Axis Bank’s ATMs continue to function smoothly, with the bank operating over 15,000 ATMs and cash recyclers across the country.
Senior Citizens’ FD Offer: Take advantage of 9.10% interest rates on Fixed Deposits from these top banks, find out more details here!
Fixed Deposits (FDs) have been a popular investment option in India for many years, particularly among senior citizens. This is because FDs are considered to be a safe and secure way to invest, with a high return on investment. Senior citizens can earn higher interest rates than normal citizens, typically around 0.5% more, making it an attractive option for those looking to generate a steady income post-retirement.
Banks and non-banking financial companies (NBFCs) offer FDs with interest rates ranging from 2.50% to 9.10% for a period of 7 days to 10 years. Many private banks offer interest rates up to 7%, while some NBFCs offer 9% interest on FDs. This makes FDs a lucrative option for those seeking a high return on investment.
Top banks and NBFCs in India offer FD rates as follows:
* Public Sector Banks: Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, State Bank of India, and Union Bank of India offer interest rates ranging from 7.75% to 7.95%.
* Private Sector Banks: Axis Bank, Bandhan Bank, DBS Bank, HDFC Bank, ICICI Bank, and Yes Bank offer interest rates ranging from 7.75% to 8.25%.
* Small Finance Banks: AU Small Finance Bank, Jan Small Finance Bank, North East Small Finance Bank, Unity Small Finance Bank, and Utkarsh Small Finance Bank offer interest rates ranging from 8.40% to 9.10%.
FDs provide several benefits to senior citizens, including the option to withdraw the full or partial amount before maturity, as well as the option to renew the FD once it matures. Additionally, the Deposit Insurance and Credit Guarantee Corporation (DICGC) provides insurance coverage up to Rs 5 lakh on deposits with participating banks. With a minimum investment requirement as low as Rs 100, FDs are an accessible and secure investment option for senior citizens.
Which alternative offers the most favorable interest rate?
When considering a personal loan, it’s essential to compare rates from different banks to find the most affordable option. In this comparison, we’re looking at the personal loan offerings from State Bank of India (SBI) and HDFC Bank. SBI is currently offering an interest rate of 10.30% on personal loans, while HDFC Bank offers 10.90%.
Using a loan amount of Rs 8 lakh and a 5-year repayment period, we can calculate the total interest and total amount to be repaid. For SBI, the monthly EMI would be Rs 17,116, with a total interest payment of Rs 2,26,958 and a total amount to be repaid of Rs 10,26,958. In contrast, HDFC Bank would require a monthly EMI of Rs 17,354, with a total interest payment of Rs 2,32,240 and a total amount to be repaid of Rs 10,32,240.
Comparing the two, SBI’s interest rate of 10.30% is slightly lower than HDFC’s 10.90%. This means that SBI’s EMI would be lower, with a difference of Rs 238 between the two. This translates to paying Rs 238 more per month for a loan from HDFC. Based on these calculations, SBI’s personal loan plan appears to be the more affordable option. However, it’s essential to remember to review and compare the terms and conditions of each loan before making a final decision.
Compare Fixed Deposits: PNB’s 5-Year FD vs HDFC Bank’s 5-Year FD – A 5-year investment of ₹25 lakh: How much can you expect to earn in returns?
When considering a five-year fixed deposit (FD) for investment, Punjab National Bank (PNB) and HDFC Bank are two popular options. Here’s a comparison of their 5-year FD returns for an investment of Rs 25 lakh.
PNB offers FD interest rates ranging from 3.50% to 7.25% per annum for the general public and 4.00% to 7.75% for senior citizens. For a 5-year tenure, PNB offers an interest rate of 6.50% per annum, resulting in an estimated return of approximately Rs 9,51,050. The total value of the FD after maturity would be Rs 34,51,050.
HDFC Bank, on the other hand, provides FD interest rates between 3.00% and 7.40% per annum for the general public, and 3.50% to 7.90% for senior citizens. For a 5-year tenure, HDFC Bank offers an interest rate of 7.00% per annum, resulting in an estimated return of approximately Rs 10,36,950. The total value of the FD after maturity would be Rs 35,36,950.
Based on interest rates, HDFC Bank offers a higher return, with an additional Rs 85,900 in earnings over five years. However, other factors such as customer service, banking convenience, and investment preferences should also be considered when making a final decision. Both PNB and HDFC Bank offer reliable and secure investment options for those looking to grow their savings with minimal risk. Ultimately, the choice between the two banks depends on individual priorities and needs.
Martech is the next evolution of marketing, according to HDFC’s Deepak Oram, who sees it as a game-changer for businesses.
Deepak Oram, Senior Vice President of Growth Marketing & Martech at HDFC Bank, believes that MarTech goes beyond traditional marketing functions. He highlights that with the increasing digital-first behavior of customers, MarTech now generates a vast amount of data that can be applied to areas beyond marketing. Oram notes that the overlap between digital and non-digital channels has increased significantly, with customers initiating their journey digitally and then proceeding through physical channels.
Oram emphasizes the importance of leveraging digital insights to enhance the customer experience across all touchpoints, including physical channels. He advocates for an omnichannel marketing approach, which involves using digital insights to improve the physical landscape and vice versa. In the banking sector, this is particularly challenging due to the complexity of various channels, including branches, apps, and call centers.
Oram also stresses the importance of customer care in taking the tech beyond marketing. HDFC Bank is recruiting “techno-functional personnel” with a balance of technical and marketing expertise to drive innovation in the field of MarTech. Oram believes that a purely marketing-focused individual requires support from a technically savvy counterpart to drive innovation, citing the need for individuals who are well-versed in data and technology to support the bank’s compliance and customer data privacy requirements.
In conclusion, Oram’s views on MarTech highlight the vast potential of this technology in driving innovation and enhancing customer experience across all touchpoints. By leveraging digital insights and hiring the right talent, banks and other organizations can improve their marketing and customer engagement strategies.
Maximize your returns: Compare FD interest rates up to 9% with top banks, including 1-year fixed deposits at MSN.
The article discusses the current fixed deposit (FD) interest rates offered by various banks in India. With the Reserve Bank of India (RBI) increasing the interest rate to 9% to control inflation, banks have also hiked their FD rates to attract depositors. Here are the highest and one-year FD interest rates offered by different banks in India:
Highest FD Interest Rates:
- Axis Bank: 9.10% (for a deposit of ₹2.5 lakh to ₹5 lakh)
- HDFC Bank: 9.05% (for a deposit of ₹2.5 lakh to ₹5 lakh)
- ICICI Bank: 9.00% (for a deposit of ₹2.5 lakh to ₹5 lakh)
- SBI: 8.90% (for a deposit of ₹1 lakh to ₹1 crore)
- Kotak Mahindra Bank: 9.00% (for a deposit of ₹2 lakh to ₹5 lakh)
One-Year FD Interest Rates:
- Axis Bank: 7.50%
- HDFC Bank: 7.40%
- ICICI Bank: 7.30%
- SBI: 7.20%
- Kotak Mahindra Bank: 7.20%
Other Top Banks’ FD Rates:
- Bank of Baroda: 8.60% (for a deposit of ₹1 lakh to ₹5 crore)
- Yes Bank: 8.40% (for a deposit of ₹1 lakh to ₹5 crore)
- IndusInd Bank: 8.30% (for a deposit of ₹1 lakh to ₹5 crore)
- Punjab National Bank: 8.20% (for a deposit of ₹1 lakh to ₹5 crore)
Things to Keep in Mind:
- The interest rates mentioned are subject to change and may vary based on the deposit amount, tenure, and other factors.
- It’s essential to compare the different FD rates offered by various banks before investing.
- It’s also important to consider other factors such as the bank’s reputation, branch network, and customer service while choosing an FD.
- FDs can be a low-risk investment option, but it’s crucial to assess your financial goals and risk tolerance before investing.
In conclusion, with the RBI increasing the interest rate to 9%, banks have also hiked their FD rates to attract depositors. The interest rates mentioned above are effective as of the date of the article and may change over time. It’s essential for investors to stay informed about the current FD rates and rates offered by different banks before making an investment decision.
Important Notification for HDFC Bank Customers: Online Banking Services to be Disrupted for 4 Hours Tonight, Explore the Reason Behind the Unavailability | Personal Finance Updates
HDFC Bank has announced that it will be conducting scheduled maintenance on March 10, 2025, to improve the overall banking experience. During this time, several banking services will be temporarily unavailable. To avoid any inconvenience, customers are advised to plan their banking activities in advance.
The schedule for the maintenance period is as follows: NEFT transactions will be unavailable from 12:45 AM to 5:00 AM, and mutual fund-related transactions will be unavailable from 1:00 AM to 5:00 AM. Additionally, credit card transactions will not be processed between 5:00 AM and 7:30 AM, and customers are advised to have an alternative payment method ready.
It is also recommended that customers plan to make any mutual fund transactions before or after the maintenance period, as payments attempted during the maintenance window may fail or experience delays. HDFC Bank is upgrading its systems to enhance security and improve service quality, and this maintenance period is necessary to address these tasks.
This is not the first time HDFC Bank has conducted scheduled maintenance; in fact, the bank had previously conducted similar maintenance on March 8, 2025, which affected some services. The bank had shared the schedule in advance to keep customers informed. By planning ahead, customers can avoid any inconvenience and ensure a smooth banking experience.