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Big hit to savings account holders: SBI, HDFC Bank, ICICI Bank cut interest rates in June 2025 - The Economic Times

Economic Times

Economic Times · 2m ago

Big hit to savings account holders: SBI, HDFC Bank, ICICI Bank cut interest rates in June 2025 - The Economic Times

In June 2025, major Indian banks like SBI, HDFC Bank, and ICICI Bank reduced their savings account interest rates following a 50-basis-point repo rate cut by the Reserve Bank of India. SBI now offers a uniform 2.5% rate, while HDFC and ICICI offer 2.75% on all balances. Other banks like Bank of Baroda, Federal Bank, IndusInd Bank, and RBL Bank also revised their rates, affecting depositors' returns.

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Home loan EMIs to drop? Big banks like SBI, HDFC Bank, PNB, Bank of Baroda, IOB cut lending rates in August 2025; check bank wise list - The Economic Times

Economic Times

Economic Times · 18d ago

Home loan EMIs to drop? Big banks like SBI, HDFC Bank, PNB, Bank of Baroda, IOB cut lending rates in August 2025; check bank wise list - The Economic Times

Several major banks, including SBI, HDFC, and PNB, have revised their marginal cost of funds-based lending rates (MCLR) following the RBI's August 2025 monetary policy meeting. These adjustments, effective in August, may lead to reduced loan tenures or lower EMIs for borrowers with MCLR-linked loans. While SBI and PNB cut rates by up to 5 basis points, Bank of Baroda reduced rates by 10-35 basis points, and Canara Bank maintained its current rates.

SBI credit card rule change: These SBI credit card customers not to get reward points for digital gaming platforms, govt-related transactions - The Economic Times

Economic Times

Economic Times · 16d ago

SBI credit card rule change: These SBI credit card customers not to get reward points for digital gaming platforms, govt-related transactions - The Economic Times

SBI Card announced changes to its reward program starting September 1, 2025, discontinuing reward points for certain cardholders on digital gaming and government transactions. Affected cards include the Lifestyle Home Centre SBI Card, SELECT, and PRIME variants. This follows similar changes implemented in December 2024. Prior changes by HDFC Bank also eliminated reward points for online gaming transactions from July 1, 2025. SBI Card holders cannot transfer or combine points from multiple cards.

Mutual funds continue to buy HDFC Bank shares for fifth successive month

Money Control

Money Control · 1y ago

Mutual funds continue to buy HDFC Bank shares for fifth successive month

Mutual funds continue to show interest in HDFC Bank, with May marking the fifth consecutive month of buying shares. In May, mutual funds purchased shares worth Rs 7,600 crore, bringing the total value of shares held to Rs 2.32 lakh crore. SBI Mutual Fund is the largest stakeholder in HDFC Bank, followed by ICICI Prudential Mutual Fund and HDFC Mutual Fund. Despite underperforming in recent years, analysts believe the stock could see a recovery due to attractive valuations and low earnings per share expectations. The upcoming MSCI India index rebalance in August could also lead to significant passive buying of HDFC Bank shares.

Banks lure customers with lower interest rates on home loans

Money Control

Money Control · 1y ago

Banks lure customers with lower interest rates on home loans

Banks in India, including HDFC Bank, State Bank of India (SBI), and IDFC First Bank, are offering lower interest rates on home loans for customers with good credit records. These banks are aiming to attract more customers and compete in the mortgage market. Home loans at discounted rates are being provided by banks to customers with good repayment history and credit scores. This strategy is proving successful, as SBI's home loan portfolio grew by 13.16% in the October-December quarter, and HDFC Bank's market share in home loans increased by 18-20% after merging with Housing Finance Development Corporation.

Personal loans: Banks offering the lowest interest rates on a Rs 5-lakh loan during the festive season

Money Control

Money Control · 1y ago

Personal loans: Banks offering the lowest interest rates on a Rs 5-lakh loan during the festive season

During the festive season, there is an increased demand for personal loans, and some major banks offer discounted interest rates and waived processing charges. People apply for these loans to travel, shop, or cover emergencies like medical expenses or job loss. However, it's important to note that personal loan interest rates can be high. Bank of Maharashtra offers the cheapest rate at 10%, followed by Punjab National Bank and IndusInd Bank at 10.4% and 10.49% respectively. HDFC Bank, Punjab & Sind Bank, ICICI Bank, Bank of India, Canara Bank, Kotak Mahindra Bank, and IDFC First Bank offer rates starting from 10.5% to 10.99%.

Linking RuPay credit cards to UPI: What you need to know

Money Control

Money Control · 1y ago

Linking RuPay credit cards to UPI: What you need to know

Linking your credit card to UPI allows you to spend smaller amounts through your credit card. RBI allowed RuPay credit cards to be linked to UPI in June 2022, resulting in significant growth in the number of credit cards issued. HDFC MoneyBack Plus Credit Card, ICICI Coral credit card, SBI SimplySAVE credit are some popular credit cards that can be linked to UPI.

Indians with ticket to travel give credit card spends a boost

Economic Times

Economic Times · 2m ago

Indians with ticket to travel give credit card spends a boost

In May, holiday travel boosted the credit card market in India, resulting in a 3% month-on-month and 15% year-on-year increase in spending, reaching ₹1.9 lakh crore. New credit card issuances also hit a four-month high with 760,000 new cards added. Despite some banks like ICICI and RBL losing card numbers, others like HDFC and SBI experienced growth. Analysts expect stable card spending and cautious customer acquisition strategies in the future.

HDFC Bank plans to sell ₹10,000 crore of loans via rare debt instrument | Mint

Livemint

Livemint · 1y ago

HDFC Bank plans to sell ₹10,000 crore of loans via rare debt instrument | Mint

HDFC Bank, India's largest private lender, is planning to sell up to ₹10,000 crore ($1.2 billion) of loan portfolios through the use of pass-through certificates, a rare debt instrument. The bank aims to reduce its exposure to certain sectors and address challenges in raising deposits. Talks are underway with local asset managers including ICICI Prudential, Nippon Life India Asset Management, SBI Funds Management, and Kotak Mahindra Asset Management for the issuance of these certificates backed by a pool of the bank's car loans. The move will help improve HDFC Bank's credit-deposit ratio.

Tax Saving FDs: These banks offer interest rates of up to 7% per annum

Money Control

Money Control · 1y ago

Tax Saving FDs: These banks offer interest rates of up to 7% per annum

Start tax planning at the beginning of the financial year to make the most of your tax-saving investments. Options include PPF, NPS, SSY, ELSS, EPF, tax-saving FDs, and life insurance premiums. For risk-averse investors and those in lower tax brackets, tax-saving FDs are a good choice. Axis Bank, HDFC Bank, and ICICI Bank offer a 7% interest rate, while Canara Bank offers 6.70%, Bank of Baroda, PNB, SBI, and Union Bank of India offer 6.5%, Indian Bank offers 6.25%, and Bank of India offers 6% on tax-saving FDs.

UPI AutoPay top of charts in low-ticket recurring payments

Economic Times

Economic Times · 1y ago

UPI AutoPay top of charts in low-ticket recurring payments

The National Payments Corporation of India's UPI AutoPay feature is gaining popularity for low-value recurring transactions, with top banks like SBI, HDFC Bank, ICICI Bank, Bank of Baroda, and Paytm Payments Bank leading the way. In November, these banks processed 8.1 million AutoPay transactions, up from 3.9 million the previous year. NPCI has asked banks and fintechs to enhance their limits for AutoPay transactions, extending the limit to Rs 1 lakh. UPI AutoPay is expected to attract larger ticket-size transactions and become a comprehensive payment mode.

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