Large Indian banks have launched various festive season deals across credit cards, loans and fixed deposits ahead of the country’s 77th Independence Day.
Country’s largest private lender HDFC Bank, for instance, has launched a limited period special edition fixed deposit product which offers 20 basis points (bps) higher interest rate of 7.20%-7.25% on tenures of 35 months and 55 months. The bank is offering a further 5 bps premium to senior citizens on these FDs which amount to less than Rs 20 million.
The bank has separately launched an Onam festive treats 2023 campaign in Kerala. Under the campaign, HDFC Bank cardholders can get up to 30% instant discount on a range of products like jewellery and home appliances, among others.
Besides, borrowers will also get offers across the bank’s products like personal loans, Xpress car loans, two-wheeler loans, home loans, business loans, gold loans, commercial vehicle loans, tractor loans, and construction equipment loans, loan on credit cards, loan against securities, and loan against properties. The deals are valid till August 31.
“Festive Treats Onam is our annual initiative that brings a range of exciting offers to our valued customers in Kerala. With the finest offerings across various segments, we invite everyone to join us in celebrating Onam and make the most of these offers,” said Sanjeev Kumar, branch banking head of South-1 zone at HDFC Bank.
Another private sector major ICICI Bank has kick-started its monsoon season sales which provide customers with a wide range of deals and discounts on various categories ranging from electronics, travel, online shopping, dining and food ordering, health and beauty, gifting, among others.
In the third edition of its “Monsoon Bonanza”, the customers can avail offers from top brands like Flipkart, Apple, Dell, Samsung, LG, MakeMyTrip, OnePlus, Qatar Airways, Tata CliQ Luxury, Yatra, among others.
Further, the bank’s Independence Day special deals include 10% discount on Flipkart Big Savings Day, 10% discount on accessories bought from Croma, up to Rs 6,017 discount from Yatra and 7.5% discount on bookings made from Urban Ladder.
Federal Bank, meanwhile, has announced a hike in interest rates for deposits with effect from August 15. The term deposit rate for a tenure of 13 months would fetch interest rates of 7.30% for general category and 8.07% for senior citizens, 77 bps higher than the standard rate for senior citizens for selected periods. The Bank is also offering rates of up to 7.15% on savings bank account.
Says Joy PV, senior vice president & country head of deposits, wealth and bancassurance department at Federal Bank, “The enhanced rates provide an excellent opportunity for customers to maximize the returns while enjoying security and reliability. We are glad to launch the boosted interest rates as the nation celebrates 77th Independence Day.”
Public sector banks, too, have launched card linked rewards and also are running “Har Ghar Tiranga” campaign for Independence Day celebration. State Bank of India’s Yono application has tied up with brands like Samsung, Ease My Trip.com and Yatra, among others for various offers, while Bank of Baroda has launched a fixed rate car loan. The fixed rate of interest for car loans is pegged to the bank’s 1-year marginal cost of funds-based lending rate and is applicable for purchase of a new car.
Further, the interest on Bank of Baroda car loans is calculated on the daily reducing balance method as against the more prevalent monthly reducing balance method, making it more attractive for borrowers.
“A fixed rate of interest that will remain unchanged across the duration of the loan will eliminate the impact brought about by the fluctuation in the interest rate. The addition of a Fixed ROI option makes Baroda Car Loans even more competitive and attractive,” said Harshadkumar T Solanki, general manager of mortgages & other retail assets at Bank of Baroda. ENDS
1- HDFC Bank offering 20 bps higher rates on select FD tenures
2- ICICI Bank’s monsoon bonanza deals include multiple rewards and cash backs
3- Federal Bank announces 77 bps hike in select tenure FD rates