New HDFC credit card rules: Utility payments beyond limit to face extra charges
HDFC Bank has announced a slew of changes in its credit card transactions that include new charges on wallet loading using third party apps, online skill-based gaming transactions and utility payments beyond the specified limit. The revised charges will be applicable from July 1.
'If you load third-party wallets with more than ₹ 10,000 per month on platforms like (but not limited to) PayTM, Mobikwik, Freecharge, or Ola Money using your credit card, a 1% charge will apply,' HDFC Bank said in its communication to credit card customers. 'The charge will be applicable on the entire wallet loading spend for the month and will be capped at ₹ 4999 per month,' it said.
For utility transactions, a charge of 1% will apply if you spend more than ₹ 50,000 per month using your personal credit card (consumer cards). The 1% charge will apply if you spend more than ₹ 75,000 per month using business credit cards.
'The charge will be applicable on the entire utility spend for the month and will be capped at ₹ 4999 per month,' HDFC Bank said. 'Insurance transactions won't be considered as utility transactions hence no charge will be applicable,' it said.
The bank has also capped reward points on insurance transactions on its popular credit cards. While the reward points on insurance transactions has been capped at 10000 per month on Infinia and Infinia Metal credit cards, it has been fixed at 5000 per month for Diners Black, Diners Black Metal and Biz Black Metal cards. For all other cards, the limit has been fixed at 2000 per month. Marriott Bonvoy cards, however, will not have capping on reward points for insurance transactions.
HDFC Bank has fixed the maximum charge per transaction for rent, fuel and education categories at ₹ 4999. 'Kindly note that the existing charge of 1% will continue to be applicable on all rent transactions, only on fuel transactions more than ₹ 15000/ ₹ 30000 per transaction and only on education transactions done via third-party apps,' it said. 'If you make payments through college/school websites or their POS (Point of Sales) machines, there will be no charges,' HDFC Bank said.
'If you spend more than ₹ 10,000 per month on platforms like (but not limited to) Dream11, Rummy Culture, Junglee Games, or MPL, a 1% charge will apply,' the bank said. 'The charge will be applicable on the entire online skill-based gaming spend for the month and will be capped at ₹ 4999 per month. No reward points will be earned on online skill-based gaming transactions,' it said.
Allirajan M is a journalist with over two decades of experience. He has worked with several leading media organisations in the country and has been writing on mutual funds for nearly 16 years.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India.com
2 hours ago
- India.com
Good news for Mukesh Ambani, Reliance Industries earns Rs 500700000000, Bad news for Ratan Tata's TCS as it loses Rs 46130000000 due to…
The combined market capitalization of six out of the top ten most-valued companies surged by Rs 1,62,288.06 crore last week, with Bharti Airtel and Reliance Industries leading the gains. This rise aligns with the positive momentum observed in the equity markets. During the week, the BSE benchmark index advanced by 1,289.57 points, reflecting a 1.58% increase. Stock Market Gainers Last Week Reliance Industries added Rs 50,070.14 crore, taking its valuation to Rs 19,82,033.60 crore. Reliance Industries, HDFC Bank, Bharti Airtel, ICICI Bank, State Bank of India and Infosys were the gainers, while TCS, LIC, Bajaj Finance, and Hindustan Unilever faced erosion from their market valuation last week. The market valuation of Bharti Airtel surged Rs 54,055.96 crore to Rs 11,04,469.29 crore. The valuation of HDFC Bank jumped Rs 38,503.91 crore to Rs 15,07,281.79 crore while that of Infosys was up Rs 8,433.06 crore to Rs 6,73,751.09 crore. The market capitalisation (mcap) of ICICI Bank climbed Rs 8,012.13 crore to Rs 10,18,387.76 crore and that of State Bank of India gained Rs 3,212.86 crore to Rs 7,10,399.75 crore. Stock Market Losers However, the valuation of Bajaj Finance fell Rs 17,876.42 crore to Rs 5,62,175.67 crore. The mcap of Tata Consultancy Services (TCS) dropped Rs 4,613.06 crore to Rs 12,42,577.89 crore and that of Hindustan Unilever was down Rs 3,336.42 crore to Rs 5,41,557.29 crore. In the ranking of the top-10 firms, Reliance Industries retained the title of the most-valued firm, followed by HDFC Bank, TCS, Bharti Airtel, ICICI Bank, State Bank of India, Infosys, LIC, Bajaj Finance, and Hindustan Unilever Ltd. (With Inputs From PTI)
Mint
3 hours ago
- Mint
Indian stock market: 7 key things that changed for market over weekend- Gift Nifty, Israel-Iran war to oil prices
Indian stock market: Indian indices - Sensex and Nifty 50 - are likely to open on subdued note on Monday amid escalating tensions in Middle East. Asian markets plunged on Monday, meanwhile, US stock market closed in red, following the United States' strike on three nuclear facilities in Iran. On Friday, India's benchmark stock indices ended a three-day losing streak, rising over 1%, driven by short-covering ahead of the upcoming monthly derivatives expiry and relief over U.S. President Donald Trump's decision to delay involvement in Israel's offensive against Iran. The Nifty 50 and S&P BSE Sensex both climbed 1.3%, closing at 25,112.40 and 82,408.17 points, respectively. The rally in the Nifty 50 was supported by strong gains in major stocks including HDFC Bank, Reliance Industries, Bharti Airtel, and ICICI Bank. 'Markets witnessed consolidation after the recent spell of subdued trend, as strong European cues and positive Dow Futures triggered a massive rally in local benchmarks. Investors also resorted to short covering ahead of next week's monthly derivatives expiry. Despite the rebound, investors would still maintain caution due to the ongoing West Asia conflict, as any spike in crude oil prices owing to escalation in tension could fuel uncertainty and spook markets," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd. Asia-Pacific markets tumbled on Monday following the United States' strike on three nuclear facilities in Iran, which drove up oil prices and heightened investor concerns over a potential escalation in the Middle East conflict. Japan's Nikkei 225 dropped 0.58%, while the broader Topix index slipped 0.48%. South Korea's Kospi index declined 1.16%, and the tech-heavy Kosdaq saw a sharper fall of 1.99%. Meanwhile, futures for Hong Kong's Hang Seng index were at 23,396, indicating a weaker start compared to its previous close of 23,530.48. Gift Nifty was trading around 24,977 level, a discount of nearly 152 points from the Nifty futures' previous close, indicating a muted start for the Indian stock market indices. U.S. equity futures declined during early Asian trading hours after American military strikes in Iran. Dow Jones Industrial Average futures dropped 109 points, or 0.3%, while futures linked to the S&P 500 and Nasdaq 100 slipped 0.3% and 0.4%, respectively. On Friday, two of Wall Street's major indexes closed lower as investors monitored escalating tensions in the Middle East and weighed the Federal Reserve's outlook on interest rate cuts. The S&P 500 dipped 0.22% to close at 5,967.84, marking its third straight loss. The Nasdaq Composite slid 0.51% to end at 19,447.41, whereas the Dow Jones Industrial Average inched up by 35.16 points, or 0.08%, finishing at 42,206.82. The world watched with tension on Sunday as Iran prepared to respond to a major U.S. assault on its nuclear facilities—marking the most significant Western military action against the country since its 1979 revolution and carried out in coordination with Israel. A day after the U.S. deployed 30,000-pound bunker-buster bombs targeting the mountain above Iran's Fordow nuclear site, Iran pledged to defend itself. Meanwhile, U.S. leaders called on Tehran to exercise restraint, even as anti-war protests began to surface in cities across America. The U.S. dollar edged up modestly on Monday as cautious investors turned to safer assets, though the gains were limited, indicating that markets were awaiting Iran's reaction to U.S. strikes on its nuclear facilities, which have heightened tensions in the Middle East. In the currency market, the dollar strengthened against most major currencies. It rose by 0.25% against the Japanese yen, reaching 146.415 after hitting a one-month high earlier in the day. Oil prices surged on Monday to their highest levels since January, driven by concerns over supply after the United States joined Israel in striking Iran's nuclear facilities over the weekend. As of 0117 GMT, Brent crude futures rose by $1.92, or 2.49%, to $78.93 per barrel, while U.S. West Texas Intermediate (WTI) crude climbed $1.89, or 2.56%, to $75.73 per barrel. Brent has climbed 13% since the conflict started on June 13, while WTI has increased by approximately 10%. Gold prices are likely to be under scanner following a significant escalation in the Iran-Israel conflict, as former U.S. President Donald Trump announced America's involvement in the war. On Friday, gold prices remained largely unchanged. Spot gold hovered at $3,369.63 per ounce—its lowest level since June 12—while the overall index recorded a weekly decline of 1.8 per cent. Meanwhile, U.S. gold futures dropped by 0.7 per cent to $3,385.50. Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
Time of India
16 hours ago
- Time of India
Odisha removes HDFC Bank, ICICI Bank, and Axis Bank as authorised banks for govt businesses
Odisha government issued an official directive removing HDFC Bank , ICICI Bank , and Axis Bank from the list of empanelled banks authorised to handle the business and deposits of the State Government and its supported organisations. The letter reviewed by ET said that their action on banks is due to 'persisting poor performance' in some flagship government schemes over the last two financial years. The letter signed by the Principal Secretary to the Government, Saswata Mishra, stated the decision was also due to 'discouraging general banking parameters' by these three banks without elaborating it further. The letter also stated that if the performance of these three banks improves during the current financial year, the state government may consider including them in the list of empanelled banks. ICICI Bank, HDFC Bank and Axis Bank did not respond to requests for comments. Odisha's share of total deposits is Rs 5.64 lakh crore or 2.4% as on March 31, 2025. 'This will not impact the banks' performance given the small share of the state in total deposits although it may affect their reputation if it is not mended soon,' said an analyst. The state government also warned that other poorly performing banks could face a similar fate. 'Depending on performance (achievement in flagship government schemes and general banking performance parameters such as CDR, ACP achievement, etc.), poorly performing banks shall be removed from the empanelled list of banks and well-performing banks will be added to the empanelled list.' CDR stands for credit deposit ratio and ACP is an annual credit plan. The state government's letter dated June 21 stated that State Government departments, directorates, heads of departments, establishments, agencies, PSUs, societies, universities, and other affiliated organisations must immediately close their savings, current, and other running accounts with these three banks and transfer the balances to other empanelled banks. The letter stated that term deposits currently held in these banks should not be prematurely closed to avoid loss of interest. Upon maturity, these deposits must be transferred to other empanelled banks. Banks in Odisha state attracted term deposits of Rs 3.21 lakh crore as of March 31, 2025, according to data published by the RBI. While this is lower than Kerala (Rs 3.48 lakh crore), it is higher than Andhra Pradesh (Rs 2.44 lakh crore).
