HDFC Bank, previously known as Housing Development Finance Corporation Limited, is a financial institution that has its roots in India but has now accomplished several feats in India as well as across the globe. The bank is relatively newer compared to its competitors like Citi Bank and SBI. The bank was established in 1994. It is evident from its growth that, it is one of the fastest growing banks giving tough competition to its competitors by launching exciting schemes and offers for its most valued clients.
Here, we shall discuss the features of various credit/debit cards, insurance policies, loans as well as savings accounts offered by the bank.
Credit Cards offered by HDFC Bank
The Infinia Credit card comes under the super premium credit card category of cards offered by HDFC Bank.
The Infinia card features a very high joining and anannual fee of 10,000 Rs. annually. This card is targeted towards people who spend a lot into living a lavish lifestyle.
This is one of the few credit cards that come with a no pre-set spending limit attached to them. However, one needs to have a minimum credit limit of 10 lakhs to get this card.
You can enrol for the Taj Inner Circle Gold and Epicure Plus after availing this card for special privileges at Taj Groups on Hotels.
The Infinia Credit card comes under the super premium credit card category of cards offered by HDFC Bank.
The Infinia card features a very high joining and anannual fee of 10,000 Rs. annually. This card is targeted towards people who spend a lot into living a lavish lifestyle.
You can enrol for the Taj Inner Circle Gold and Epicure Plus after availing this card for special privileges at Taj Groups on Hotels.
You also get access to 2500 Reward points on getting a new HDFC Regalia card.
The Titanium Credit Card falls under the Co-brand credit card category of cards by HDFC Bank.
The card features a small joining and renewal fee of 500 Rs. annually.
You can avail benefits of up to 1,800 Rs. for movies and 4,500 Rs. for dining every year with this card.
A small 1% fuel surcharge waiver at all petrol pumps within India.
The card also offers up to 50 days of interest-free credit for the users.
The Snapdeal Credit Card too falls under the Co-brand credit card category of cards by HDFC Bank.
The card features a small joining and renewal fee of 500 Rs. annually.
You get access to 2 rewards points on spending every 150 Rs. with this card.
You also get 10x reward points for every time you spend 150 Rs. on the Snapdeal website.
With the welcome cash back offer, you can get a discount of up to 500 Rs. on spending 2000 Rs. or more with this card for purchases via Snapdeal.com.
The HDFC Solitaire Card is specially designed for independent women who love shopping.
You get access to 1000 Rs. Shopper’s Stop vouchers on spending 75,000 Rs. within 6 months.
You also get fuel surcharge waiver of up to 250 Rs. per billing cycle.
The card also offers up to 50 days of interest-free credit for the users.
Loans offered by HDFC Bank
HDFC Bank categories its business loans into two different types namely,
- Secured Business Loans – You need to provide a collateral against the loaned amount the avail a secured business loan. It usually attracts a lower rate of interest compared to an unsecured business loan.
- Unsecured Business Loans– You can avail an unsecured business loan with a good credit score and without providing any collateral against the loaned amount. The rate of interest for an unsecured business loan is generally higher than the interest rate for a secured business loan.
- HDFC Bank also provides some flexibility in the mode of payment of the loan. It accepts cash as well as demand draft for the repayment instalment.
- HDFC Bank is famous for providing interesting schemes of car loans for its valued customers.
- The bank offers a car loan starting from 9.35% rate of interest.
- The bank also offers a low processing fee of only 0.4% of the loaned amount.
- HDFC Bank has incorporated an Instant Loan Approval feature into its car loan structure that allows them to approve a loan within 30 minutes of filing the necessary documents.
- You can repayment period of the loaned amount can vary from anywhere between 1 year to 7 years.
- HDFC classifies its car loans into the following structures,
- New-Car Loans
- Used-Car Loans
- Loan against Car
- HDFC Bank classifies the education loan offered into three major categories namely,
- Education Loan for Indian Education
- Education Loan for Foreign Education
- Central Government Interest Subsidy Scheme
- The education loan can be availed for up to 7.5 lakh Rs. without the need of any security/collateral against the loan.
- For higher loan amounts, more than 10 lakh Rs., the parent/guardian of the student needs to place a collateral against the loan.
- There are a number of different types of fees and certificates that you need to present to the bank along with the entire academic history to secure an education loan from the bank.
- As the name suggests, you can avail a new gold loan from the HDFC bank after placing your gold ornaments as a collateral against the loaned amount.
- HDFC bank offers a gold loan for as low as 11% rate of interest.
- You can avail a gold loan for anywhere between 50,000 Rs. to 10 lakh Rs.
- The processing fee for a gold loan varies from 0 to 0.5% of the total loaned amount.
- The prepayment charges for the gold loan can go from 0 to 1% of the total loaned amount.
- You can avail a home loan from HDFC bank for a low-interest rate of 8.35% per annum.
- The processing fee for the loaned amount can go up to 10,000 Rs. max or 0.5% of the loaned amount whichever is lesser.
- You can avail a home loan for a long period of up to 30 years at a time.
- You can avail a personal loan from HDFC bank for 10.99% rate of interest.
- A personal loan can be availed for as long as 5 years at a time.
- The minimum amount loaned by the bank for purchases is 50,000 Rs. The upper limit of the personal loan given to a person depends vastly on the income status of the person.
- The processing fee on a personal loan is a little higher compared to other types of loans. It can go from 1000 Rs. to 25,000 Rs.
Insurances offered by HDFC Bank
- HDFC Bank divides the life insurance plans into the following categories,
- Protection Plans – Offers a comprehensive protection of health and life at affordable rates.
- Savings and investment Plans –It provides a secondary place for savings as well as live cover.
- Child Plans – As the name suggests, it is targeted towards the life insurance for minors.
- Health Plans – The health plans help you cover emergency medical expenses.
- Retirement Plans – It is a savings cum life insurance plan that helps you save for your retirement.
- The SBI Life – Smart Humsafar plan is crafted for married individuals to protect both the parties involved under a single umbrella of life insurance.
- This is a non-linked endowment type of plan offering benefits of savings as well as life insurance to the involved parties.
- The minimum policy period for this plan is 10 years and it offers an interest rate of 2.5% of the basic sum.
- HDFC Bank divides the health insurance plans into the following categories,
- Health Suraksha – Offers a comprehensive protection of health and life at affordable rates for you and your family.
- Critical Illness Silver Plan – This plan protects you financially against 8 specific critical illnesses.
- Critical Illness Platinum Plan – This plan protects you financially against 15 specific critical illnesses.
- Individual Personal Accident Plan 2 – Financial protection against damage from anaccident for you and your family.
- Individual Personal Accident Plan 3 – Financial protection against damage from anaccident for you and your family across the entire world.
- HDFC Bank divides the motor insurance plans into the following categories,
- Commercial Vehicle Insurance – Protects your commercial vehicle financially against physical damage due to natural or man-made disasters.
- Private Car Insurance – Allows you to carry out cashless repair service for your private car at 3400+ service stations across India.
- HDFC Bank divides the two-wheeler insurance plans into the following categories,
- HDFC ERGO Two-Wheeler Insurance – Allows you to renew the insurance policy online. It also allows you to make insurance claim at over 3400 service stations across the country.
- Bharti AXA Private Two-Wheeler Insurance –You can choose a variety of add-on covers with this insurance for asmall cost. The insurance policy allows you to make a cashless insurance claim at over 2500 service stations across the country.
- HDFC Bank divides the travel insurance plans into the following categories,
- HDFC ERGO Travel Insurance – Offers a complete travel protection for you as well as your luggage throughout the entire tenure of the travel.
- Bharti AXA SmartTraveller Insurance – Specially designed to cover all medical and travel-related emergencies. You can enjoy the benefits of 24 x 7 claim assistance over customer support call.
- HDFC Bank divides the home insurance plans into the following categories,
- HDFC ERGO Home Insurance – Provides a complete protection for the house’s structure as well as contents of the house.
- Bharti AXA SmartPlan Householder’s Package Insurance – Customizable with multiple add-ons at small costs. Policy sum is increased automatically by up to 10% on purchase of new items for the house.
Savings Accounts offered by HDFC Bank
- Access to a free Titanium Royale Debit card along with the account.
- 50% discount at locker rental fee for the first year after opening a new account.
- Free facility of a regular debit card, cheque book, bank pass book as well as internet banking facilities.
- Offers on shopping via this account on the bank’s online shopping site.
- Specifically designed for independent women in India to fulfil their shopping needs.
- Cashback benefits of 1 Re. for spending 200 Rs.
- Specifically designed for kids under in the age group of 7 – 18 years.
- Connect this account with the major account of a guardian/parent easily.
- Specifically designed for senior citizens of the country.
- Offers on shopping via this account on the bank’s online shopping site.
Debit Cards offered by HDFC Bank
- Access to exclusive 500 Times points for shopping at partnered outlets.
- Earn up to 2 reward points on spending every 150 Rs. with partnered outlets.
- Free access to personal accident covers worth 10 lakh Rs
- Access to up to 3000 JPMiles on first enrolling for this card.
- Access to 5% discount while booking flights with Jetairways.com.
- Zero liability protection against the loss of the card.
- Get access to 1% cashback while shopping with partnered outlets.
- Free access to personal accident covers worth 10 lakh Rs.
- Occasional offers on partnered eCommerce platforms with this debit card.
- Access to 2000 reward points on shopping within particular shopping categories decided by you.
- Occasional discount offers on purchase of groceries, fuel, medicines, etc.
- Up to 5% cash back on spending every 100 Rs. with this car for payment of utility bills.
- Access to free welcome vouchers from Café Coffee Day, Ola Cabs, IRCTC, etc.
- Access to Indigo Airline vouchers worth 15,000 Rs. on being one of the top spenders on this card.