Latest news with #KotakMahindra
Economic Times
2 days ago
- Business
- Economic Times
HDFC Bank, Axis Bank, American Express, Kotak Mahindra Credit Card changes June 2025: Know what is what, how it impacts your cashback, reward points
In June 2025, major banks like HDFC, Axis, Kotak Mahindra, and American Express are revising credit card terms. These changes impact airport lounge access, cashback, fuel rewards, and fee waivers. Tired of too many ads? Remove Ads HDFC Bank credit card: Airport lounge access changes from June 10, 2025 Kotak Mahindra changes from June 1, 2025 Tired of too many ads? Remove Ads Axis Bank credit card changes from June 20, 2025 American Express Gold Charge changes from June 12, 2025 In June 2025, several major banks are set to revise their credit card terms and conditions. This will affect everything from how rewards and fee waiver on spending are calculated to airport lounge access, cashback benefits , and even fuel rewards. These changes could directly impact how you earn and redeem benefits on your credit you're a cardholder with HDFC Bank Kotak Mahindra or American Express, here's what's changing, and from when in June Bank is changing its terms and conditions of two credit cards - Tata Neu Infinity and Tata Neu Plus from June 10, 2025. Going forward, These credit card holders will not be able to swipe their cards directly at airport lounges for entry. Instead, HDFC will issue lounge access vouchers to eligible customers based on quarterly spending milestones. This means customers must meet minimum spending thresholds each quarter to unlock airport lounge access June 1, 2025, Kotak Mahindra Bank will revise multiple charges on its credit cards offering. The changes include new fees for failed standing instructions, dynamic currency conversion (DCC), and transactions involving utility bills, education payments, wallet loading, skill-based gaming, and fuel purchases. Additionally, the method for calculating the Minimum Amount Due (MAD) on outstanding balances will be Read: Kotak Mahindra Credit card changes from June 1, 2025 Axis Bank is changing terms and conditions for two of its credit cards - Flipkart Axis Bank Credit Card and REWARDS Credit Card. The changes will be effective from June 20, Axis Bank Credit Card holders will see an increase in cashback benefits on Myntra purchases but will lose the complimentary airport lounge access — a significant change for frequent the REWARDS Credit Card, Axis Bank is introducing a revised approach to spend exclusions, meaning not all purchases will count towards earning reward points. The criteria for annual fee waivers will also become stricter, likely requiring higher annual Read: No more airport lounge access in this Axis Bank Credit Card from June 20, 2025 American Express is also updating the rewards policy for the Gold Charge Card starting June 12, 2025. As per the new rules, fuel purchases — including petrol, diesel, and CNG from Oil Marketing Companies (OMCs) — will no longer earn Membership Rewards points for American Experess Card holders. For credit cardholders who regularly use their Amex Gold Card for fueling, this change reduces the overall reward-earning potential and may influence their future payment preferences. According to the website, 'Effective 12 June 2025, you will not earn Membership Rewards® point on Fuel payments via Gold Charge card. Fuel includes petrol, diesel, CNG from Oil Marketing Companies (OMCs).'
Time of India
3 days ago
- Business
- Time of India
HDFC Bank, Axis Bank, American Express, Kotak Mahindra Credit Card changes June 2025: Know what is what, how it impacts your cashback, reward points
In June 2025, several major banks are set to revise their credit card terms and conditions. This will affect everything from how rewards and fee waiver on spending are calculated to airport lounge access, cashback benefits , and even fuel rewards. These changes could directly impact how you earn and redeem benefits on your credit cards. If you're a cardholder with HDFC Bank , Axis Bank , Kotak Mahindra or American Express, here's what's changing, and from when in June 2025. HDFC Bank credit card: Airport lounge access changes from June 10, 2025 HDFC Bank is changing its terms and conditions of two credit cards - Tata Neu Infinity and Tata Neu Plus from June 10, 2025. Going forward, These credit card holders will not be able to swipe their cards directly at airport lounges for entry. Instead, HDFC will issue lounge access vouchers to eligible customers based on quarterly spending milestones. This means customers must meet minimum spending thresholds each quarter to unlock airport lounge access benefits. HDFC Bank credit card airport lounge access change from June 10, 2025 Kotak Mahindra changes from June 1, 2025 From June 1, 2025, Kotak Mahindra Bank will revise multiple charges on its credit cards offering. The changes include new fees for failed standing instructions, dynamic currency conversion (DCC), and transactions involving utility bills, education payments, wallet loading, skill-based gaming, and fuel purchases. Additionally, the method for calculating the Minimum Amount Due (MAD) on outstanding balances will be updated. Live Events Also Read: Kotak Mahindra Credit card changes from June 1, 2025 Axis Bank credit card changes from June 20, 2025 Axis Bank is changing terms and conditions for two of its credit cards - Flipkart Axis Bank Credit Card and REWARDS Credit Card. The changes will be effective from June 20, 2025. Flipkart Axis Bank Credit Card holders will see an increase in cashback benefits on Myntra purchases but will lose the complimentary airport lounge access — a significant change for frequent travelers. For the REWARDS Credit Card, Axis Bank is introducing a revised approach to spend exclusions, meaning not all purchases will count towards earning reward points. The criteria for annual fee waivers will also become stricter, likely requiring higher annual spends. Also Read: No more airport lounge access in this Axis Bank Credit Card from June 20, 2025 American Express Gold Charge changes from June 12, 2025 American Express is also updating the rewards policy for the Gold Charge Card starting June 12, 2025. As per the new rules, fuel purchases — including petrol, diesel, and CNG from Oil Marketing Companies (OMCs) — will no longer earn Membership Rewards points for American Experess Card holders. For credit cardholders who regularly use their Amex Gold Card for fueling, this change reduces the overall reward-earning potential and may influence their future payment preferences. According to the website, 'Effective 12 June 2025, you will not earn Membership Rewards® point on Fuel payments via Gold Charge card. Fuel includes petrol, diesel, CNG from Oil Marketing Companies (OMCs).'
Khaleej Times
22-05-2025
- Business
- Khaleej Times
Dubai's Emirates NBD eyes majority stake in India's IDBI bank after RBI approval
Dubai's largest lender, Emirates NBD, has gained a significant edge in its pursuit to acquire a majority stake in IDBI Bank, a prominent Indian lender, following the Reserve Bank of India's (RBI) "in-principle" approval to establish a wholly-owned subsidiary in India. This strategic move enhances Emirates NBD's position as it competes with Canada's Fairfax Financial Holdings and India's Kotak Mahindra Bank to secure a 60.7 per cent stake in IDBI Bank, which is currently held by the Indian government (45.48 per cent) and the Life Insurance Corporation of India (49.24 per cent). The RBI's approval allows Emirates NBD, which operates branches in Chennai, Gurugram, and Mumbai, to convert its existing operations into a wholly-owned subsidiary. Banking analysts highlight that this structure ring-fences a foreign bank's local operations, enabling it to operate on par with domestic banks. While major foreign players like HSBC and Standard Chartered have avoided this model due to dual capital requirements — infusing capital into the subsidiary and holding additional capital against the investment — smaller lenders like DBS Bank and State Bank of Mauritius have successfully adopted it to expand in India. For Emirates NBD, this approval underscores its commitment to deepening its footprint in India's rapidly growing banking sector. In August 2024, Emirates NBD was shortlisted alongside Fairfax Financial and Kotak Mahindra Bank to bid for IDBI Bank as part of the Indian government's broader push to privatise state-owned banks and attract foreign investment. India's banking sector, with its robust growth and vast market potential, has drawn increasing interest from global financial institutions. Emirates NBD's bid reflects its strategic ambition to capitalise on these opportunities, with the outcome expected to shape IDBI Bank's future and influence India's banking privatisation landscape. The UAE lender's financial strength bolsters its bid. In the first quarter of 2025, the bank reported a 56 per cent surge in profit before tax to Dh7.8 billion, driven by strong lending, an improved deposit mix, and new product offerings. Its balance sheet crossed the Dh1 trillion mark, fuelled by a vibrant regional economy, with deposits rising 5.0 per cent, including a record Dh27 billion increase in low-cost current and savings accounts. Loan growth reached Dh18 billion, with over half attributed to its expanding international network. IDBI Bank, the acquisition target, reported a 26 per cent increase in net profit to Rs20.51 billion for the March quarter of FY25, up from Rs16.28 billion the previous year. Total income grew to Rs90.35 billion from Rs78.87 billion, reflecting its strong operational base. However, the bank has faced challenges, including asset quality issues and regulatory scrutiny, making its privatisation a critical step toward injecting capital and expertise to enhance competitiveness. Emirates NBD's extensive experience across the Middle East and North Africa, coupled with its track record in managing large-scale acquisitions, positions it as a formidable contender. Fairfax Financial, a Canadian investment firm, aims to expand its Indian financial market presence, while the LIC-led consortium leverages significant local expertise. The bids will be evaluated based on financial stability and strategic vision, with Emirates NBD's operational excellence giving it a competitive edge. The privatisation of IDBI Bank aligns with India's goals of improving public sector efficiency and encouraging private investment. A successful acquisition is expected to strengthen IDBI Bank by fostering innovation and best practices, contributing to the broader health of India's banking sector. As the bidding process advances, industry observers are keenly watching how Emirates NBD and its competitors address IDBI Bank's challenges and capitalise on its opportunities. The outcome will likely set a precedent for future privatisation efforts, marking a pivotal moment for India's financial landscape.
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Business Standard
01-05-2025
- Business
- Business Standard
May 2025: Key finance updates that could affect your wallet every day
Starting May, changes in banking and taxation could impact your wallet. ATM fees will increase and interest rates on fixed deposits will decrease. It will become easier to withdraw from the state-run pension fund and there will be a new luxury tax. Below is a compilation of all changes that start this month. ATM withdrawals will be costlier From May 1, ATM withdrawals beyond the allowed free limit will cost more. The Reserve Bank of India (RBI) has approved a hike in fees from Rs 21 to Rs 23 per transaction after the free limit is exhausted. Kotak Mahindra, HDFC and Punjab National Bank have already hiked their ATM fees. Most customers get five free ATM transactions per month at their own banks and three to five at other banks, depending on location. Frequent ATM users, especially in metro cities, will feel the pinch the most. Commercial LPG is cheaper In relief to businesses and commercial establishments, the price of a 19-kg commercial LPG cylinder has been reduced. The price was cut by Rs 14.5 in Delhi to Rs 1,747.5. In Kolkata, the price has dropped by Rs 17 to Rs 1,851.50. Cheaper gas will ease the operating costs of food vendors, restaurants, and small enterprises. Fixed deposit interest rates reduced If you have fixed deposits (FDs). Several banks have reduced FD interest rates following the RBI's repo rate cut in February 2025. IDBI Bank is offering a maximum rate of 7 per cent interest per annum Non-bank lenders have slashed FD rates, too. SFL is now offering up to 9.93 per cent effective yield per annum. This could impact retirees and conservative savers who depend on FD income. Pension withdrawals to become easier Good news for salaried employees: The Employees' Provident Fund Organisation has simplified the process to withdraw provident fund (PF) money. The step means: Self-declared advances under Para 68B (7) for home improvements Removal of bank-document uploads and employer approval for seeding bank accounts with Universal Account Number (UAN) Facial-authentication UAN activation via the UMANG app Simplified transfer claims with a revamped Form 13 Buying high-end goods just got a bit more expensive. The government has introduced a 1 per cent tax collected at source (TCS) on luxury purchases over Rs 10 lakh. This includes items such as: Expensive watches, handbags, and shoes Art collectibles and antiques Yachts, helicopters, and high-end home entertainment gear Interest on Delayed Pensions For central government pensioners, there's a new safeguard. Banks must now pay 8 per cent annual interest on delayed pension payments. Pensioners will get this interest automatically, without needing to file a complaint. This move ensures better financial stability for retirees.
