Best Debit Card Offers In India

There are still several people who are not able to distinguish between a credit card and a debit card. A credit card is like a license to take an unsecured personal loan with a tenure of around a month (or a little more if you can time your spend right). A Debit card, on the other hand, is just a vehicle you are provided with in order to use your own money kept in your savings account. While a credit card can be a blessing when you are in urgent need of money which you know you can pay back later, the fact is that a credit card in hand actually encourages many of us to go ahead and buy things which we do not really need.

Banks are encouraging increased use of debit cards for two reasons. First, it reduces the footfalls at the branches for cash withdrawals, allowing banks to provide better service to the walk in customers. Second, you can only spend using your debit card when your account has adequate money, so debit card usage prompts you to keep your accounts funded, which is good for the banks. This is the reason why banks offer a gamut of points based offers and freebies on their debit cards. Depending on the savings account variant you have, you are offered debit cards loaded with goodies which encourage you to spend more and more using your debit card. Let us take a quick view of the most attractive best debit card offers in india, based on the offers they provide.

HDFC Titanium : Owing to its huge number of salary account holders, HDFC Bank has come up with this shopping card aimed specifically for its salary account holders. You can withdraw as much as Rs. 50000 at any of the bank’s ATMs using this card. The cashback on the fuel station spends is another attractive feature of this card. Bill payment is made secure with this card with the help of the Secure Code feature on this card. When you are shopping using this card, you needn’t worry about big ticket purchases for different gadgets and electronic devices, owing to the Rs. 1.75 lakh spend limit on this card.

HSBC Premier Platinum : HSBC offers the use of its own ATMs as well as a number of affiliated bank ATMs when you have this card. The withdrawal limit is a mammoth Rs. 250000 per day, and you also earn lots of points on account of the generous loyalty scheme on this card. The zero annual fee is one of the most attractive features of this card. One of the most attractive features of this card is the range of concierge services you are entitled to with this card.

Axis Bank Burgundy : This is the big daddy of best debit card offers inindia, and in case you are a high flying HNI, this card is perfect for you. It is the debit card issued to holders of Axis Bank’s premier account called Burgundy. The reward points are the highest in class for every Rs. 200 spent using this card. You can make purchases of up to Rs. 6 lakhs using this card, and can withdraw up to Rs. 2 lakhs at any ATM, which is by far the biggest offered by any card in India. You would be entitled to complimentary access to the best lounges when you travel, and can also look forward to heavy discounts on dining at the best restaurants across the country. Unlike other cards, this one offers you usage / reward points even on loans you take, not just on the money you spend.

Top 5 Premium credit cards in India | RupeeIQ

When we look back at the previous generation and their forefathers, we Indians were mentally attuned to spending money on something only if we had saved up for it. Witness the large number of people who used to save for decades and then buy a car or house very close to their retirement, only when they had saved enough for that big-ticket expense. Deficit financing was something that only governments did, and individuals just spent what they earned or had saved, nothing more. The last two and half decades have seen a rapid increase in the spending horizon of Indians. This is because of the advent of several aggressive private banks in India which have allowed Indians to dream and make expenses which they could never have envisioned earlier. This could be either through loans or through that magic piece of plastic called a credit card. Let us look at credit cards in more detail.

A credit card is a kind of unsecured loan provided by banks with a shorter repayment period, no interest charged within the first repayment period, but very high rate of interest if the payment is made after the payment due date. The amount of ‘loan’ possible on a credit card is called the credit limit of the card. The credit limit that a bank would give to an applicant would depend on several factors. If you already have some relationship with that bank, then your performance in that relationship would be a significant factor. If it is a deposit relationship (savings or current account, or fixed deposits, or recurring deposits), then the amount of money you have deposited with the bank under these accounts and your average balance would be taken into account. If it is an advance (loan) relationship, then your repayment history would be taken into account. In case you do not have an existing relationship with the bank, then your income level (which translates to your repayment capacity), and your CIBIL credit score would determine what sort of a card you are offered. Banks usually have at least two to three variants of credit cards, starting from the most basic ones with lowest credit limits, and going up to the super premium cards which not only offer the highest credit limit but also providing many other attractive services and offers to those cardholders. Let us look at some examples of the most premium credit cards in India below.

HDFC Bank Infinia – This is the most prestigious credit card offering from HDFC Bank. It isn’t easy to get approved for this card, and only the ultra-rich (called super high net worth individuals) can aspire to be offered this card. Access to exclusive lounges and golf courses are just a few of the innumerable prestigious benefits this card offers.

Citibank Prestige – With an annual fee of Rs. 20000, you need to be a wealthy person to get this card. Citibank has anyway positioned itself as a bank for a higher class of clients, so the number of prospective cardholders gets reduced anyway. This card looks most attractive to globetrotters, with its attractive loyalty and reward points system.

Amex Platinum – You know how exclusive this card is when you hear the annual fee of Rs. 50000. This card in your wallet ensures that you are eyed with immense respect at the best destinations and establishments across the world. As soon as the card is issued to you, you start off with redeemable vouchers of the Taj group which are worth Rs. 50000, which kind of makes the first year free for you.

For more detail : premium credit cards in india

A List of Top SBI Mutual Funds and How They Are Performing

State Bank of India is the oldest and largest bank in India, and therefore enjoys tremendous respect in the banking community as well as among customers. With a view to harnessing its expertise in finance, SBI launched SBI Mutual Fund in 1987, and within the next 3 decades it had more than 6 million clients and had an AUM (assets under management) of almost Rs. 2 lakh crores, which translates to about 30 billion US dollars at exchange rates prevailing now. In these 3 decades of existence, SBI Mutual Fund has had several memorable achievements and records.

In 1999, it launched sector funds, and also came out with the first contra fund in India (which goes against conventional wisdom of the market and invests in under-priced stock which would be expected to rise in the long term and provide impressive returns). SBI Mutual Fund was also the first mutual fund (backed by a bank) to start an offshore fund called Resurgent India Opportunities Fund. As recently as 2015, SBI Mutual Fund’s ETFs (Exchange Traded Funds) became the centre of attraction for investors when the EPFO (Employees Provident Fund Organization) invested about 5000 crores in them.

With almost 75 distinct mutual funds, SBI Mutual Fund has the complete bouquet of products that an investor would be interested in – ETFs, FMPs (fixed maturity plans), equity funds, debt funds, hybrid funds (funds which invest in both equity and debt) and even Liquid Schemes. SBI Mutual Fund has also been widely applauded for its series of investor education initiatives. Let us take a look at some of the best performing SBI Mutual Funds :

·         SBI Blue Chip – This fund was launched in 2006, and it invests in stock and related instruments of large-cap companies like HDFC Bank, L&T, M&M, ITC, and Nestle having almost 25% of its investments. Large Cap companies are companies like TCS, Infosys, ITC or Tata Steel which have a very high market capitalisation. Since 2006, this fund has given returns of more than 10%. If you consider a five-year horizon from now, this fund has performed admirably with returns of almost 20%. But in 2018, its performance has dipped somewhat, and it has provided lower returns to investors.

·         SBI Magnum Equity – This fund also is one of the older funds managed by SBI MF, and has provided returns close to 15% over the last decade and a half. You have a choice of SBI Magnum Midcap (which would focus on companies with moderate market capitalisation) and  SBI Magnum Multicap (which would invest in the stock of companies with small, medium as well as large market capitalisations). You can also choose SBI Equity ESG, which invests mostly in companies dealing with Environment, Social and Governance. That is why this fund is associated with the term ‘sustainable investment'. This fund has given returns of close to 15% since its inception in 1991.

·         SBI Contrarian Fund – In 1999, SBI Mutual launched the Contrarian Fund, which stayed true to its name and invested in a way that investors normally wouldn't. This fund picked up stocks that had fallen by the wayside due to some reasons, but the fund manager believed that its fundamentals were strong. This fund has provided returns of more than 19% since inception. But in the period of January 2018 to July 2018, its NAV has fallen from almost Rs. 24 to Rs. 19.

·         SBI Short Term Debt – This is the only fund in our list which invests in debt and money market securities, instead of equities like the others listed. It is a low-risk fund and has provided just about 6% returns since inception. Read more at sbi mutual fund list

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