HDFC Bank revises fee for rent payments via credit cards on CRED, Paytm and other platforms, check details

India’s leading private sector bank emailed its customers on June 26 to inform them of the fee revision for rent payments.

In addition, HDFC Bank has also informed customers that it will implement adjustments to its Tata Neu Infinity and Tata Neu Plus credit cards starting August 1, 2024. These changes will impact the cashback structure for UPI payments made using these cards.

The bank has said that from August 1, Tata Neu Infinity HDFC Bank Credit Card users will earn 1.5% NeuCoins on eligible UPI transactions made using the Tata Neu UPI ID. Transactions made through other eligible UPI IDs will earn 0.50% NeuCoins.

Similarly, customers holding Tata Neu Plus HDFC Bank Credit Card will receive 1% NeuCoins on eligible UPI transactions using the Tata Neu UPI ID, and 0.25% NeuCoins on transactions using other eligible UPI IDs.

On Thursday, June 27, shares of HDFC Bank saw a modest gain of 0.67% on the NSE, reaching an intraday high of ₹1,713 apiece. The stock closed at ₹1696, down 0.30%. The shares opened the trading session at ₹1,696.10, slightly lower than the previous close of ₹1,701.50.

Over the past month, HDFC Bank’s shares have seen a remarkable upswing, gaining over 11%. This has been the stock’s highest monthly increase in over two-and-a-half years. On June 26, the shares traded close to their 52-week high, reaching ₹1,716.95. Investor confidence in HDFC Bank’s future performance has been a key driver of this rally. Experts expect that the bank is on track to regain its leading profitability within the next four years.

Projections indicate that HDFC Bank’s return on assets could increase from 1.8% to 2.1%, supported by an improved loan mix and normalised cost of funds. Additionally, experts foresee significant benefits from operating leverage in the coming years, further boosting the bank’s financial outlook.