India is celebrating Diwali this week, giving an opportunity to companies and banks to incentivise their business by offering discounts on a range of items from jewellery to smartphones.
A number of private and state-run banks are seeking to incentivise their business by offering their customers discounted loans, diamond jewellery, smartphones, etc.
Here's what various banks are offering this festive season:
State Bank of India
The SBI cardholders can avail a 25 percent discount on diamond jewellery.
For loans, the bank has waived off its processing fee for pension loans and the offer is valid till the end of this month. The bank is also offering festival loans from Rs 5,000 to Rs 50,000 with an interest rate between 10.95 and 15.35 percent per annum without any prepayment charges.
The bank is offering their customers a 64 GB-iPhone X if a customer becomes a top spender using their debit card in the offer period and an Alexa Echo for the top spender of the day.
The bank is also offering vouchers worth Rs 1,000 if a transaction above Rs 20,000 is made using the bank's debit card. If five transactions worth Rs 1,000 are made using the card in a month, the customer will get a voucher of Rs 500.
Private lender, Yes Bank, is offering their reward points five times extra if their customers make transactions for Amazon, MakeMyTrip, Reliance Digital, Big Basket, Oyo Rooms and Jabong products till November 15.
Top Spender of the Yes Bank debit card between October 12 and November 8 have the opportunity to get a paid holiday to Singapore. The bank will fund the trip for two.
For loans, the bank is giving a 100 percent on-road funding for their auto loans and it is valid till the end of this year. The bank is also offering a 10.75 percent per annum interest rate on personal loans up to Rs 40 lakhs.
ICICI Bank's customers can earn 20 times of their reward points while using internet banking for their purchases this Diwali. For debit and credit cardholders, cashbacks and discounts across major brands are being offered by the bank.
Punjab National Bank
The state-run bank is offering zero processing and documentation fee for home and vehicle loans till the end of this year.
Customers who want to avail for loans against securities and mutual funds till December 31 can get it at a flat processing fee of Rs 999 plus the taxes.
A 0.50 percent off on the rack rate for personal loans the end of this year, is also being offered by the bank. For home loans, the bank is offering an off on rack rates between 0.05 and 0.10 percent, along with a 50 percent waiver on processing fees.