Major Bank Ends Partnership with Apple: No More iPhone Discounts or EMI Offers

If you’re considering purchasing Apple products or an iPhone, there’s an important update you should know about. HDFC Bank, one of India’s largest private banks, has ended its five-year partnership with Apple. As a result, customers will no longer receive HDFC Bank offers or discounts on Apple products, including iPhones.

Impact on Customers

This change might come as a shock to HDFC Bank customers who were looking forward to special deals during the festive season. Previously, customers could enjoy benefits such as cashback and EMI options on Apple products through HDFC Bank’s credit cards. However, with the termination of this partnership, these offers will no longer be available.

Review of the Partnership

HDFC Bank’s Group Head, Parag Rao, stated that the bank is reviewing the costs and benefits associated with the partnership. Although the bank has had a productive relationship with Apple for five years, it was deemed necessary to reevaluate the arrangement. Rao mentioned that the partnership had provided exclusive benefits to HDFC Bank customers, but now, with Apple forging agreements with multiple banks, it was crucial to reassess the situation.

Changes in Offers

Apple’s website now lists cashback and EMI options through other banks like American Express, Axis Bank, and ICICI Bank. Parag Rao noted that Apple had secured deals with several other banks, making the continuation of the partnership with HDFC Bank less critical. Despite this change, Rao assured that HDFC Bank is prepared for the festive season and is confident in seeing growth in deposits and credit.

Bank’s Strategic Adjustments

In light of regulatory concerns raised by the Reserve Bank of India about unsecured retail loans, HDFC Bank is making significant improvements. The bank is focused on reducing risk and enhancing its services. With over 14 million customers using its payments app, PayZap, and collaborations with the National Payments Corporation of India (NPCI), HDFC Bank is dedicated to ensuring secure and efficient banking services.