HDFC Bank takes a temporary break from Apple partnership: What this means for iPhone buyers

HDFC Bank, Apple partnership: HDFC Bank has been partnering with Apple over iPhone purchases for a long time. Now, a new report says that the bank has taken a break from Apple's partnership in India citing cost-to-income considerations.

For the unversed, HDFC Bank has been collaborating with Apple since 2019. Since the course of its five-year partnership, the bank has offered numerous benefits to buyers of Apple devices in India across platforms. In addition to offering cashback offers to HDFC Bank credit card holders, the bank has also offered benefits such as easy EMI and no-cost-EMI to the iPhone, iPad and Mac buyers in the country. Now a report by Business Standards states that the bank has decided to take a 'temporary break' from this partnership citing the fact that the cost-to-income considerations are no-longer working out for the bank. "We monitor cost-to-income and sometimes cost-to-income measure does not work out for a particular partnership. We have taken a temporary break,"HDFC Bank's group head for payments, consumer finance, marketing, liability product group, Parag Rao, said in a statement to the publication.

What does this mean for Apple fans in India?

HDFC Bank announcing a break from its partnership with Apple means that interested buyers will no longer be able to enjoy the benefits offered by the HDFC Bank credit and debit cards while buying Apple products in India both from online retailers such as Amazon, Flipkart and Croma and offline retails. Interested buyers purchasing Apple devices from Apple's online and offline stores in India will also not be able to access the benefits offered by the HDFC Bank.

What is the alternative?

Apple has now partnered with other major banks in India, which includes American Express, Axis Bank and ICICI Bank, to offer deals and discounts on the purchase of Apple products in India. The company is now offering an instant cashback of Rs 8,000 and no-cost-EMI for up to three or six months on the purchase of Apple devices from its official online store via American Express, Axis Bank and ICICI Bank.