Point valuations · September 2026 (comparison assumptions)

What are reward points really worth?

Not every reward point is ₹1. A point's value depends entirely on how you redeem it — so we publish a rupee value for each major Indian reward currency, reviewed every month.

Reward points converting into rupee value — A point is worth only what you redeem it for.
A point’s value changes with the card and redemption route. Our calculations use the comparison assumptions below. They are not measured average outcomes or guaranteed cash values. Editorial stars are separate opinions.

Bank reward points

Reward Points (Infinia / Diners Club Black)

HDFC Bank

Comparison: ₹0.30 per point · Higher-value route example: ₹1.00

Infinia and the Diners Club Black family redeem at ₹1 a point against SmartBuy flights and hotels, for up to 70% of the booking value; Our comparison assumes ₹0.30/point; DCB Metal currently publishes up to ₹0.30 as cashback and up to ₹0.50 for products/vouchers. Regalia-tier cards redeem lower — see the next row.

Reward Points (Regalia / Diners Club Privilege)

HDFC Bank

Comparison: ₹0.30 per point · Higher-value route example: ₹0.65

Our comparison assumes ₹0.30 per point. Eligible SmartBuy travel can provide ₹0.50; Regalia Gold's exclusive Gold Catalogue can provide ₹0.65, products/vouchers up to ₹0.35 and statement credit up to ₹0.15. These routes and ceilings are variant-specific; do not apply Gold's maximum to every card in the tier.

CashPoints (1:1)

HDFC Millennia / Swiggy

Comparison: ₹1.00 per point · Higher-value route example: ₹1.00

Adjust 1:1 against the statement on Millennia; Swiggy cashback is credited directly.

CashPoints (catalogue)

HDFC MoneyBack+ / UPI RuPay

Comparison: ₹0.25 per point · Higher-value route example: ₹0.25

₹0.25 catalogue comparison value. MoneyBack+ statement credit is ₹0.20 per point under the September 2026 MITC; the separate Freedom currency is ₹0.15.

EDGE Points

Axis Bank

Comparison: ₹0.20 per point

₹0.20 catalogue comparison assumption. Current voucher prices, fees and transfer rules determine realised value; no universal higher voucher rate is confirmed.

Reward Points

ICICI Bank

Comparison: ₹0.25 per point

₹0.25 catalogue comparison assumption. Current voucher prices and redemption fees determine realised value; no universal higher voucher rate is confirmed.

Reward Points

SBI Card

Comparison: ₹0.25 per point · Higher-value route example: ₹0.25

₹0.25 comparison value for eligible redemptions. Statement-credit blocks, monthly limits and redemption fees apply. IRCTC uses a separate rail-only currency.

Membership Rewards

American Express

Comparison: ₹0.25 per point · Higher-value route example: ₹0.50

~₹0.25 for vouchers; higher via select airline/hotel transfer partners.

Reward Points

IndusInd Bank

Comparison: ₹0.40 per point · Higher-value route example: ₹0.40

Provisional ₹0.40 comparison value. Aura Edge’s January 2026 guide conflicts between ₹0.40 and ₹0.50 cash redemption; confirm with the issuer.

Reward Points

Kotak Mahindra

Comparison: ₹0.20 per point · Higher-value route example: ₹0.25

~₹0.20 on the rewards catalogue.

YES Rewardz points

YES Bank

Comparison: ₹0.25 per point · Higher-value route example: ₹0.25

₹0.25 typical catalogue value.

Reward Points

AU Small Finance Bank

Comparison: ₹0.25 per point · Higher-value route example: ₹0.25

₹0.25 on the AU rewards catalogue.

Reward Points

IDFC FIRST Bank

Comparison: ₹0.25 per point · Higher-value route example: ₹0.25

₹0.25 per point; a ₹99 + GST redemption fee applies per request.

Reward Points

RBL Bank

Comparison: ₹0.25 per point · Higher-value route example: ₹0.25

₹0.25 comparison assumption; available redemption routes, minimums and fees vary by card.

Reward Points

OneCard

Comparison: ₹0.10 per point · Higher-value route example: ₹0.10

~₹0.10 per point per OneCard's own redemption examples.

Ultimate Reward Points

Standard Chartered Ultimate

Comparison: ₹1.00 per point · Higher-value route example: ₹1.00

1 point = ₹1, but redeemed against the bank's shopping-voucher catalogue rather than as statement cash — face value only if you would have shopped at those merchants anyway.

Currency	Issuer	Comparison value	Higher-value route	How to get there
Reward Points (Infinia / Diners Club Black)	HDFC Bank	₹0.30	₹1.00	Infinia and the Diners Club Black family redeem at ₹1 a point against SmartBuy flights and hotels, for up to 70% of the booking value; Our comparison assumes ₹0.30/point; DCB Metal currently publishes up to ₹0.30 as cashback and up to ₹0.50 for products/vouchers. Regalia-tier cards redeem lower — see the next row.
Reward Points (Regalia / Diners Club Privilege)	HDFC Bank	₹0.30	₹0.65	Our comparison assumes ₹0.30 per point. Eligible SmartBuy travel can provide ₹0.50; Regalia Gold's exclusive Gold Catalogue can provide ₹0.65, products/vouchers up to ₹0.35 and statement credit up to ₹0.15. These routes and ceilings are variant-specific; do not apply Gold's maximum to every card in the tier.
CashPoints (1:1)	HDFC Millennia / Swiggy	₹1.00	₹1.00	Adjust 1:1 against the statement on Millennia; Swiggy cashback is credited directly.
CashPoints (catalogue)	HDFC MoneyBack+ / UPI RuPay	₹0.25	₹0.25	₹0.25 catalogue comparison value. MoneyBack+ statement credit is ₹0.20 per point under the September 2026 MITC; the separate Freedom currency is ₹0.15.
EDGE Points	Axis Bank	₹0.20	—	₹0.20 catalogue comparison assumption. Current voucher prices, fees and transfer rules determine realised value; no universal higher voucher rate is confirmed.
Reward Points	ICICI Bank	₹0.25	—	₹0.25 catalogue comparison assumption. Current voucher prices and redemption fees determine realised value; no universal higher voucher rate is confirmed.
Reward Points	SBI Card	₹0.25	₹0.25	₹0.25 comparison value for eligible redemptions. Statement-credit blocks, monthly limits and redemption fees apply. IRCTC uses a separate rail-only currency.
Membership Rewards	American Express	₹0.25	₹0.50	~₹0.25 for vouchers; higher via select airline/hotel transfer partners.
Reward Points	IndusInd Bank	₹0.40	₹0.40	Provisional ₹0.40 comparison value. Aura Edge’s January 2026 guide conflicts between ₹0.40 and ₹0.50 cash redemption; confirm with the issuer.
Reward Points	Kotak Mahindra	₹0.20	₹0.25	~₹0.20 on the rewards catalogue.
YES Rewardz points	YES Bank	₹0.25	₹0.25	₹0.25 typical catalogue value.
Reward Points	AU Small Finance Bank	₹0.25	₹0.25	₹0.25 on the AU rewards catalogue.
Reward Points	IDFC FIRST Bank	₹0.25	₹0.25	₹0.25 per point; a ₹99 + GST redemption fee applies per request.
Reward Points	RBL Bank	₹0.25	₹0.25	₹0.25 comparison assumption; available redemption routes, minimums and fees vary by card.
Reward Points	OneCard	₹0.10	₹0.10	~₹0.10 per point per OneCard's own redemption examples.
Ultimate Reward Points	Standard Chartered Ultimate	₹1.00	₹1.00	1 point = ₹1, but redeemed against the bank's shopping-voucher catalogue rather than as statement cash — face value only if you would have shopped at those merchants anyway.

Co-branded & travel currencies

IRCTC Travel Reward Points

IRCTC SBI Platinum

Comparison: ₹1.00 per point · Higher-value route example: ₹1.00

₹1 per point towards eligible IRCTC train tickets. Restricted rail redemption, not statement credit; the booking must be fully covered under the loyalty rules.

Freedom CashPoints

HDFC Freedom

Comparison: ₹0.15 per point · Higher-value route example: ₹0.15

₹0.15 per CashPoint on the current published Freedom redemption routes; do not use MoneyBack+’s ₹0.25 assumption.

Manhattan Reward Points

Standard Chartered Manhattan

Comparison: ₹0.25 per point

₹0.25 implied by the legacy product page’s value chart. Current account terms need confirmation; Ultimate’s ₹1 value does not apply.

NeuCoins

Tata Neu (HDFC)

Comparison: ₹1.00 per point · Higher-value route example: ₹1.00

1 NeuCoin = ₹1 across Tata Neu brands — among the simplest currencies.

Amazon Pay balance

Amazon Pay ICICI

Comparison: ₹1.00 per point · Higher-value route example: ₹1.00

Cashback credits 1:1 as Amazon Pay balance — usable on eligible Amazon Pay purchases and partners; not a bank-account cash withdrawal.

myCash

MakeMyTrip ICICI

Comparison: ₹1.00 per point · Higher-value route example: ₹1.00

1 myCash = ₹1 against MakeMyTrip bookings.

EDGE Miles

Axis Atlas

Comparison: ₹0.80 per point · Higher-value route example: ₹1.60

We use an editorial ₹0.80/mile assumption. Axis publishes ₹1/mile for eligible travel redemption; transfer value varies with the booking. ₹1.60 is an illustrative transfer valuation, not a guaranteed bank rate.

Fuel Points

HDFC IndianOil

Comparison: ₹0.96 per point · Higher-value route example: ₹0.96

Redeemed for fuel at IndianOil outlets at ~₹0.96 per Fuel Point; little value elsewhere.

Bonvoy Points

Marriott (HDFC)

Comparison: ₹0.60 per point · Higher-value route example: ₹0.60

Our editorial estimate for award nights; the realised value swings widely by property and date.

Currency	Issuer	Comparison value	Higher-value route	How to get there
IRCTC Travel Reward Points	IRCTC SBI Platinum	₹1.00	₹1.00	₹1 per point towards eligible IRCTC train tickets. Restricted rail redemption, not statement credit; the booking must be fully covered under the loyalty rules.
Freedom CashPoints	HDFC Freedom	₹0.15	₹0.15	₹0.15 per CashPoint on the current published Freedom redemption routes; do not use MoneyBack+’s ₹0.25 assumption.
Manhattan Reward Points	Standard Chartered Manhattan	₹0.25	—	₹0.25 implied by the legacy product page’s value chart. Current account terms need confirmation; Ultimate’s ₹1 value does not apply.
NeuCoins	Tata Neu (HDFC)	₹1.00	₹1.00	1 NeuCoin = ₹1 across Tata Neu brands — among the simplest currencies.
Amazon Pay balance	Amazon Pay ICICI	₹1.00	₹1.00	Cashback credits 1:1 as Amazon Pay balance — usable on eligible Amazon Pay purchases and partners; not a bank-account cash withdrawal.
myCash	MakeMyTrip ICICI	₹1.00	₹1.00	1 myCash = ₹1 against MakeMyTrip bookings.
EDGE Miles	Axis Atlas	₹0.80	₹1.60	We use an editorial ₹0.80/mile assumption. Axis publishes ₹1/mile for eligible travel redemption; transfer value varies with the booking. ₹1.60 is an illustrative transfer valuation, not a guaranteed bank rate.
Fuel Points	HDFC IndianOil	₹0.96	₹0.96	Redeemed for fuel at IndianOil outlets at ~₹0.96 per Fuel Point; little value elsewhere.
Bonvoy Points	Marriott (HDFC)	₹0.60	₹0.60	Our editorial estimate for award nights; the realised value swings widely by property and date.

How we value points

The comparison value is an editorial assumption used by the calculator. Higher-value routes are examples, not a universal ceiling or a cash guarantee. Check the exact card variant, current redemption availability, minimum redemption and charges. Some catalogue and transfer values still need a fresh issuer check; the month shown above dates these assumptions, not a complete verification of every programme. See our methodology.