Point valuations · June 2026
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.
A point is worth only what you redeem it for.
The same point can be worth 30 paise as statement credit or ₹1+ transferred to an airline. Our ratings and recommendations always use the conservative typical value — never the best case.
Bank reward points
| Currency | Issuer | Typical value | Best case | How to get there |
|---|---|---|---|---|
| Reward Points | HDFC Bank | ₹0.30 | ₹1.00 | Up to ₹1 via SmartBuy flights/hotels; ~₹0.30 for catalogue, ₹0.15–0.20 as statement credit. |
| EDGE Points | Axis Bank | ₹0.20 | ₹0.40 | ~₹0.20 on the EDGE catalogue; higher on select gift vouchers. |
| Reward Points | ICICI Bank | ₹0.25 | ₹0.40 | ₹0.25 typical; up to ₹0.40 on select vouchers via iMobile. |
| Reward Points | SBI Card | ₹0.25 | ₹0.25 | Flat ₹0.25 across the SBI rewards catalogue. |
| 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 | Official cash-credit value ₹0.40 per point. |
| Reward Points | Kotak Mahindra | ₹0.20 | ₹0.25 | ~₹0.20 on the rewards catalogue. |
| Reward Points | YES Bank | ₹0.25 | ₹0.25 | ₹0.25 typical catalogue value. |
Co-branded & travel currencies
| Currency | Issuer | Typical value | Best case | How to get there |
|---|---|---|---|---|
| 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 — effectively cash on Amazon. |
| CashPoints | HDFC Millennia / Swiggy | ₹1.00 | ₹1.00 | Adjust 1:1 against statement on Millennia; Swiggy cashback is direct. |
| EDGE Miles | Axis Atlas | ₹0.80 | ₹1.60 | ~₹0.80 base; up to ~₹1.60 via 1:2 transfers to select airline/hotel partners. |
How we value points
"Typical" is the value most cardholders realistically get — usually the rewards catalogue or statement credit. "Best case" is what's achievable through the highest-value route (partner transfers, SmartBuy, vouchers) when you optimise. Our card recommendations and ratings use the conservative typical value.