IndianOil HDFC Bank review

HDFC Bank · Visa · points Official sources Checked 30 Oct 2026

At a glance

Annual fee: ₹500
Joining fee: ₹500
Fee waiver: ₹50,000 a year
Base return: 0.64% base
Point value: ₹0.96 per point
Domestic lounge: None found
International lounge: None found

Estimated net value a year

Profile	Net	% of spend
First card, light spender ₹15k a month	₹2,884	1.6%
Metro salaried ₹60k a month	₹7,221	1.0%
Family household ₹80k a month	₹9,272	1.0%
Frequent flyer ₹1.5L a month	₹14,290	0.8%
Online shopper ₹50k a month	₹5,839	1.0%
Rent-heavy ₹90k a month	₹2,973	0.3%

Fee maths: The ₹500 annual fee is waived at ₹50,000 a year of eligible spend, about ₹4,200 a month. All of our profiles clear that, so the fee costs nothing on them. On our 6 profiles it nets from ₹2,884 (first card, light spender) to ₹14,290 (frequent flyer), equal to 0.3% to 1.6% of spend across the profiles. Without a waiver, the metro salaried category mix earns back the fee from about ₹3,000 a month of total spend.

After fees and caps, best-case redemption. Use your own spend.

Our take: For IndianOil pump users: 5% in Fuel Points at IndianOil outlets, capped at 150 points a month (250 in the first six months), plus 5% on groceries and on utilities, each capped at 100 points a month, and 1 point per ₹150 on everything else with no cap. A Fuel Point is worth ₹0.96 only if you redeem it for IndianOil fuel and ₹0.20 as statement credit, so the same ₹3,000 of monthly IndianOil fuel is worth about ₹144 or ₹30. The ₹500 fee is waived at ₹50,000 of spend in the first year, and rent via third-party apps carries a 1% fee.

From the card's terms: limits

Base return is only about 0.64% on other spends

Reward rates and caps

Spend category	Points per ₹100	Value per ₹100	Cap	Notes
Everything else	0.667	₹0.64	No cap found	1 Fuel Point per ₹150 on other spends incl. UPI on RuPay variant (min txn ₹150); NO cap in the official T&C Table 1.1 (capping column '-'). Excludes fuel, rent, jewellery, government, EMI, wallet.
Fuel	5	₹4.8	150 pts monthly	5% Fuel Points only at IndianOil outlets via IOCL POS; cap 250 FP/month in first 6 months, 150 FP/month after (modelled at 150, i.e. first ₹3,000). Non-IOCL fuel earns nothing.
Groceries	5	₹4.8	100 pts monthly	5% on grocery MCCs 5411, 5499, 5921, 5462 (min txn ₹150); cap 100 FP/month (~₹2,000). T&C also lists supermarkets as excluded, so qualifying spend may be narrower.
Bills & utilities	5	₹4.8	100 pts monthly	5% on utility and telecom bill payments MCC 4812, 4814, 4900 (min txn ₹150); cap 100 FP/month (~₹2,000) separate from groceries.
Rent	0	₹0	No cap found	No Fuel Points on rent or government payments.
Fuel	0	₹0	No cap found	Fuel at other pumps earns nothing; rewards apply only at the co-brand fuel partner (card terms).

Point value: 1 Fuel Point = 3 XTRAREWARD points = ₹0.96 as free fuel at IndianOil outlets (min 500 FP, multiples of 500); only Re 0.20 as statement cashback (min 12,500 FP, ₹50 fee) or catalogue; points expire after 2 years (official T&C).

Excluded or reduced

Wallet, rent, government payments, tax, EMI earn nothing
Supermarkets, insurance, vending machine foods, package stores/liquor, bakeries earn nothing
Cash advances and traveller's cheques earn nothing
Non-IndianOil fuel earns nothing; 5% fuel only on IOCL authorised POS
Min transaction ₹150 for grocery, utility and other-spend points
1% fee on rent via third-party apps (capped ₹3,000/txn); forex markup 3.5%

Other benefits

Welcome: Complimentary IndianOil XTRAREWARDS membership; ₹250 voucher on activation (one transaction within 37 days of issuance).
Renewal: Renewal fee waiver on ₹50,000 spend in the first year (product page)
1% fuel surcharge waiver (min ₹400, max ₹250 per cycle)
Up to 50 days interest-free credit
Redemption fee ₹99 + taxes for catalogue; ₹50 for cashback

Eligibility

Salaried: age 21-60, net monthly income above ₹12,000. Self-employed: age 21-65, ITR above ₹6 lakh (official product page).

Where it ranks

#5 in Best first credit cards
#3 in Best credit cards for a ₹25,000 salary
#4 in RuPay credit cards ranked by rewards

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FAQ

What is the annual fee of the IndianOil HDFC Bank?

₹500 a year, waived at ₹50,000 annual spend. Fees exclude 18% GST.

How do IndianOil HDFC Bank rewards work?

0.64% base, up to 4.8% on groceries. 1 Fuel Point = 3 XTRAREWARD points = ₹0.96 as free fuel at IndianOil outlets (min 500 FP, multiples of 500); only Re 0.20 as statement cashback (min 12,500 FP, ₹50 fee) or catalogue; points expire after 2 years (official T&C).

Does the IndianOil HDFC Bank give airport lounge access?

We did not find lounge access on this card in the sources we checked.

Who is the IndianOil HDFC Bank best suited to?

For IndianOil pump users: 5% in Fuel Points at IndianOil outlets, capped at 150 points a month (250 in the first six months), plus 5% on groceries and on utilities, each capped at 100 points a month, and 1 point per ₹150 on everything else with no cap. A Fuel Point is worth ₹0.96 only if you redeem it for IndianOil fuel and ₹0.20 as statement credit, so the same ₹3,000 of monthly IndianOil fuel is worth about ₹144 or ₹30. The ₹500 fee is waived at ₹50,000 of spend in the first year, and rent via third-party apps carries a 1% fee. The ₹500 annual fee is waived at ₹50,000 a year of eligible spend, about ₹4,200 a month. All of our profiles clear that, so the fee costs nothing on them. On our 6 profiles it nets from ₹2,884 (first card, light spender) to ₹14,290 (frequent flyer), equal to 0.3% to 1.6% of spend across the profiles.