What your points & miles are really worth
Reward points are only worth what you can redeem them for. This is our reference value — in real rupees — for every major Indian reward currency, from the everyday default route to the best-case transfer. Most people redeem at the bottom of this range; the gap is what they leave on the table.
At a glance
Typical = the value a normal user gets. Best = the ceiling via the top transfer or travel-portal route.
| Reward currency | Typical | Best |
|---|---|---|
| IndusInd Reward PointsIndusInd Bank | ₹0.35 | ₹0.70 |
| HDFC Reward PointsHDFC Bank | ₹0.30 | ₹1.00 |
| YES Reward PointsYES Bank | ₹0.30 | ₹0.30 |
| AU Reward PointsAU Small Finance Bank | ₹0.25 | ₹0.25 |
| Amex Membership RewardsAmerican Express | ₹0.25 | ₹1.00 |
| BOB Reward PointsBank of Baroda | ₹0.25 | ₹0.25 |
| Federal Reward PointsFederal Bank | ₹0.25 | ₹0.25 |
| HSBC Reward PointsHSBC | ₹0.25 | ₹0.25 |
| ICICI Reward PointsICICI Bank | ₹0.25 | ₹0.40 |
| IDFC Reward PointsIDFC FIRST Bank | ₹0.25 | ₹0.25 |
| Kotak Reward PointsKotak Mahindra | ₹0.25 | ₹0.25 |
| RBL Reward PointsRBL Bank | ₹0.25 | ₹0.25 |
| SBI Reward PointsSBI Card | ₹0.25 | ₹0.25 |
| Standard Chartered Reward PointsStandard Chartered | ₹0.25 | ₹0.25 |
| Axis EDGE RewardsAxis Bank | ₹0.20 | ₹1.00 |
IndusInd Reward Points
IndusInd Bank
Above-average base value
Premium cards (Pinnacle/Legend)
✈ TRANSFER PARTNERS
HDFC Reward Points
HDFC Bank
Standard catalogue & cashback
Up to ₹0.50/pt on travel via SmartBuy
Premium cards (Infinia/Diners Black) — best value
✈ TRANSFER PARTNERS
YES Reward Points
YES Bank
Standard redemption
AU Reward Points
AU Small Finance Bank
Standard redemption
Amex Membership Rewards
American Express
Statement credit — lowest value
Flights, hotels, voucher catalogue
Best value via partner programs
✈ TRANSFER PARTNERS
BOB Reward Points
Bank of Baroda
Standard redemption
Federal Reward Points
Federal Bank
Standard redemption
HSBC Reward Points
HSBC
Standard redemption
ICICI Reward Points
ICICI Bank
Standard redemption
Higher value via iShop travel
IDFC Reward Points
IDFC FIRST Bank
Never-expiring points
Kotak Reward Points
Kotak Mahindra
Standard redemption
RBL Reward Points
RBL Bank
Standard redemption
SBI Reward Points
SBI Card
Capped at 60,000 pts/month from Apr 2026
Vouchers & merchandise
Standard Chartered Reward Points
Standard Chartered
Standard redemption
Axis EDGE Rewards
Axis Bank
Standard EDGE points
Flights & hotels
Atlas/Magnus/Reserve — transfer to partners
✈ TRANSFER PARTNERS
How we value points
Default route = the value a typical user realistically gets; best route = the ceiling via the top transfer or travel-portal redemption. All figures are estimates for the Indian market (2026), not contractual.
These are estimates, not contractual rates — issuers change conversion ratios and transfer partners without notice. We review them periodically (last reviewed 1 June 2026). Use them to compare currencies and spot the value gap, not as a guaranteed redemption.