Top Indian banks' ad spends touch Rs 5K cr in FY25: Seasonal campaigns key driver

Seasonal marketing windows such as the tax-saving period and India’s festive season have emerged as critical growth engines for the banking, financial services and insurance (BFSI) sector. With advertising budgets steadily climbing, these high-intent occasions are becoming natural focal points for sharper campaigns and product pushes.

According to annual reports, top 11 Indian banks collectively ramped up their advertisement and publicity spends to Rs 4,935 crore in FY25, reflecting a 14.2% rise over the previous year. Over a two-year horizon, spends have jumped 43.2%, while over five years they have surged a massive 161.2%. A sizeable chunk of this investment is believed to be directed at seasonal campaigns designed around periods such as March’s tax-saving rush or the September–December festive cycle.

Experts noted that while the exact allocation varies, seasonal marketing accounts for a meaningful share of BFSI advertising. “It depends brand wise and what their goal is for that year. There can never be a percentage that is the same for any two clients. Some brands use around 40% of their brand awareness budget of the year on seasonal campaigns,” said Yash Chandiramani, Founder & Chief Strategist - Admatazz. 

Meanwhile, Shradha Agarwal, Co-founder and Global CEO of Grapes Worldwide added, “On average, 20–25% of the annual marketing budget is allocated to seasonal campaigns. While insurance and investment products are mainly consumed during tax-saving months, there is an evident surge of loan and card promotions by banks and NBFCs during the festive season. This split also depends on the maturity of the institution’s customer base and whether the focus is acquisition-led or engagement-led.”

The tax-saving season, peaking between January and March, fuels demand for insurance products, tax-saving fixed deposits, and mutual funds under Section 80C. BFSI players step up awareness efforts during this time to capture last-minute investors eager to optimise tax benefits.

Festive months, meanwhile, drive a different kind of demand. Banks and NBFCs launch offers on personal loans, credit cards, and consumer durable financing to cash in on big-ticket spending, while insurers position health and life covers around prosperity and financial security.

According to the Pitch Madison Report, the BFSI sector contributed Rs 2,942 crore to advertising across TV, print, and radio in 2024, accounting for 5% of the overall category share. This reflects an 8% growth over 2023, when spends stood at Rs 2,725 crore, and added Rs 217 crore to the overall growth contribution during the year. Complementing this, the dentsu–e4m Report 2025 highlights that BFSI spent an additional Rs 3,875 crore on digital advertising in 2024, making up 4% of the total digital ad market. The sector allocated 43% of its overall budget to digital, 28% to television, and 21% to print, with digital spends concentrated in paid search (36%) and display banners (27%).

Rahul Talwar, CMO, Axis Max Life Insurance echoed this thought and said, “January to March, driven by the tax-saving window, remains critical for performance-led campaigns. Similarly, the festive period between September and November sees brand-heavy investments aimed at trust-building and long-term planning narratives.”

Talwar stated that their goal is to create consistent brand presence throughout the year, while maximizing high-intent periods through integrated, insight-led campaigns that align with both business milestones and consumer behaviour.

Festivals do continue to drive momentum for brands with consumer-facing products, as explained by Rajesh Balachandran, CMO, Muthoot Fincorp. “Festivals are when aspirations peak and financial needs rise — from stocking business inventory to buying a two-wheeler or funding family celebrations. Our strategy blends celebration with empowerment. We drive high visibility through traditional and digital media, while also activating hyperlocal campaigns at branches and in communities.”

He explained that festivals are not just transactional opportunities but occasions to strengthen emotional bonds with customers. For example, Onam in Kerala emphasizes family and tradition, while Diwali messaging highlights progress and prosperity. Through festive offers and in-branch engagement, the brand blends celebration with financial support, making campaigns both culturally meaningful and business impactful.

Other players stress that seasonal marketing is not limited to tax and festivals but extends to broader market-linked events. “Not entirely as some of our campaigns run year-round and are not tied to specific events. However, we make a concerted effort to align our marketing calendar strategically with key market events whenever possible,” said Puneeth Bekal, EVP & CMO, HDFC Securities. “This approach enables us to provide timely information, offer tailored products or services, and capitalize on heightened market activity to generate greater interest and engagement.”

That said, not every BFSI player sees tax-saving or festive cycles as the strongest trigger anymore.

“Investing is no longer tied to festivals. Earlier, tax-saving season was a trigger, but with regulatory changes, that too has faded. Today, investor sentiment is more linked to market cycles than festive cycles,” observed Sandeep Walunj, Group CMO at Motilal Oswal Financial Services. He noted that as an Indian brand, the company continues to celebrate festivals with culturally relevant campaigns, particularly Diwali to strengthen brand connect, while keeping performance marketing always-on.

Meanwhile, others such as Pramerica Life Insurance look at these periods in a structured manner. “The second half of the financial year, which is post-Diwali, is critical for life insurance, so we prioritize influencer and media spends during that period. Festival-linked activities happen too, but the big push aligns with the tax-saving season,” said Amaresh Jena, CMO at Pramerica Life Insurance. 

Channels

Media trends reflect this growing intensity. TAM AdEx data shows television advertising by BFSI brands rose 7% year-on-year in 2024. Print recorded a 16% jump in ad space, while radio volumes surged 22% over the previous year and 74% compared to 2020. Digital continues to rewrite the playbook, with ad impressions in BFSI growing 29% since 2022 and expanding more than elevenfold since 2020.

To reach consumers effectively during these seasonal peaks, Chandiramani suggested that campaigns are almost always omnichannel, with digital leading the way. Search, retail media, influencers, and even Connected TV take centre stage for their ability to capture intent quickly. 

“But no BFSI brand ignores offline. TV still has great reach and lower ad avoidance, especially with older audiences, and print makes a comeback in smaller towns where people want to see offers in black and white,” he added. 

Agarwal meanwhile suggested that amidst the tax season, banks and insurers tend to step up their presence in print and digital, since people are actively weighing options and looking for clarity. According to her, festive months play out differently, with the spotlight moving to television and digital for scale, while other channels are used more selectively. She highlighted, “Digital platforms and television carry the bulk of the outreach, social media keeps audiences engaged, and outdoor placements help reinforce visibility. Although digital now forms the backbone of most media plans, BFSI marketers continue to blend in traditional channels to connect with varied audience groups across geographies.”

As Chandiramani put it, “Seasonal marketing is pretty much the heartbeat of BFSI marketing.” According to him, the January–March tax-saving quarter is often seen as the “festive season” for financial products, with brands turning up the volume to meet business goals. While traditional festivals like Diwali may not drive tax or investment decisions, BFSI brands still invest heavily to tap into nationwide consumer sentiment - focusing less on immediate conversions and more on long-term brand building.

While festivals and tax-saving windows remain high-intent triggers, BFSI players are also blending these peaks with always-on, insight-led campaigns tied to market cycles. The playbook is shifting from seasonal spikes to a hybrid model that balances cultural relevance with consistent year-round engagement. 

With an aim to explore the BFSI ecosystem further, the exchange4media Group will host the third edition of the Pitch BFSI Summit & Awards on September 24 in Mumbai. The conference will bring together leading marketers, innovators, and thought leaders from the banking, financial services, and insurance (BFSI) sector. With a power-packed agenda featuring standalone sessions, fireside chats, and engaging panel discussions, the summit promises to spark meaningful conversations around the future of BFSI marketing.