u/Defiant_Ebb8565

I’m confused about HSBC Premier reward redemption value and wanted to check if I’m misunderstanding something.
I had a little over 1,600 HSBC Premier points.
On the HSBC travel portal, it says I can redeem them for only ₹2,227 against a hotel booking, which works out to around ₹1.39 per point.
But I thought HSBC Premier transfers to Accor ALL at 1:1, and since:
2,000 Accor points = €40 fixed value

…shouldn’t 1,600 HSBC points become:
1,600 Accor points

worth roughly €32

around ₹3,000+ value?

So why is the HSBC portal value so much lower?