If you are buying the newest offering from technology giant Apple — the iPhone 8 --, online retailers, Citibank and Jio, Flipkart and Amazon have lined up impressive exchange and buyback deals.

CitiBank has the coolest offer of the lot: the bank is offering a flat Rs 10,000 cashback on the new iPhone available for pre-booking, the cheapest offer.

Depending on the requirement, one can team up with other companies to get the best deal. Reliance Jio is offering to give you 70 percent of the iPhone's value (before tax) if you upgrade to a new one within a year.

With the Reliance Jio offer, if one purchases an Apple iPhone 8 (64 GB) at a price of Rs 64,000, the consumer will get around Rs 39,500 if he upgrades to the new model within a year, Business Standard (BS) reported.

But the Jio offer comes with a catch; to avail the offer, the customer must take the special Jio plan for the iPhone. Jio has come up with a Rs 799 a month plan for the new iPhone that buyers need to take if they want to avail the Jio iPhone 8 offer.

"On an average, iPhone users keep the device for two years. But if you want to upgrade the phone, the offer makes a lot of sense as Apple does not run upgrade programs in India as it does in the US. The user will spend less, but more often than he would in the past," the business daily quoted Raju PP, who runs personal technology blog Techpp.com as saying.

Indian online retailer Flipkart hasn't missed the opportunity to tap iPhone 8 buyers -- if an individual buys the phone on Flipkart, he will get a guaranteed exchange value by paying a token Rs 9.

In case of the buyer wishes to exchange the iPhone 8 Plus (64 GB) for another Apple handset within six-eight months he will get a Rs 38,000 credit. An exchange happening in a 9-12 month period will fetch Rs 30,000, while between 12-15 months the credit would be Rs 23,000, BS reported. Apple iPhone 8 Plus (64 GB) has been priced at a whopping Rs 73,000.

In case you miss the pre-order offers, there is a great possibility that cashback will be back soon with the Diwali sale in October inching closer. Many experts feel that you won't lose much if you wait a few weeks.

Apple iphone 8
Apple launch live screenshot