weather_iconDublin | 5.29 °C | AQI 13
Wednesday, 25 December, 2024

---Advertisement---

Business

HDFC and HDFC Bank Merger: Know details

New Delhi: After the news came out of the country’s largest private sector bank, HDFC Bank and mortgage lender HDFC’s merger which is to be effective from July 1, it left the depositors in visible confusion about some of the matters. Post-merger, HDFC’s customers will be handled by HDFC Bank. Changes will be seen in […]

HDFC quarterly results
HDFC reports hike in its quarterly earnings by 30 per cent

New Delhi: After the news came out of the country’s largest private sector bank, HDFC Bank and mortgage lender HDFC’s merger which is to be effective from July 1, it left the depositors in visible confusion about some of the matters.

Post-merger, HDFC’s customers will be handled by HDFC Bank. Changes will be seen in HDFC’s loans and deposits to HDFC Bank, which is bound to impact interest rates paid on home loans and the interest yielded on deposits.

---Advertisement---

HDFC Chairman Deepak Parekh wrote a letter addressing its shareholders on june 30, which explained that post-merger, home-loan customers of HDFC will be able to benefit from the synergies of the newly formed entity.

Srinivasan Vaidyanathan, chief financial officer at HDFC Bank on June 21 conversating with industry experts on a conference call told that the bank will follow a six-month timeline to carry out a fresh assessment of loans following the merger. And as soon as the assessment is done HDFC Bank will present customers with fresh offers to which they will be having the choice to opt for the new market benchmark-linked interest rates.

---Advertisement---

A few points for customers’ queries

In the case of FD rates with HDFC, no major changes have been done. interest rate, tenure, maturity and pay-outs to remain unchanged until the maturity/renewal of Fixed Deposits. Any customer’s existing deposit receipt issued by HDFC will be valid until the maturity of the FD

Cases concerning accessing deposits of HDFC, it can not be done with HDFC Bank net banking and mobile banking services. the HDFC deposit booked prior to JUne 30, 2023, will be shown in HDFC’s customer portal only. the new deposits done with the customer portal post-June 30, 2023, will be shown in both the HDFC customer portal as well as in Bank’s net banking or mobile banking.

 

HISTORY

Written By

Prateek Gautam

Updated By

Prateek Gautam


Get Breaking News First and Latest Updates from India and around the world on News24. Follow News24 on Facebook, Twitter.

Related Story

Live News

---Advertisement---


live

Latest LIVE News Trending Today, Real Time Updates: 20 Trains Delayed To Delhi Due To Dense Fog Conditions

Dec 25, 2024
Latest LIVE News Trending Today, Real Time Updates
  • 12:19 (IST) 25 Dec 2024

    Andhra Pradesh: Fog Engulfs Tirumala Temple This Morning

  • 09:21 (IST) 25 Dec 2024

    PM Modi Wishes A Merry Christmas, Emphasizes Teachings Of Lord Jesus Christ For Peace & Prosperity

  • 08:46 (IST) 25 Dec 2024

    Rajasthan: Rescue Operation Underway For 3.5-Year-Old Girl Fallen Into Borewell In Kotputli

N24 Shorts Logo

SHORTS

Sports

Heinrich Klaasen’s Net Worth: IPL’s Highest Retained Star – Salary, Stats & Personal Life Revealed!

Heinrich Klaasen is a skillful cricketer known for his adeptness as a wicket-keeper and a swashbuckling batter. Let's see Klaasen's Net Worth, Salary, Stats, and More.

View All Shorts

---Advertisement---

Trending