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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 […]

Edited By : Prateek Gautam | Updated: Jul 2, 2023 13:40 IST
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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.

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.

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.

 

First published on: Jul 01, 2023 03:41 PM IST

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