Customers, borrowers, and depositors will face significant changes as a result of the upcoming HDFC Bank-HDFC Housing Finance Corporation merger. The fulfillment of the consolidation is supposed to occur by June, and as indicated by HDFC’s site, the consolidation will affect its 21 lakh store accounts.
It is essential for HDFC investors to know what changes to anticipate following the merger. The interest rates offered by the two businesses are one significant distinction. Compared to HDFC Bank, HDFC currently offers higher interest rates on fixed deposits (FDs).
Let’s say that you have invested less than Rs 2 crore in HDFC over a 66-month period. All things considered, you will get 7.45 percent premium every year, while HDFC Bank gives just 7% premium on a similar residency.
For tenures of 22 months to 120 months, HDFC Bank’s interest rates for retail depositors range from 6.95 percent to 8%, while HDFC Bank’s interest rates range from 3% to 7.5% for the same duration. On deposits of up to Rs 2 lakh, HDFC Bank pays 0.50 percent more interest to senior citizens, whereas HDFC Bank pays 0.25 percent more.
Individuals who selected renewal will have their FDs updated in accordance with HDFC Bank’s policies following the merger. There will be no change for those who have not selected renewal.
In addition, the insurance policies for fixed deposits may also be altered in accordance with HDFC Bank’s regulations, and the rules governing premature withdrawals will also be updated.
