HDFC Bank-HDFC merger: Top ten adjustments for FD, RD, and different depositors

What has modified for FD, RD clients after the HDFC Ltd-HDFC Bank merger? Here are the highest ten adjustments for mounted deposit (FD), recurring deposit (RD), and different depositors after the HDFC twins amalgamation.

HDFC Bank-HDFC merger: Changes for mounted deposit (FD) buyers

1)Your FD Account Number continues to be the identical and can stay the reference level for all of your future communications with HDFC Bank

2)The phrases of your FD together with rates of interest, curiosity computation methodology, tenure, maturity directions, and pay-outs will stay the identical till maturity/renewal of your FD

3)Your current Deposit  issued by HDFC Limited will proceed to be legitimate until the maturity of the FD

4)Your current HDFC Limited FD may also be lined by a assure from DICGC, inside an total most restrict of ₹5 lakh (Principle & Interest) post-merger with HDFC Bank.

5) If the renewal date falls past the efficient date of the merger, renewal of FD will occur as per Bank’s phrases and the Bank’s prevailing charges of curiosity on the time of renewal will apply.

6)Individual clients can change the maturity directions (renewal to reimbursement or vice versa) on FD with HDFC Limited by way of Customer Portal or by visiting current Deposit places of work of HDFC Limited or some other HDFC Bank branches.

Customers having Term deposits each with HDFC Limited and with HDFC Bank

7) In the preliminary 12 months of the merger (FY 23), TDS return will probably be filed underneath two TANs (of HDFC Limited and HDFC Bank), and there will probably be two TDS certificates for widespread clients (clients having Term deposits each with HDFC Limited and with HDFC Bank). The current strategy of despatching TDS certificates will probably be utilized by HDFC Limited and HDFC Bank respectively.

8) As the TDS return will probably be filed underneath two TANs (of HDFC Limited and HDFC Bank) within the preliminary 12 months of the merger, there will probably be two TDS certificates for widespread clients for HDFC Limited & HDFC Bank. The current strategy of despatch of TDS certificates will probably be utilized by HDFC Limited & HDFC Bank respectively.

HDFC Bank-HDFC merger: Changes for recurring deposit (RD) buyers

7)Recurring Deposits : Your current recurring deposit will proceed and month-to-month instalments will probably be debited from the linked account as up to date towards the RD as per the mandate submitted.

HDFC Bank-HDFC merger: Threshold restrict for TDS deduction for HDFC Limited clients 

8)The current threshold restrict for TDS deduction is ₹5,000 for the purchasers of HDFC Limited. After the merger threshold restrict of ₹5,000 will change to ₹40,000 ( ₹50,000 for senior residents) for all the present clients of HDFC Limited.

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Updated: 06 Jul 2023, 02:59 PM IST

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