India’s largest private sector lender HDFC Bank has merged with the country’s largest housing finance provider HDFC effective from July 1, 2023. The amalgamated entity, to be known as HDFC Bank, is anticipated to offer depositors of the home financing company the option to either withdraw their funds or renew their deposits with the private sector bank at its prevailing interest rate. Customers who opt for the auto-renewal of their Fixed Deposits (FDs) will receive the interest rates as per the bank’s offer. It is likely that those who choose to renew their FDs with HDFC Bank might receive slightly lower interest rates compared to what they were previously getting with HDFC.
As per the BSE notification, it is hereby informed that the composite scheme of amalgamation involving the merger of the following entities: (i) HDFC Investments Limited (“HIL”) and HDFC Holdings Limited (“HHL”), both wholly-owned subsidiaries of Housing Development Finance Corporation Limited (“HDFC Limited”), into HDFC Limited, and (ii) HDFC Limited into the Bank, is scheduled to take effect on July 1, 2023 (“Effective Date”).
Customers can get more information on the bank’s website at the link below:
https://www.hdfcbank.com/personal/useful-links/about-merger
