HDFC Bank-HDFC merger: Top ten changes for fixed deposit (FD), RD and other depositors after HDFC twins amalgamation

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HDFC Bank,  and Housing Development Finance Corporation (HDFC Ltd) occurred on 1 July 2023. Now, all customers of HDFC Ltd are HDFC Banks' customers.

Those with a fixed deposit account, recurring deposit (RD), or home loan with the NBFC will see specific changes.  What has changed for FD, RD customers after the HDFC Ltd-HDFC Bank merger? Here are the top ten changes for fixed deposit (FD), recurring deposit (RD), and other depositors after the HDFC twins amalgamation. 1)Your FD Account Number continues to be the same and will remain the reference point for all your future communications with HDFC Bank 2)The terms of your FD along with interest rates, interest computation methodology, tenure, maturity instructions, and pay-outs will remain the same until maturity/renewal of your FD 3)Your existing Deposit  issued by HDFC Limited will continue to be valid till the maturity of the FD 4)Your existing HDFC Limited FD will also be covered by a guarantee from DICGC, within an overall maximum limit of ₹5 lakh (Principle & Interest) post-merger with HDFC Bank.

5) If the renewal date falls beyond the effective date of the merger, renewal of FD will happen as per Bank’s terms and the Bank’s prevailing rates of interest at the time of renewal will apply. 6)Individual customers can change the maturity instructions (renewal to repayment or vice versa) on FD with HDFC Limited through Customer Portal or by visiting existing Deposit offices of HDFC Limited or any other HDFC Bank branches.