
HDFC-HDFC Bank Merger (Image Source: twitter/HDFC_Bank, ET Now)
Here’s what you need to know:
According to the merger FAQs provided by HDFC Bank on its website, there will be no changes to the terms of your fixed deposit with HDFC Ltd. The interest rates, interest computation methodology, tenure, maturity instructions, and pay-outs of your fixed deposit will remain unchanged until the maturity or renewal of your FD. Your existing deposit receipt issued by HDFC Ltd will continue to be valid until the maturity of the FD.
FD Account Number: Your FD account number with HDFC Ltd will remain the same after the merger. It will continue to serve as your reference point for all future communication.
Premature Withdrawal: If you wish to withdraw funds from your HDFC Ltd FD before maturity, the terms and conditions of premature withdrawal specified by HDFC Ltd will apply. HDFC Bank will handle the premature liquidation based on these terms, subject to its sole discretion.
The report added that after the merger of HDFC Ltd. with HDFC Bank, it is important to note that deposits booked with HDFC Ltd. before June 30, 2023, will only be visible in the HDFC Ltd. customer portal. This means that you will need to access and manage those deposits through the HDFC Ltd. customer portal specifically.