HDFC-HDFC Bank Merger: 21 lakh account holders will be affected, many rules of savings, salary account and FD will change

New Delhi: HDFC Bank and HDFC Housing Finance Company, the two largest private sector banks, are going to merge. The merger is expected to be completed by June 2023. After this merger, there will be many changes for the borrowers and account holders of HDFC Bank. HDFC Bank has over 21 lakh depositors who will be affected by the merger. After this merger, its effect will be seen on customers with savings account, salary account, fixed deposit and loan takers. After this merger, there will be a change in many rules, which will directly affect the consumers.

FD interest rates will change after merger
According to a news, for those who have invested in HDFC (Investment in HDFC), a lot will change after this merger. Actually, after this merger, there is going to be a lot of change in the interest rates of FDs due to the difference in the interest rates of both the companies. That is, the interest rates on FD in HDFC Bank are lower as compared to HDFC Housing Finance. FD interest rate will change after merger Let’s try to understand it through an example. Suppose you have a tenure of 66 months in HDFC with Rs. FD is less than 2 cr. There you are getting 7.45 percent interest. HDFC Bank offers only 7 per cent interest for the same tenure. That is, after the merger, there will be a change in the interest rate on FD. The interest rate of FD will be decided by the bank.

change in FD interest rates
Similarly, for retail depositors, HDFC Housing Finance offers 6.95 per cent to 8 per cent interest on FDs between 22 months and 120 months, while HDFC Bank offers 3 per cent to 7.5 per cent interest for the same period. FD interest rates will be revised for depositors opting for renewal after the merger. That is, after this merger, depositors of HDFC Finance will get the option of interest rates on FDs as per HDFC Bank. However, for those who have not opted for renewal, their deposits will not be affected by this merger. There will be no change for those people. Apart from the change in FD interest rates, there may also be a change in the rules for premature withdrawal. Similarly, insurance policies of fixed deposits can also be changed.

It is noteworthy that the largest merger
It is that the merger of HDFC Housing Finance and HDFC Bank has been approved. The merger will be completed by June. This merger will be the biggest merger in the history of the corporate world. HDFC’s combined asset base in this country will be more than 18 lakh crores.