The merger of HDFC and HDFC Bank has come into effect from 1 July 2023. Earlier HDFC and HDFC Bank were two separate companies. After the decision of this merger, there has been a big change in the stock market of the company. Now HDFC Bank has become the largest bank in the country. Let us tell you that before this, State Bank of India (SBI), the government bank of India, was called the largest bank of the country. Now this title has been given to HDFC Bank.After the merger, the bank has made many changes. The effect of these changes will be directly visible in your pocket. If you are also a customer of HDFC Bank or want to become one, then you must know about it. The bank has made many changes regarding many deposit schemes like FD RD. In this article, let us know what major changes HDFC Bank has made.
Bank made these changes
If you have already got FD done in the bank, then your account number will remain the same. You can approach the bank for any issues in future.
Your FD terms, interest rates, interest calculation, tenure, tenure instructions and payment process will remain the same till maturity or renewal of the FD. No changes have been made to it.
Your existing deposit amount issued by HDFC Ltd. will remain valid till the maturity of the FD.
Your existing HDFC Limited FD will be covered by DICGC guarantee up to Rs 5 lakh post merger with HDFC Bank.
If the renewal date of your FD is after the merger, then the renewal of FD will be as per the terms and conditions of the bank. Along with this, the bank’s interest rates will be applicable on it.If you are a customer of HDFC Limited, then you can do the work related to it by visiting any of the HDFC Bank branches. The maturity rules on FDs with HDFC Limited are subject to change.
You have also got FD done in HDFC Limited and HDFC Bank?
Customers who have FDs in both HDFC Limited and HDFC Bank can file TDS returns under two TANs (of HDFC Limited and HDFC Bank). For this, two TDS certificates will also be given to the customer.
Changes for RD investors
If you have also got RD done with this company, then your existing Recurring Deposit will continue. On this you will get installments every month. For this, the installment will be deducted from the account you have linked.
TDS deduction limit
If you are a customer of HDFC Limited, then the current TDS deduction limit for you is Rs.5,000. After the merger, this limit has been changed to Rs 40,000. Whereas for senior citizens it has been fixed at Rs 50,000.
