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.
HDFC Bank-HDFC merger: Changes for fixed deposit (FD) investors
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.
Customers having Term deposits both with HDFC Limited and with HDFC Bank
7) In the initial year of the merger (FY 23), TDS return will be filed under two TANs (of HDFC Limited and HDFC Bank), and there will be two TDS certificates for common customers (customers having Term deposits both with HDFC Limited and with HDFC Bank). The existing process of despatching TDS certificates will be used by HDFC Limited and HDFC Bank respectively.
8) As the TDS return will be filed under two TANs (of HDFC Limited and HDFC Bank) in the initial year of the merger, there will be two TDS certificates for common customers for HDFC Limited & HDFC Bank. The existing process of despatch of TDS certificates will be used by HDFC Limited & HDFC Bank respectively.
HDFC Bank-HDFC merger: Changes for recurring deposit (RD) investors
7)Recurring Deposits : Your existing recurring deposit will continue and monthly instalments will be debited from the linked account as updated against the RD as per the mandate submitted.
HDFC Bank-HDFC merger: Threshold limit for TDS deduction for HDFC Limited customers
8)The existing threshold limit for TDS deduction is ₹5,000 for the customers of HDFC Limited. After the merger threshold limit of ₹5,000 will change to ₹40,000 ( ₹50,000 for senior citizens) for all the existing customers of HDFC Limited.
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Updated: 06 Jul 2023, 02:59 PM IST