About Merger
FAQs For HDFC Limited Deposits
Existing Fixed Deposit Holders
- Your FD Account Number continues to be the same and will remain the reference point for all your future communications with HDFC Bank
- The terms of your FD along with interest rates, interest computation methodology, tenure, maturity instructions and pay-outs will remain same until maturity/renewal of your FD
- Your existing Deposit Receipt issued by HDFC Limited will continue to be valid till the maturity of the FD
Your existing HDFC Limited FD will also be covered by guarantee from DICGC, within an overall maximum limit of Rs 5 lacs (Principle & Interest) post-merger with HDFC Bank.
FDs held with HDFC Limited will continue to be shown and serviced through Customer Self Service Portal, and will not be available on HDFC Bank NetBanking/Mobile Banking.
New deposits booked through Customer Portal will also continue to be serviced through it.
If you are an existing customer of HDFC Bank with NetBanking or MobileBanking access:
- Your HDFC Limited deposit booked before June 30 2023 will be visible in HDFC Limited Customer Portal only
- HDFC Bank Fixed Deposits will be visible in HDFC Bank NetBanking & MobileBanking
- Deposit booked through Customer Portal after June 30, 2023 will be visible in both HDFC Customer Portal & HDFC Bank NetBanking & MobileBanking
- You will continue to have access to HDFC Limited Customer Portal, as you could before the merger
Yes, you will continue to be serviced by your existing Deposit Offices as it was before the merger. Moreover you can reach out to any of the 7500+ branches of HDFC Bank
- The Bank is committed to continue the arrangement with your associated Agent and they will be able to offer you services related to FDs
- In addition, the Agents will now be able to offer you other banking products, like Savings Account, Current Accounts, Credit cards and an array of Loan products
New Booking/Renewal/Withdrawal of Fixed Deposits
- If the renewal date falls beyond the effective date of 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. To know more of HDFC Bank’s current interest rates click here.
- 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
- Non-Individual customers can change the Maturity Instructions (renewal to repayment or vice versa) on Fixed Deposit with HDFC Limited by submitting request at existing branch offices of HDFC or any HDFC Bank Branches
1. Individuals can book deposit with HDFC Bank through the following channels
i. HDFC Limited Customer Portal or through KP App
ii. HDFC Bank Branches including HDFC Deposit Offices
iii. HDFC Bank NetBanking – in case they have an account with HDFC Bank
iv. Any other digital platform of HDFC bank
You may reach out to Deposit Agent associated with your deposits or your assigned Relationship Manager with HDFC Bank
2. Non Individuals (Entities & Trusts): Physical Application at HDFC Bank Branches including HDFC Deposit Offices. You may reach out to Deposit Agent associated with your deposits or your assigned Relationship Manager with HDFC Bank
3. NRE/ FCNR Deposits: You can open New NRE/ FCNR Term deposit with HDFC Bank on Bank’s T&C. In order to open NRE/FCNR deposits online, you need to open a new NRE Savings/Current account. In case you already hold NRE Savings/Current account with HDFC Bank then you may login to NetBanking for placing a request for NRE/FCNR Term deposit opening.
In case you wish to open NRE Savings/Current Account but are unable to visit the branch you can fill in our NRI lead application form and our account opening team will assist, alternatively, in case you are able to visit any of our branches then you can submit physical application for opening NRE/ FCNR Term deposits and NRE Savings/Current Account.
4. NRO Deposits: You can open New NRO Term deposit with HDFC Bank on Bank’s T&C. In order to open NRO deposits online, you need to open a new NRO Savings/Current account. In case you already hold NRO Savings/Current account with HDFC Bank then you can login to NetBanking for placing a request for NRE/FCNR Term deposit opening. In case you wish to open NRO Savings/Current Account but are unable to visit the branch you can fill in our NRI lead application form and our account opening team will assist you, alternatively, in case you can visit any of our branches then you can submit physical application for opening NRO Term deposits and NRO Savings/Current Account.
Please Note : The new deposit placements may require you to complete requirements with regard to ‘Know Your Customer’ guidelines. Kindly visit your HDFC Bank Branch including erstwhile HDFC Limited deposit centre to complete the KYC process. Alternatively, you may click here to do it online.
NRI depositors need to submit physical request to update RE KYC on bank records or in case they wish to make any changes to details like address, contact details, DOB up dation etc updated on erstwhile HDFCL NRO Deposit accounts. The forms and documents required would be as per existing process of HDFC Bank applicable for NRI Customers.
NRI RE KYC updation request can be submitted at the nearest branch by visiting the bank branch in person with all original KYC documents. In case you are unable to visit the branch and wish to submit the request under non face to face basis then along with RE KYC form you need to submit certified copies of KYC documents and KYC documents needs to be certified by designated authorities
Please click here to get various application forms for resident and Non-resident customers.
Pre-Mature withdrawal of FD : Premature liquidation of erstwhile HDFC Limited deposit will be done as per premature withdrawal terms & conditions applicable on HDFC Limited deposit. You can continue to do it through Branches, Agents or Customer Portal like before.
- Recurring Deposits : Your existing recurring deposit will continue and monthly instalment will be debited from the linked account as updated against the RD as per the mandate submitted.
- New Recurring Deposit with HDFC Bank : To open new RD, we request you to open a Savings Account with HDFC Bank through which you can book an RD.
TDS/PAN Card/Form 15G
The existing threshold limit for TDS deduction is Rs 5,000 for the customers of the HDFC Limited. After merger threshold limit of Rs 5,000 will change to Rs 40,000 (Rs 50,000 for senior citizens) for all the existing customers of HDFC Limited.
Interest paid/ reinvested/ accrued by both HDFC Bank and HDFC Limited for the full financial year will be added for arriving at the threshold of Rs 40,000 (Rs 50,000 for senior citizens)
TDS will be deducted when the actual interest paid/accrued/reinvested exceeds the threshold limit of Rs 40,000 (Rs 50,000 for senior citizens) as against the earlier methodology of deducting basis projected interest exceeding the threshold of Rs 5,000.
Example: Assuming the interest paid to a customer is Rs 22,000 for deposits with HDFC Limited and the same customer is paid interest of Rs 20,000 by HDFC Bank. As the combined interest is Rs 42,000, TDS will be deducted on the aggregated interest.
The threshold limit of TDS deduction for HDFC Limited customers will change from Rs 5,000 to Rs 40,000/- (Rs 50,000/- for senior citizens). If any TDS is already deducted before merger by HDFC ltd basis earlier threshold of Rs 5,000, it will be adjusted towards future TDS obligation for the Financial Year. However, if such adjustment cannot happen as there is no future TDS obligation, then the customer will have to claim credit while filing his tax returns basis the TDS certificate issued. HDFC Bank cannot make refund of TDS rightly deducted by HDFC Ltd in the pre-merger period.
Period | Paid/Accrued | Amount Paid- HDFC Limited | Amount Paid- HDFC Bank Limited | Cumulative Total | TDS | Remarks |
Jun-23 | Paid | 7,000 | 3,750 | 10,750 | 700 | TDS deducted by HDFC Limited basis earlier threshold of Rs 5,000 |
| June-30 :Merger of HDFC Limited with HDFC Bank | ||||||
Sep- 23 | Paid | 7,000 | 3,750 | 21,500 | - | No TDS as combined interest paid is less than the new threshold of Rs 40,000 after merger. |
Dec-23 | Paid | 7,000 | 3,750 | 32,250 | - | No TDS as combined interest paid is less than Rs 40K |
Mar-24 | Paid | 7,000 | 3,750 | 43,000 | 3,600 | TDS @10% to be deducted as threshold of Rs 40,000 exceeded. Net TDS of Rs 3600 deducted after adjusting for Rs 700 deducted earlier ( Rs 4300-Rs 700) |
Total | 28,000 | 15,000 | 43,000 |
| ||
In the initial Year of Merger (FY 23), TDS return will be filed under two TANs (of HDFC Limited and HDFC Bank), 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 despatch TDS certificates will be used by HDFC Limited and HDFC Bank respectively.
Form 15 G / H submitted by customers of HDFC Limited for FDs placed with HDFC Limited before merger will be valid.
However, If a customer places any fresh FD post-merger, he will need to submit additional Form G/H for the new FD. Existing customers of HDFC Ltd can continue to use the current process / platform for submitting Form 15 G/H for FD booked in post-merger period.
If Form 15 G/H was submitted with HDFC Limited prior to merger and such FD is renewed after merger. Such renewal of FD will happen with HDFC Bank, and a fresh 15 G/H will be required to be submitted by customer.
NRI Customers can submit DTAA request at HDFC Bank to avail concession TDS on NRO Deposits.
Customers will be required to submit the Form 15 G /H at FD level and not PAN level.
One single Form G/H can contain the details of all the existing FDs booked till that date.
Example: On 30th September 2023 - Two new FD were booked and one FD was renewed for a customer, Customer can submit one Form 15 G / H for all these three FD on or after 30th September 2023.
Yes, Form G/H will need to be submitted separately. Existing customers of HDFC Limited and Bank can continue to use the respective existing process / platform for submitting Form 15 G/H for FD booked in post-merger period.
NRI Customers can submit DTAA request at HDFC bank to avail concession TDS on NRO Deposit separately.
The amount of interest paid/accrued during the year has exceeded the threshold limit of Rs. 300,000/- (Form15G) or Rs 700,000/- (Form 15H). When the total interest paid by HDFC Limited & HDFC Bank crosses the threshold limit mentioned herein, Form 15G/H becomes invalid and TDS is deductible on entire interest paid.
Further if Form 15 G/H was submitted during the period between 1st April 2023 to 30th June 2023 and if the PAN becomes inoperative (for PAN not having linked Aadhar) on 1st July 2023 than the Form 15 G/H submitted becomes invalid and TDS will be deductible as applicable.
All the customers of HDFC Limited who have given lower or nil tax exemption certificates/DTAA documents during the year before effective date of merger will be considered good and valid through the Financial Year.
Further customers can continue to provide the Lower or nil tax exemption certificates / DTAA documents as per the extant process in the Financial Year 2023-24 even after merger.
As the TDS return will be filed under two TANs (of HDFC Limited and HDFC Bank) in the initial year of 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.
All Individual customers having PAN (where the 4th character of PAN is ‘P’) are required to link PAN and Aadhaar.
If PAN is not linked with Aadhaar, such PAN will become inoperative w.e.f. 1st July 2023 and customer will not be allowed to submit Form 15 G/H and higher TDS deduction will be applicable for inoperative PANs.
For any further query please reach out to 022-67546060 or write to deposits@hdfc.com