HDFC-HDFCBank merger impact on Fixed Deposits: Customers to get Rs 5 lakh DICGC cover.
If you previously invested in Fixed Deposit schemes offered by HDFC Ltd, here’s some good news for you. While HDFC Ltd has now merged with HDFC Bank, your existing fixed deposits in HDFC will now be covered by Rs 5 lakh guarantee under RBI’s Deposit Insurance and Credit Guarantee Corporation (DICGC) rules.
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As per DICGC rules, deposits (including principal + interest) up to Rs 5 lakh in a scheduled bank are guaranteed. Now that HDFC Ltd has merged with HDFC Bank, this facility will also be available to Fixed Deposit customers of HDFC Ltd.
“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,” HDFC Bank says in a FAQ shared on its official website.
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According to HDFC Bank, the existing Deposit Receipt issued by HDFC Limited will continue to be valid till the maturity of the FD. Further, there will not be any change in terms of HDFC FD along with interest rates, interest computation methodology, tenure, maturity instructions and pay-outs. They will remain the same until the maturity or renewal of the FD. The FD account number will also remain unchanged.
Can you use HDFC Bank’s netbanking platform to service existing HDFC FDs?
As per 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.
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However, for existing customers of HDFC Bank having deposits with HDFC Limited:
- 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 and MobileBanking
- Deposit booked through Customer Portal after June 30, 2023 will be visible in both HDFC Customer Portal & HDFC Bank NetBanking & MobileBanking
