HDFC-HDFC Bank Merger, if you have taken loan from HDFC, then know what will change from July 1, impact on account holders and FD holders as well July
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what will change after merger
After the merger of HDFC-HDFC Bank, the services of HDFC Limited will continue to be available in all the branches of HDFC Bank. You will get everything from loans to banking services in a single branch. Home loan can be issued from every branch of the bank. Services of HDFC Limited will continue to be available in all branches of HDFC Bank. After this merger, the customers are going to benefit a lot. After the merger, the bank’s capital will increase significantly as compared to earlier. By increasing the capital, the bank will be able to give more risky loans than before.
Change in FD interest rates
Those who have got FD done in HDFC, their interest rates may change. Actually there is a difference in the interest rates of HDFC and HDFC Bank. FD interest rates in HDFC Bank are lower as compared to HDFC Housing Finance. Let us understand as an example. HDFC offers 6.56 per cent to 7.21 per cent interest rate on fixed deposits of 12 to 120 months. Whereas if you get FD done in HDFC Bank, then you are getting 3 to 7.25 percent interest on FDs ranging from 7 days to 10 years. In such a situation, those who have opted for renewal, their interest rates will change after the merger. Not only this, after the merger, the customers of HDFC will also get the benefit of insurance on their deposits. As per RBI rules, the bank provides insurance cover to depositors up to Rs 5 lakh through the Deposit Insurance and Credit Guarantee Corporation.
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