The merger of HDFC Limited and HDFC Bank has become effective. In such a situation, the customers associated with HDFC Limited and HDFC Bank have some questions regarding their loans, investment schemes and changes in interest rates, changes in terms and conditions.
However, HDFC Bank has already issued guidelines regarding this. HFC Bank has said in the statement that this merger is not going to have any major adverse impact on the customers and investors.
Will the loan be transferred to HDFC Bank after the merger?
The merger of HDFC Ltd and HDFC Bank (HDFC Ltd and HDFC Bank Merger) is effective on 1 July 2023. After the merger, the loan account of the customers will be transferred to HDFC Bank. However, the login credentials of the customers will not change. Apart from this, the benefits of the bank’s services will continue to be available as before.
Will the EMI for the loan change due to the merger and what will change?
According to HDFC Bank, there will be no impact on your EMI after the merger. The interest rate will remain unchanged. According to HDFC Bank, the interest rate applicable on your account will now be linked to EBLR (External Benchmark Lending Rate) instead of Retail Prime Lending Rate (RPLR). There will be no change in the rate of interest on the date of merger and any future changes will be based on EBLR.
Will the merger affect FD investment and interest rates?
According to HDFC Bank, there is not going to be any difference in FD investment after the merger. The tenure, interest rate etc. of Fixed Deposit will remain valid till maturity as before. At the same time, no change has been made in the terms and conditions. At the same time, HDFC has extended the deadline for 3 months till November 7, 2023, giving more opportunity to senior citizens to invest in the special FD scheme.
