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.

The post HDFC Merger Changes: What will change with HDFC merger? Will the loan be transferred or will the FD interest rate be affected? first appeared on Rightsofemployees.com.

This merger is expected to be completed by the month of June. HDFC customers, whether borrowers or depositors, may see changes in FD interest rates after this merger. Let us find out how the FD interest rates will change for these customers after the merger.

Difference in interest rates

FD interest rates in HDFC Bank have always been lower than the interest rates offered by housing finance company HDFC. If you invest in HDFC FDs of less than Rs 2 crore for a tenure of 66 months, you will get an annual interest of 7.45 per cent till May 8, 2023. HDFC Bank is offering an interest rate of 7 percent for the same tenure. But after the merger, there will be a change in FD interest rates.

The interest rates for FD in Housing Finance Company range from 6.95 percent to 8 percent. The tenure of retail FD in HDFC ranges from 22 months to 120 months. Retail FD interest rates in HDFC Bank range from 3 percent to 7.5 percent, while you can choose any tenor of your choice.

What is special for senior citizens

For senior citizens, the housing finance company offers an additional interest rate of 0.25 per cent on deposits up to Rs 2 lakh. However, HDFC Bank offers an additional interest rate of 0.50 percent on FDs on behalf of senior citizens. As you can see, there is a difference in the interest rates offered by HDFC and HDFC Bank.

The post HDFC merger: New Update: How FD interest rates will change after merger of HDFC with HDFC Bank, how much will you benefit? first appeared on Rightsofemployees.com.