equity research report on hdfc bank

• HDFC BANK LTD.
• SECTOR : BANKING AND FINANCE
• INDUSTRY : BANKS

HDFC Bank Ltd.

NSE: HDFCBANK | BSE: 500180

/100 Valuation Score : 42 /100 Momentum Score : 51 /100 "> Mid-range Performer

1480.15 9.65 ( 0.66 %)

52W Low on Feb 14, 2024

20.9M NSE+BSE Volume

NSE 02 Apr,2024 03:59 PM (IST)

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1 active holds

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HDFC Bank Ltd. share price target

View 53 reports from 13 analysts offering long term price targets for hdfc bank ltd.. hdfc bank ltd. has an average target of 1886.82. the consensus estimate represents an upside of 27.47% from the last price of 1480.1500..

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Stock Research Report for HDFC Bank Ltd

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HDFC Bank Limited (the Bank) is a financial services conglomerate that offers a full suite of financial services, from banking to insurance, and mutual funds through its subsidiaries. The Bank caters to a range of banking services covering commercial and investment banking and transactional/branch banking. Its Treasury segment includes net interest earnings from its investment portfolio, money market borrowing and lending, gains or losses on investment operations and on account of trading in foreign exchange and derivative contracts. The Retail Banking segment includes Digital Banking, and Other retail banking. The Wholesale Banking segment provides loans, non-fund facilities and transaction services to large corporates, public sector units, government bodies, financial institutions and medium scale enterprises. Its subsidiaries include HDFC Securities Ltd., HDB Financial Services Ltd., HDFC Asset Management Co. Ltd, and HDFC ERGO General Insurance Co. Ltd.

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HDFC Bank Share Price

1480.15 ↑ 9.65 ( 0.66 %)

1479.95 ↑ 9.80 ( 0.67 %)

BSE : 500180

NSE : HDFCBANK

Sector : Financials

ISIN Code : INE040A01034

Last Updated: Apr 02 2024 | 04:01 PM IST

HDFC Bank Ltd

HDFC Bank Limited is a publicly held banking company engaged in providing a range of banking and financial services including retail banking wholesale banking and treasury operations. Headquartered in Mumbai HDFC Bank is a new generation private sector bank providing a wide range of banking services covering commercial and investment banking on the wholesale side and transactional/branch banking on the retail side. The Bank has 4 overseas wholesale banking branch in Bahrain a branch in Hong Kong and 2 representative offices in UAE and Kenya. The Bank has two subsidiary companies HDFC Securities Limited (HSL) and HDB Financial Services Limited (HDBFSL).The Bank's ATM network can be accessed by all domestic and international Visa/MasterCard Visa Electron/Maestro Plus/Cirrus and American Express Credit/Charge cardholders. The Bank's shares are listed on the Bombay Stock Exchange Limited and The National Stock Exchange of India Ltd. The Bank's American Depository Shares (ADS) are listed on the New York Stock Exchange (NYSE) and the Bank's Global Depository Receipts (GDRs) are listed on Luxembourg Stock Exchange.HDFC Bank Ltd Was incorporated on August 30 1994 by Housing Development Finance Corporation Ltd. In the year 1994 Housing Development Finance Corporation Ltd was amongst the first to receive an 'in principle' approval from the Reserve Bank of India to set up a bank in the private sector as part of the RBI's liberalization of the Indian Banking Industry. HDFC Bank commenced operations as a Scheduled Commercial Bank in January 1995. Ramon House Churchgate branch was inaugurated on 16 January 1995 as the first branch of the bank. In March 1995 HDFC Bank launched Rs 50-crore initial public offer (IPO) (5 crore equity shares at Rs 10 each at par) eliciting a record 55 times oversubscription. HDFC Bank was listed on the Bombay Stock Exchange on 19 May 1995. The bank was listed on the National Stock Exchange on 8 November 1995.In the year 1996 the Bank was appointed as the clearing bank by the NSCCL. In the year 1997 the launched retail investment advisory services. In the year 1998 they launched their first retail lending product Loans against Shares. In the year 1999 the Bank launched online real-time NetBanking. In February 2000 Times Bank Ltd owned by Bennett Coleman & Co. / Times Group amalgamated with the Bank Ltd. This was the first merger of two new generation private banks in India. The Bank was the first Bank to launch an International Debit Card in association with VISA (Visa Electron). In the year 2001 they started their Credit Card business. Also they became the first private sector bank to be authorized by the Central Board of Direct Taxes (CBDT) as well as the RBI to accept direct taxes.During the year the Bank made a strategic tie-up with a Bangalore-based business solutions software developer Tally Solutions Pvt Ltd for developing and offering products and services facilitating on-line accounting and banking services to SMEs. On 20 July 2001 HDFC Bank's American depositary receipt (ADR) was listed on the New York Stock Exchange under the symbol HDB. Also they made the alliance with LIC for providing online payment of insurance premium to the customers.During the year 2002-03 the Bank increased the number of branches from 171 Nos to 231 Nos and the size of the Bank's ATM network expanded from 479 Nos to 732 Nos. They also expanded their presence in the 'merchant acquiring' business.During the year 2003-04 the Bank expanded the distribution network with the number of branches increased from 231 Nos to 312 Nos and the size of the Bank's ATM network increased from 732 Nos to 910 Nos. In September 2003 they entered the housing loan business through an arrangement with HDFC Ltd whereby they sell HDFC Home Loan product.During the year 2004-05 the Bank expanded the distribution network with the number of branches increased from 312 Nos to 467 Nos and the size of the Bank's ATM network increased from 910 Nos to 1147 Nos. During the year 2005-06 the Bank launched the 'no-frills account' a basic savings account offering to the customer. Also the distribution network was expanded with the number of branches increased from 467 Nos (in 211 cities) to 535 Nos (in 228 cities) and the number of ATMs from 1147 Nos to 1323 Nos.During the year 2006-07 the distribution network was expanded with the number of branches increased from 535 Nos (in 228 cities) to 684 Nos (in 316 cities) and the number of ATMs from 1323 Nos to 1605 Nos. They commenced direct lending to Self Help Groups. Also they opened a dedicated branch for lending to SHGs in Thudiyalur village (Tamil Nadu). In September 28 2005 the Bank increased their stake in HDFC Securities Ltd from 29.5% to 55%. Consequently HDFC Securities Ltd became a subsidiary of the Bank.During the year 2007-08 the Bank added 77 Nos new branches take the total to 761 Nos branches. Also 372 Nos new ATMs were also added taking the size of the ATM network from 1605 Nos to 1977 Nos. HDB Financial Services Ltd became a subsidiary company with effect from August 31 2007. In June 2 2007 the Bank opened 19 branches in a day in Delhi and the National Capital Region (NCR).During the year 2008-09 the Bank expanded their distribution network from 761 branches in 327 cities to 1412 branches in 528 Indian cities. The Bank's ATMs increased from 1977 to 3295 during the year. As per the scheme of amalgamation Centurion Bank of Punjab Ltd was amalgamated with the Bank with effect from May 23 2008. The appointed date for the merger was April 01 2008. The amalgamation added significant value to HDFC Bank in terms of increased branch network geographic reach and customer base and a bigger pool of skilled manpower.In October 2008 the bank opened their first overseas commercial branch in Bahrain. The branch offers the bank's suite of banking services including treasury and trade finance products for corporate clients and wealth management products for Non-resident Indians.During the year 2009-10 the Bank expanded their distribution network from 1412 branches in 528 cities to 1725 branches in 779 cities. The Bank's ATMs increased from 3295 Nos to 4232 Nos during the year.During the year 2010-11 the Bank expanded their distribution network from 1725 branches in 779 cities to 1986 branches in 996 Indian cities. The Bank's ATMs increased from 4232 to 5471 Nos.In the year 2014 HDFC Bank lunched the missed call banking service allowing customers to use banking services without having to visit the Bank or connect online.On 16 June 2015 HDFC Bank launched the 10-second personal loan approval service thereby becoming the first in the retail lending space to fully automate the process of loan approval and disbursement.In 2016 HDFC Bank introduced loans at ATMs as the country's first innovation to turn ATMs into Loan Dispensing Machines (LDMs) further extending the functionality of the Bank's ATMs.During the FY2017 the bank added 195 branches taking its physical distribution network to 4715 branches in 2657 cities and towns. Number of ATMs have been increased to 12260.Further the bank grew its customer base to 4.05 crore from 3.77 crore with a continued focus on semi-urban and rural markets that accounted for more than 52% of its branches.The bank had mobilised US $ 3.4 billion in special FCNR (B) deposits from NRI clients under RBI swap window in 2013. As a major portion of these deposits were for a 3-year tenor they came up for redemption during September-November 2016. USD 3.02 billion of these flowed out and USD 355.67 million was outstanding for the year ended 31 March 2017.During the fiscal 2018the bank added 72 banking outlets and taking the total to 4787 across 2691 cities and towns. The share of semi-urban and rural outlets in the total network is 53%. The number of ATMs also increased to 12635 from 12260.The number of customers of the bank catered to as on 31 March 2018 was over 4.36 crore from 4.05 crore in the previous year.The bank raised Rs 23715.9 crore in the FY2019. This comprises a preferential allotment to Housing Development Finance Corporation Ltd of Rs 8500 crore a Qualified Institutional Placement of Rs 2775.0 crore and an ADR offering of USD 1820 million (Rs 12440.9 crore).During the fiscal 2019the bank was named India's most valuable brand for the fourth year in a row in the BrandZ survey of Top 50 Most Valuable Indian Brands. HDFC Bank was also ranked No 1 in India by customers in the first edition of the `World's Best Banks' survey by Forbes magazine.The Board of Directors at its meeting held on 22 May 2019 considered and approved the sub-division of one equity share of the Bank having face value of Rs 2/- each into two equity shares of face value of Re. 1/- each and consequential alteration in the relevant clauses relating to capital of the Memorandum of Association of the Bank.During the FY2019 the bank added 316 Banking Outlets and taking the total to 5103 spread across 2748 cities and towns. The share of semi-urban and rural outlets in the total network is 53%. The number of ATMs also increased to 13160 from 12635.The total number of customers the bank catered to as on 31 March 2019 was over 4.90 crore up from 4.36 crore in the previous year.During the FY2020 the bank added 313 Banking Outlets and taking the total to 5416 across 2803 cities and towns. The share of semi-urban and rural outlets in the network is 52%.The number of ATMs and Cash Deposit & Withdrawal Machines also increased to 14901 from 13489.As of 31 December 2020 the Bank's distribution network stood at 5485 branches and 15541 ATMs & Cash Deposit Machines (CDMs) across 2866 cities and towns.The Bank also added 354 branches during the year 2021 taking the total to 5608 across 2902 cities / towns.As on 31 March 2021 the Bank's distribution network was at 5608 branches and 16087 ATMs & cash deposit machines across 2902 cities and towns.As on 30 June 2021 the Bank's distribution network was at 5653 branches and 16291 ATMs & cash deposit machines across 2917 cities and towns.As on 30 September 2021 the Bank's distribution network was at 5686 branches and 16642 ATMs & cash deposit machines across 2929 cities and towns.As on 31 March 2022 the Bank's distribution network was at 6342 branches and 18130 ATMs / Cash Deposit & Withdrawal Machines (CDMs) across 3188 cities and towns. During 2022 the Bank had 21683 Banking Outlets. It added 734 branches during the year taking the total to 6342.On April 4 2022 HDFC Investments Limited and HDFC Holdings Limited wholly-owned subsidiaries of Housing Development Finance Corporation Limited (HDFC Limited) were merged with and into HDFC Limited and HDFC Limited with and into HDFC Bank by Scheme of Amalgamation which became effective from July 01 2023 with following ratios; 42 Equity Shares of HDFC BANK LIMITED having a Face Value of Re.1/- each to be issued as Fully Paid-Up for every 25 Fully Paid-Up Equity Shares of Rs.2/- each held by the shareholder of HDFC LTD in the ratio i.e. 42:25.During the year 2022-23 the Bank launched SmartHub Vyapar for all banking and business solutions launched PayZapp 2.0 payments app with enhanced security features in March 2023.As on 31 March 2023 the Bank's distribution network was at 7821 branches and 19727 ATMs / Cash Deposit & Withdrawal Machines (CDMs) across 3811 cities and towns. During 2022 the Bank had 23742 Banking Outlets. It added 1479 branches during the year taking the total to 7821.

HDFC Bank News

HDFC Bank proposes to sell 100% stake in its subsidiary HDFC Education

Sumant Rampal appointed as head of HDFC Bank's mortgage business

HDFC Bank completes Rs 9,553 cr stake sale in education unit HDFC Credila

RBI declines request to classify HDFC Ltd bonds as infrastructure bonds

HDFC Bank raises Rs 2,910 cr via infrastructure bonds for funding projects

HDFC Bank Announcement

HDFC Bank Ltd Announcement under Regulation 30 (LODR)-Change in Management

HDFC Bank Ltd Shareholder Meeting / Postal Ballot-Notice of Postal Ballot

HDFC Bank Ltd Shareholder Meeting / Postal Ballot-Outcome of Postal_Ballot

HDFC Bank Ltd Announcement under Regulation 30 (LODR)-Diversification / Disinvestment

HDFC Bank Ltd - Key Fundamentals

Funds owing this stock, research reports, stock strength, share price returns, company info, company information.

Deputy Managing Director : Kaizad Bharucha

Independent Director : Umesh Chandra Sarangi

Independent Director : SANDEEP PAREKH

Independent Director : M D Ranganath

Independent Director : Sanjiv Sachar

Senior Vice President & CS : Santosh Haldankar

Director : Renu S Karnad

Managing Director & CEO : Sashidhar Jagdishan

Independent Director : Sunita Maheshwari

Part Time Chairman : Atanu Chakraborty

Independent Director : Lily Vadera

Executive Director : Bhavesh Zaveri

Director : K M Mistry

Whole Time Director : V Srinivasa Rangan

Registered Office : HDFC Bank House , Senapati BapatMarg Lower Parel , Mumbai , Maharashtra - 400013 Ph: 91-22-66521000/3976 0000

Email : [email protected]

URL : http://www.hdfcbank.com

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• HDFC Bank Ltd

HDFC Bank Ltd Banks | NSE : HDFCBANK

• Target : 1,970.0 (16.98%)
• Target Period : 12-18 Month

17 Apr 2023

In line q4; investment in infrastructure to drive growth.

HDFC Bank is a leading private sector bank with consistent growth and operational performance over various cycles. The bank has maintained superior return ratios compared to its peers resulting in premium valuations.

• Largest private sector bank with loan book of ₹ 16 lakh crore
• Consistent performance with +4% NIM and +15% RoE in past many years

In line operational performance; lower credit cost aided PAT.

• Healthy loan growth at 16.9% YoY to ₹ 16 lakh crore; deposits up 20.8%
• NII up 23.7% YoY, NIMs steady at 4.1%, C/I up at 42% led by elevated opex
• Credit cost declined to 0.67%, PAT up 19.8% YoY at ₹ 12047 crore
• GNPA & NNPA improved to 1.12% and 0.27% QoQ, respectively

HDFC Bank’s share price has grown by ~2x in the past three years. Focus on building distribution capabilities (branch, human resource and technology) is expected to help withstand competition and drive future business growth though merger with HDFC Ltd to remain in the highlight in the near term.

• We remain positive and retain our BUY rating on the stock

HDFC Bank is expected to deliver higher than industry growth with RoA of ~2% in FY25E. We value HDFC Bank at ~2.9x FY25E ABV & ₹ 50 for subsidiaries and revise target price from ₹ 1920 to ₹ 1970/share.

• Repricing of liabilities to get partially offset by new fixed rate book at higher rates leading to marginal pressure on NIMs in the near term. Structural change in asset mix to keep margins in the stated band of 3.9-4.4%
• Focus on strengthening distribution infrastructure to keep opex elevated, accrual of benefit over medium term to result in reduction of CI ratio
• Focus on liabilities accretion (through branch expansion, customer additions & relationship building with existing customer), steady asset quality and healthy provision buffer to aid growth and RoA

Apart from HDFC Bank, we also like Axis Bank.

• Strong liabilities franchise, adequate capitalisation and healthy provision buffer to aid business growth as well as earnings trajectory
• BUY with a target price of ₹ 1100

Particulars

Shareholding pattern, price chart, recent events & key highlights.

• Total provisions at 176% of reported GNPA level; credit cost at 0.67%

Research Analyst

Kajal Gandhi [email protected]

Pravin Mule

Vishal Narnolia [email protected]

Key Financial Summary

Variance table.

Q4FY23 Earnings Conference Call highlights

• Global market volatility, risks from slowdown and geopolitical tensions may impact growth
• Focus will be on granular deposit base continuing. The bank is on track to keep building distribution capabilities. LCR was ~116% during the quarter
• Retail segment growth of 20% YoY was driven by home and personal loans. Growth in wholesale segment was driven by NBFCs, telecom, PSUs and retail sector. Higher share of retail assets to keep credit cost lower and result in steady RoAs
• Esop expenses during the quarter was | 300 crore. Opex was higher mainly on account of branch addition (~638 branches added in Q4FY23)
• Slippage ratio was at 28 bps (| 4900 crore). Recoveries and upgrades were | 3300 crore (22 bps), write-offs were | 2400 crore (17 bps). No sale of NPA during the quarter. Total restructured book was at 37 bps (Covid restructured book was 31 bps vs. 50 bps in Q3FY23)
• Provisions during the quarter include contingent provision of | 300 crore (PCR at 76%). Outstanding provisions buffer includes | 9700 crore contingent provisions and floating provision of | 1450 crore
• Overall deposit accretion at | 1.5 lakh crore in Q4FY23. Retail deposit growth higher at 23.5% YoY in Q4FY23 with absolute accretion at ~| 1,07,000 crore
• Repricing of liabilities to get partially offset by new fixed rate asset book at higher rates leading to marginal pressure on NIMs in near term. Structural change in asset mix to keep margins in stated band of 3.9-4.4%
• Total 45% book is at fixed rate (that runs for two to three years), MCLR linked loans were 6% of total book with very low volume at shorter end of tenure. Thus, recent reduction in MCLR rates do not seem to have a substantial impact
• The bank added 638 branches during Q4FY23 and 1479 in FY23. The pace of branch expansion will continue in FY24
• Gold loans offered in 4182 branches (3x increase over FY22). Wealth management business offered in 923 branches via hub and spoke model
• With respect to merger, the bank is on track and expects the merger to get completed by June-July 2023

Financial Summary

Profit and loss statement ₹ crore, key ratios ₹ crore, balance sheet ₹ crore, cash flow statement ₹ crore, previous reports pdf:, analyst certification.

I/We, Kajal Gandhi, CA, Vishal Narnolia, MBA and Pravin Mule, MBA, M.com Research Analysts Research Analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our views about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report. It is also confirmed that above mentioned Analysts of this report have not received any compensation from the companies mentioned in the report in the preceding twelve months and do not serve as an officer, director or employee of the companies mentioned in the report.     

Terms & conditions and other disclosures:

ICICI Securities Limited (ICICI Securities) is a full-service, integrated investment banking and is, inter alia, engaged in the business of stock brokering and distribution of financial products.

ICICI Securities is Sebi registered stock broker, merchant banker, investment adviser, portfolio manager and Research Analyst. ICICI Securities is registered with Insurance Regulatory Development Authority of India Limited (IRDAI) as a composite corporate agent and with PFRDA as a Point of Presence. ICICI Securities Limited Research Analyst SEBI Registration Number – INH000000990. ICICI Securities Limited SEBI Registration is INZ000183631 for stock broker. ICICI Securities is a subsidiary of ICICI Bank which is India’s largest private sector bank and has its various subsidiaries engaged in businesses of housing finance, asset management, life insurance, general insurance, venture capital fund management, etc. (“associates”), the details in respect of which are available on www.icicibank.com.

ICICI Securities is one of the leading merchant bankers/ underwriters of securities and participate in virtually all securities trading markets in India. We and our associates might have investment banking and other business relationship with a significant percentage of companies covered by our Investment Research Department. ICICI Securities and its analysts, persons reporting to analysts and their relatives are generally prohibited from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover.

Recommendation in reports based on technical and derivative analysis centre on studying charts of a stocks price movement, outstanding positions, trading volume etc as opposed to focusing on a companys fundamentals and, as such, may not match with the recommendation in fundamental reports. Investors may visit icicidirect.com to view the Fundamental and Technical Research Reports.

Our proprietary trading and investment businesses may make investment decisions that are inconsistent with the recommendations expressed herein.

ICICI Securities Limited has two independent equity research groups: Institutional Research and Retail Research. This report has been prepared by the Retail Research. The views and opinions expressed in this document may or may not match or may be contrary with the views, estimates, rating, and target price of the Institutional Research.

The information and opinions in this report have been prepared by ICICI Securities and are subject to change without any notice. The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of ICICI Securities. While we would endeavour to update the information herein on a reasonable basis, ICICI Securities is under no obligation to update or keep the information current. Also, there may be regulatory, compliance or other reasons that may prevent ICICI Securities from doing so. Non-rated securities indicate that rating on a particular security has been suspended temporarily and such suspension is in compliance with applicable regulations and/or ICICI Securities policies, in circumstances where ICICI Securities might be acting in an advisory capacity to this company, or in certain other circumstances.

This report is based on information obtained from public sources and sources believed to be reliable, but no independent verification has been made nor is its accuracy or completeness guaranteed. This report and information herein is solely for informational purpose and shall not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. ICICI Securities will not treat recipients as customers by virtue of their receiving this report. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific circumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by any recipient. The recipient should independently evaluate the investment risks. The value and return on investment may vary because of changes in interest rates, foreign exchange rates or any other reason. ICICI Securities accepts no liabilities whatsoever for any loss or damage of any kind arising out of the use of this report. Past performance is not necessarily a guide to future performance. Investors are advised to see Risk Disclosure Document to understand the risks associated before investing in the securities markets. Actual results may differ materially from those set forth in projections. Forward-looking statements are not predictions and may be subject to change without notice.

ICICI Securities or its associates might have managed or co-managed public offering of securities for the subject company or might have been mandated by the subject company for any other assignment in the past twelve months.

ICICI Securities or its associates might have received any compensation from the companies mentioned in the report during the period preceding twelve months from the date of this report for services in respect of managing or co-managing public offerings, corporate finance, investment banking or merchant banking, brokerage services or other advisory service in a merger or specific transaction.

ICICI Securities or its associates might have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the companies mentioned in the report in the past twelve months.

ICICI Securities encourages independence in research report preparation and strives to minimize conflict in preparation of research report. ICICI Securities or its associates or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with preparation of the research report. Accordingly, neither ICICI Securities nor Research Analysts and their relatives have any material conflict of interest at the time of publication of this report.

Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions.

ICICI Securities or its subsidiaries collectively or Research Analysts or their relatives do not own 1% or more of the equity securities of the Company mentioned in the report as of the last day of the month preceding the publication of the research report.

Since associates of ICICI Securities and ICICI Securities as a entity are engaged in various financial service businesses, they might have financial interests or actual/beneficial ownership of one percent or more or other material conflict of interest various companies including the subject company/companies mentioned in this report.

ICICI Securities may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report.

Neither the Research Analysts nor ICICI Securities have been engaged in market making activity for the companies mentioned in the report.

We submit that no material disciplinary action has been taken on ICICI Securities by any Regulatory Authority impacting Equity Research Analysis activities.

This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject ICICI Securities and affiliates to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction.

Copyright© 2022. All rights Reserved. ICICI Securities Ltd. ®trademark registration in respect of the concerned mark has been applied for by ICICI Bank Limited

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HDFC Bank asks customers to avoid NEFT transfers on April 1; details here

The bank cited financial year-end procedural measures as the reason behind the advisory.

Moreover, the bank also said any incoming NEFT transfers, including salary or other payments scheduled for April 1, might also face delays.

HDFC Bank has advised its customers against using the National Electronic Funds Transfer (NEFT) facility for moving money on April 1.

The private sector bank cited financial year-end procedural measures as the reason behind the advisory, saying NEFT transactions might encounter delays or not be available.

According to a CNBC-TV18 report , the notification from HDFC Bank read: "Dear Customer, Thank you for banking with HDFC Bank. Please note, outward NEFT transactions may get delayed/may not be available on 1st April 2024 due to financial year-end procedures. We request you to please complete your transaction using IMPS, RTGS, or UPI during this period. We regret any inconvenience this may cause. If you require any assistance, please contact our customer support team on 18001600/1800 2600. Thank you for your continued trust in HDFC Bank."

The bank also said any incoming NEFT transfers, including salary or other payments scheduled for April 1, might also be face delayed.

HDFC Bank has recommended the use of methods like Immediate Payment Service (IMPS), Real Time Gross Settlement (RTGS), and Unified Payments Interface (UPI).

Related stories

Also Read |  HDFC Bank proposes to sell its subsidiary HDFC Education

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