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HDFC Full Form

A lot of individuals have been banking with HDFC for years and are appreciative of their products and services. But how many of them really know HDFC Full Form. Ask them, and they are aware of everything about HDFC except the full form. You can get the full information about the products and services and HDFC Full Form in this article.

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HDFC Bank full form

HDFC Full Form is Housing Development Finance Corporation. The products and services of the bank are versatile and in tune with its tagline, ‘We Understand Your World’. RBI gave in-principle approval to HDFC to conduct banking operations, and it was the first among the private sector banks to get approval. The approval was given in 1994 as a part of RBI’s policy for the liberalisation of the country’s banking industry. The bank started operations as a Scheduled Commerical Bank in 1995. There has been no looking back since then, and the bank has been introducing innovative products and services to suit the requirement of the customers.

History of HDFC Bank

HDFC was established in 1994 and was promoted by the Housing Development Finance Corporation Limited. HDFC was founded in 1977 with the objective of providing a solution to the housing problem in India. In1994, RBI provided in-principle approval to the Housing Finance Corporation to conduct banking operations and was incorporated as HDFC Bank Limited. The Head Office of the Bank is in Mumbai.

The bank has over 5500 branches spread all over the country. It offers various commercial and retail products. The main area of business of the bank is Housing Finance, Life Insurance, General Insurance and Mutual Funds. 

Details of HDFC Bank

Constitution: Public Limited 
Trade Name: HDFC 
Industry: Financial Services 
ISIN: INE040A01034 
Commencement of Business: 1994 
Head Office: Mumbai 
Chairman: Atanu Chakraborty 
CEO: Shashidhar Jagadishan 
Subsidiaries: HDB Financial Securities and HDFC Securities

Products and Services of HDFC Bank

The following are the products and services of HDFC Bank.

  • Retail Banking
  • Commercial Banking
  • Credit and Debit Cards
  • Vehicle Loans
  • Mortgage Loans
  • Life Insurance
  • General Insurance
  • Mutual Funds
  • Personal Loans
  • Consumer Loans
  • Lifestyle Loans
  • Payazapp
  • Smart buy

What are the latest activities of HDFC Bank?

The latest activities of the bank are 

  • SmartUp Unnati-Mentoring Programme to support Women Entrepreneurs
  • Shaurya KGC: Similar to Kisan Credit Card to Farmers but to provide financial support for Armed Forces
  • SmartBuy and Payzapp: Digital Products
  • Has become the largest private sector lender by crossing 100 billion in market capitalisation 
    Parivartan’s ECS Scholarship.
  • RBI has put an abrupt stop to further launching of HDFC digital products as well as issuing fresh credit cards for no reason.

Which are the major subsidiaries of HDFC?

The major subsidiaries of HDFC are 

  • HDFC Bank
  • HDFC Asset Management Company
  • GRUH Finance
  • HDFC Standard Life Insurance Company Limited
  • HDFC Property Fund
  • HDFC ERGO General Insurance Company
  • HDFC Credila Financial Services
  • HDFC RED

Types of Savings Bank Accounts of HDFC?

HDFC provides 11 different types of Savings Bank Accounts. 

  • HDFC Regular Savings Account.
  • HDFC Women’s Savings Account.
  • HDFC Savings Max Account.
  • HDFC Speciale Gold and Speciale Platinum.
  • HDFC Digisave Youth Account.
  • HDFC Senior Citizen’s Account.
  • HDFC Kids Advantage Account.
  • HDFC Basic Savings Bank Account.

Types of Current Accounts of HDFC

There are five different types of HDFC Current Accounts.

  • Premium Current Account
  • Standard Current Account
  • Packaged Current Account
  • Foreign Currency Account
  • Single Column Cash Book

Types of Fixed Deposit and Recurring Deposit Accounts of HDFC

The following are the different types of HDFC Fixed Deposits

  • Regular Fixed Deposit
  • Foreign Currency Fixed Deposit
  • Tax Saver Fixed Deposit

There are two schemes under HDFC Recurring Deposit

  • Regular Recurring Deposit
  • NRE Recurring Deposit

Types of retail loan products of HDFC?

  • The retail loan products of HDFC are:

Housing Loans

  • Home Loans
  • Plot Loans
  • Home Renovation Loans
  • Home Extension Loans
  • Top-up loans
  • Rural Housing Finance
  • NRI Housing Loan 

Non-Housing Loans

  • Loan Against Property
  • Commercial Property Loans
  • Commercial Plot Loans

Affordable Housing Loans

  • Pradhan Mantri Awas Yojana
  • HDFC Reach Loans

Refinance

  • Home Loan Balance Transfer

What is D-SIB, and why has HDFC been designated as D-SIB?

D-SIB means Domestic Systematically Important Bank. SBI and ICICI banks are the other two banks that have been designated as D-SIB. D-SIB implies that the banks are ‘too big to fail’.

RBI has given this designation to these banks so that Government aid is available whenever the banks are in distress.

If the assets of the bank are 2% greater than the GDP, it will be awarded the D-SIB designation.

If these banks fail, there will be a chain of effects on the economy of the country.

HDFC has a 9,99% stake in FERBINE (an entity under Tata Group) to operate a Pan-India payment system similar to NPCI.

Additional Common Equity Capital I are insisted upon for SIBs have to deal with systemic risks and moral hazard issues.

What is the social initiative of HDFC?

The social initiative of HDFC is Parivartan. Parivartan programme was initiated to bring in social and economic development in the country. Through Parivartan, HDFC has been able to change the lives of millions. Parivartan has worked towards the upliftment of the rural population, supported start-ups, made available water in deserts, transformed education, introduced livelihood initiatives and paved the way for financial independence.

Bound by the principle of Sustainability and Innovation, Parivartan works in the following areas.

  • Promotion of Education
  • Skill training and livelihood enhancement
  • Financial Literacy and Inclusion
  • Healthcare and Hygiene
  • Holistic Rural Development Programme

What is HDFC Bank’s MOGO?

MOGO is the musical logo of HDFC bank that expresses the values that have led to the bank becoming the country’s leading Digibank. MOGO brings in an emotional connection with customers. 

The MOGO of HDFC bank reflects the two values that the bank stands for

Trust: Trust is created over years of being reliable as well as caring.

Progressive Change: to cater to the ever-changing needs of the customers

The Raagas that inspired the values are:

Bilawal reflects innovation and dynamism

Shuddh Kalyan reflects the caring nature of the bank.

There is a blend of western Piano and Guitar accompanied by the Indian Sitar, bringing in global aspiration and Indian earthiness.

Conclusion

On getting an idea about HDFC Full Form, you will be under the impression that, as the full form suggests, i.e., Housing Development Finance Corporation, HDFC operations are limited to housing finance. Yes, earlier until 1994, till RBI gave the approval to conduct banking operations as per the revised RBI Policy, the operations of HDFC were limited to housing finance. Now, like any other Bank, HDFC Bank provides all retail products like a savings bank account, current account, fixed and recurring deposits and retail loans. You can now approach the bank to open a savings bank or fixed deposit account or even to avail of a loan.

HDFC Full Form FAQs

Who is the founder of HDFC?

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Industrial Credit and Investment Corporation of India (ICICI) is the promoter of HDFC. Mr Hasmukhbhai Parekh played a pivotal role in the foundation of the company that started with the objective of solving the housing issue in the country.

What are the basic principles of HDFC?

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The basic principles of HDFC are

  • Professional service
  • Integrity
  • Transparency
  • Trust.

What are the mission, vision and values of HDFC?

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Being a world-class Indian bank is the mission of HDFC. There are two objectives of HDFC Bank. One is to be the preferred banking service provider for the customers of retail and wholesale segments. The other objective is to attain healthy and consistent profit growth.

What are the core values of HDFC?

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The core values of HDFC are

  • Product preference
  • People and Sustainability
  • Customer Focus
  • Operational Excellence

In which aspect is HDFC different from other banks?

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HDFC does not promote Fixed Deposits and Mutual Funds in rural areas. Instead, the bank mobilises only savings and current accounts in rural areas.