HDFC Full Form – What Is HDFC, Definition, Meaning, Uses

HDFC Full Form Friends, in this article, we’ll look at the full form of the HDFC. HDFC Bank is India’s largest bank. It is regarded as one of India’s biggest banks. The Public Limited Company HDFC Bank was established on October 17, 1977. This enterprise was sponsored at the time by the Indian Industrial Credit and Investment Corporation. Following that, in 1980, this bank launched the loan-linked deposit system.

Those who want to create an account with a reputable bank or obtain any other type of service will find that picking HDFC Bank is a wise decision since the bank gives information on a variety of programs. It also offers discounts.

HDFC Full Form

HDFC full form is Housing Development Financial Corporation. HDFC Housing Development Financial Corporation Bank Limited is Indian financial services and banking firm. The bank’s headquarters are in Mumbai, Maharashtra. This employs approximately 84, 325 people. The Reserve Bank of India approved the acquisition of Times Bank by HDFC Bank on February 26, 2000.

HDFC: Housing Development Financial Corporation

HDFC Full Form
HDFC Full Form

Times Bank and Housing Development Financial Corporation (HDFC) Bank merged to form the first private bank merger. HDFC Bank purchased Centurion Bank of Punjab on May 23, 2008. HDFC Bank had 4,715 branches and 12,260 ATMs in 2,657 cities as of June 2017.

On December 6, 2013, HDFC Bank held 1,115 blood donation camps in 709 locations, with 61,902 persons donating blood, which was recorded in the Guinness Book of World Records. HDFC now has a broad and diverse array of companies that offer a variety of loan products, banking services, and insurance services. Below are the names of some of HDFC’s most well-known subsidiaries:

  • HDFC Bank Ltd
  • HDFC Realty Ltd
  • HDFC Holdings Ltd
  • HDFC Developers Ltd
  • HDFC Investments Ltd
  • HDFC Venture Capital Ltd
  • HDFC Trustee Company Ltd
  • HDFC Property Ventures Ltd
  • HDFC Ergo General Insurance Company Ltd
  • HDFC Standard Life Insurance Company Ltd

HDFC’s Background

The history of the HDFC company is fascinating. On October 17, 1977, HDFC was established as a public limited company. The Industrial Credit and Investment Corporation of India encouraged this enterprise at the time. It introduced the loan linked deposit scheme in 1980, which required customers to open a passbook account with HDFC in order to be eligible for a loan.

Following that, HDFC launched the Non-Resident Certificate Deposit Scheme in 1981. In 1985, it created the Home Saving Plan, which allowed anyone to buy a home at an interest rate of 8.5 percent per year. Friends established the Advanced Processing Facility service in 1986, which allowed builders to give financing to individuals purchasing housing in their developments.

Following this, HDFC promoted HDFC Bank to provide financial services in 1994. It was a private sector bank founded with the RBI’s permission. It launched www.hdfcindia.com, which is currently known as www.hdfc.com, in 1999.

In 2000, it established the HDFC Standard Life office in Mumbai, and in 2002, the United States launched HDFC Chubb General Insurance Company Limited to provide general insurance. Friends, it provided HDFC Systematic Savings Plan in 2009-10. It was a variable rate of interest monthly savings plan.

What services does HDFC Bank offer its clients?

  • Cards of credit
  • Banking for Individuals
  • Banking
  • Insurance and finance
  • Banking on investments
  • Loans for mortgages
  • Banking Services
  • Venture Capital
  • Financial Planning

What are some fascinating HDFC Bank facts?

  • The HDFC Bank was founded in August of 1994.
  • Aditya Puri is the bank’s first and current CEO.
  • HDFC Bank was the first bank in India to partner with Visa to create an international debit card, as well as issue a Maestro debit card.
  • HDFC Bank was the first bank in India to offer mobile banking.
  • In Mumbai and New Delhi, HDFC Bank has the most branches.
  • By assets, HDFC Bank is India’s largest private sector lender.
  • On December 6, 2013, HDFC Bank held 1115 blood donation camps in 709 locations, with 61902 persons donating blood. The Guinness Book of World Records recognizes this achievement.
  • As of February 2016, HDFC Bank was India’s largest bank by market value.
  • In 2019, it was placed 60th among BrandZ’s Top 100 Valuable Global Brands.
  • In February 2000, HDFC Bank and Times Bank amalgamated. In the category of New Generation Private Sector Banks, this was the first merger of two private banks.
  • According to the global magazine FinanceAsia, HDFC Bank is the top bank in India in 2019.

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