Included in August 1994 under the name “HDFC Bank Limited,” HDFC Bank has its main office in Mumbai, India. In January 1995, HDFC Bank started business as a Scheduled Commercial Bank. As part of the RBI’s 1994 liberalization of the Indian Banking Industry, HDFC was one of the first organizations to receive “in principle” RBI approval to establish a private bank. There are endless products and services of HDFC Bank, which attract many customers and create a vast customer base. Currently, the Bank has an impressive network of more than 1416 branches spread across 550 cities in India.
Real-time has links with every unit. Telephone Banking serves more than 500 locations. Additionally, the Bank operates a network of roughly 3382 networked ATMs in these cities. Here, we will talk about the products and services of HDFC Bank in detail.
HDFC Bank Products and Services
There are various services of HDFC Bank that benefit the customers. The products and services of HDFC Bank are not just limited to banking, it also offers loans and various investment options. Let’s talk about them in detail:
1. Personal Banking
Personal banking is the primary product and service of HDFC Bank, which has the following divisions:
- Accounts and Deposits: HDFC bank services include a variety of accounts, including savings accounts, current accounts, Demat or dematerialized accounts, fixed deposits, recurring deposits, safety deposit boxes, and fixed-rate accounts.
- Cards: The services of HDFC Bank include prepaid, debit, and credit cards with various benefits that people widely use.
- Insurance and Investment: HDFC bank products and services include bonds, mutual funds, life insurance, tax-saving strategies, general insurance, health insurance, and insurance against known risks.
- Loans: The HDFC bank product and services offer loans in various categories, including those for cars (both new and used), commercial vehicles, education, gold, homes, people, retail agriculture, tractors, and two-wheelers.
2. Wholesale Banking
Wholesale banking is an essential aspect of the product and services of HDFC Bank. It is intended primarily for banking transactions conducted by government agencies, small and medium-sized businesses, corporations, and other financial trusts and institutions. Even wholesale banking includes investment banking.
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3. HDFC Personal Loan
HDFC Bank has developed HDFC Personal Loans, which are always the favorite HDFC bank services for customers. It helps people meet personal needs like marriage, vacations, education, etc., or any unanticipated financial involvement.
4. HDFC Auto Loan
There are many services of HDFC Bank regarding four-wheelers. Customers of HDFC Bank can choose from a variety of unique plans for four-wheelers, including the following:
- No Income-Document Loan Plan: HDFC bank services include the car loan program. It offers a car loan up to 60% of the car invoice value and does not require one to provide any proof of income.
- 100% Loan Plan with Fixed Deposit Lien: This plan allows you to borrow money against your deposit at HDFC Bank as a car loan.
- NRI Loans: The HDFC Bank for NRI is also available. NRIs can obtain new car loans that their relatives in India may use. However, this loan calls for several specific documents, including a contract copy, a salary slip, an endorsement on the borrower’s passport for the previous three years, evidence of property ownership, and post-dated checks drawn from the borrower’s resident account.
5. Two-Wheeler Loans Offered by HDFC Bank
For two-wheelers, HDFC bank offers the following two types of loans: Fast Track Loans which are instant approval and have minimum interest rates. The loan amount is up to 70% of the vehicle’s cost. Another is an Easy loan with minimal documentation, up to 85% of the price of the vehicle.
6. HDFC Home Loans
A wide range of loan options is included under the services of HDFC Bank. It depends on several factors, including the loan’s term, the borrower’s financial situation, and intended use. These diversifications of HDFC bank services have helped HDFC Home Loans gain popularity over time.
7. HDFC Credit Card
Like many other credit cards from various businesses, HDFC bank services include India Credit Card. It enables its users to purchase an expensive good now and pay for it over time in installments. A user of services and products of HDFC Bank also spares the risk of carrying a lot of cash to make a purchase.
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Products and Services of HDFC Bank – FAQs
What are the HDFC bank services and products?
Ans. There is a wide range of HDFC bank services and products. It includes loans, cards, various accounts, mortgage services, etc.
Are there any services and products of HDFC Bank which include mortgage services?
Ans. Yes, you can get Mortgage services under the services and products of HDFC Bank.