Employee benefits & employee diversity

Employee Stock Option Scheme (‘ESOS’)
The Bank provides options to acquire equity shares to its employees. The options granted to employees vests in a graded manner and these may be exercised by the employees within a specified period.

Gratuity
All employees are provided gratuity by the Bank. The eligibility criteria for the employees is completion of five years of service at the Bank. Gratuity is paid as a lump sum payment to employees on resignation, retirement, death while in employment or on termination of employment of an amount equivalent to 15 days’ basic salary payable for each completed year of service.

Superannuation
The employees are entitled to receive retirement benefits, above a prescribed grade under the Bank’s Superannuation Fund. A sum equivalent to 13% of the employee’s eligible annual basic salary (15% for the whole-time directors and for certain eligible erstwhile Centurion Bank of Punjab (eCBoP) staff) is contributed by the Bank to insurance companies, which administers the fund.

Provident fund
The Bank provides all its employees entitlement to receive benefits under the provident fund. The Bank contributes an amount, on a monthly basis, at a determined rate (currently 12% of employee’s basic salary). Of this, the Bank contributes an amount equal to 8.33% of employee’s basic salary up to a maximum salary level of ₹ 15,000/- a month, to the Pension Scheme administered by the Regional Provident Fund Commissioner (RPFC). The balance amount is contributed to a fund set up by the Bank and administered by a Board of Trustees.

Pension
With respect to, pension payable to certain eLKB employees under IBA structure, which is a defined benefit scheme, the Bank contributes 10% of basic salary to a pension fund set up by the Bank and administered by the Board of Trustees and the balance amount is provided based on an independent actuarial valuation as of the Balance Sheet date, which includes assumptions about demographics, early retirement, salary increase and interest rates.

Higher Medical cover
HDFC Bank is committed to assist employees and their dependents to meet unforeseen and adverse life events. To tide over such life events, the organisation aids by offering a flexible medical insurance package at concessional rates. The Bank also offers a unique Mediclaim policy for the employees which provides coverage upto 6 people in one policy. It covers the employee and spouse, two children and one set of parents (own or in-laws). There is a dedicated third party team of 20 people including 3 doctors on roll to solve any query related to Mediclaim instantaneously. Some unique features of the Mediclaim Policy are pre-existing cover, no waiting period for ailment, no ailment wise capping, maternity cover and various other benefits.The Bank also provides Mediclaim to its employees even after retirement. This provides coverage to employee and their spouse. Furthermore, the Bank gives retired employees, an option of extended customized plans to increase insured amount

Leave encashment / Compensated absences
The Bank does not have a policy of encashing unavailed leave for its employees.

Concessional Loan
The Bank provides concessional loans like housing loan, personal loans and vehicle loans at concessional rates as defined by internal guidelines.