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HDFC Full Form – Housing Development Finance Corporation

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HDFC Full Form

What is the full form of HDFC?

HDFC Full Form: Housing Development Finance Corporation

The full form of HDFC is Housing Development Finance Corporation. It is a leading private sector bank and housing finance corporation in India. HDFC was established in 1977 with the primary objective of providing long-term finance to the Indian housing sector. It is one of the largest banks in India, with a nationwide network of over 2,500 branches and 10,000 ATMs. HDFC Bank offers a wide range of banking products and services to its customers, including savings and current accounts, credit cards, home loans, personal loans, auto loans, two-wheeler loans, education loans, term deposits, NRI services, etc.

History of HDFC

The Housing Development Finance Corporation (HDFC) was first established in 1977. Before that, the HDFC was primarily involved in providing housing finance to individuals and corporate bodies in India. However, it did not begin operating as a private sector bank in India until 1994.

The idea for setting up the HDFC came about due to the acute shortage of housing finance options available in India. The lack of access to affordable housing finance was critical factors preventing people from owning their own homes.

The HDFC was set up to address this issue and provide much-needed housing finance to the people of India. Since its inception, the HDFC had played a significant role in promoting homeownership.

HDFC subsidiaries

HDFC works in different sectors of banking and finance. These are the principal subsidiaries of HDFC –

  • HDFC Bank Ltd
  • HDFC realty ltd
  • HDFC venture capital Ltd
  • HDFC Development Ltd
  • HDFC Holdings Ltd
  • HDFC investment Ltd
  • HDFC Ergo General insurance company Ltd
  • HDFC Trustee Company Ltd
  • LDFC property ventures Ltd
  • HDFC standard life insurance company Ltd

HDFC products and services

The Housing Development Finance Corporation offers its customers a wide range of products and services. These include home loans, personal loans, credit cards, car loans, etc. HDFC also provides several value-added services such as home insurance, travel insurance, and health insurance. In addition, HDFC offers a variety of investment products such as fixed deposits and mutual funds.

HDFC FAQ

Who is the founder of HDFC bank?

Hasmukhbhai Parekh was the founder of HDFC bank.

Where is headquarter of HDFC?

Headquarter of Housing Development Finance Corporation is in Mumbai, India.

Is HDFC a foreign bank?

HDFC Bank is considered a foreign bank because it has 73% of its shares held by foreign investors. However, the bank was founded by an Indian citizen, so it is not technically a foreign bank.

What is FD in HDFC bank?

Fixed Deposits (FDs) are a type of investment where you deposit a sum of money for a specified period, usually ranging from 7 to 10 years. In return, the bank pays you interest on your investment, either monthly or at the end of the term.

Is HDFC a government bank?

No, the Housing Development Finance Corporation is not a government or nationalized bank of India. HDFC is appropriately a private sector bank and financial company. The HDFC bank was incorporated as HDFC Bank Ltd on 30TH August 1994. Later on, in 1995, it commenced operations as a Scheduled Commercial Bank.

Interesting facts about HDFC Bank

HDFC Bank is India’s second-largest private sector bank by assets. HDFC Bank was founded in 1994 and is headquartered in Mumbai, India. As of March 2019, the bank has 9,585 branches and 12,743 ATMs across 2,669 cities in India.

HDFC Bank is India’s largest credit card issuer, with over 8 million credit cards in circulation as of March 2019. The bank also offers personal loans, car loans, two-wheeler loans, home loans, education loans, and loans against property. The bank’s market capitalization as of March 2019 was Rs. 657,378 crores (US$93 billion).

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