17372349 all about hdfc bank

8/3/2019 17372349 All About Hdfc Bank

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The Housing Development Finance Corporation Limited (HDFC) was amongst the first to

receive an 'in principle' approval from the Reserve Bank of India (RBI) to set up a bank in the

private sector, as part of the RBI's liberalisation of the Indian Banking Industry in 1994. The

bank was incorporated in August 1994 in the name of 'HDFC Bank Limited', with its

registered office in Mumbai, India. HDFC Bank commenced operations as a Scheduled

Commercial Bank in January 1995.

HDFC is India's premier housing finance company and enjoys an impeccable track record in

India as well as in international markets. Since its inception in 1977, the Corporation has

maintained a consistent and healthy growth in its operations to remain the market leader in

mortgages. Its outstanding loan portfolio covers well over a million dwelling units. HDFC

has developed significant expertise in retail mortgage loans to different market segments and

also has a large corporate client base for its housing related credit facilities. With its

experience in the financial markets, a strong market reputation, large shareholder base and

unique consumer franchise, HDFC was ideally positioned to promote a bank in the Indian

environment.

HDFC Bank's mission is to be a World-Class Indian Bank. The objective is to build sound

customer franchises across distinct businesses so as to be the preferred provider of banking

services for target retail and wholesale customer segments, and to achieve healthy growth in

profitability, consistent with the bank's risk appetite. The bank is committed to maintain the

highest level of ethical standards, professional integrity, corporate governance and regulatory

compliance. HDFC Bank's business philosophy is based on four core values - Operational

Excellence, Customer Focus, Product Leadership and People.

Capital Structure

As on 31st March, 2009 the authorized share capital of HDFC Bank is Rs. 550 crore. The

paid-up capital as on the said date is Rs. 425,38,41,090/- ( 42,53,84,109 equity shares of Rs

10/- each). The HDFC Group holds 19.38% of the Bank's equity and about 17.70 % of the

equity is held by the ADS Depository (in respect of the bank's American Depository Shares

(ADS) Issue). 27.69 % of the equity is held by Foreign Institutional Investors (FIIs) and the

Bank has about 5,48,774 shareholders.

The shares are listed on the Bombay Stock Exchange Limited and The National StockExchange of India Limited. The Bank's American Depository Shares ( ADS ) are listed on the


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New York Stock Exchange (NYSE) under the symbol 'HDB' and the Bank's Global

Depository Receipts (GDRs) are listed on Luxembourg Stock Exchange under ISIN No

US40415F2002.

On May 23, 2008, the amalgamation of Centurion Bank of Punjab with HDFC Bank was

formally approved by Reserve Bank of India to complete the statutory and regulatory

approval process. As per the scheme of amalgamation, shareholders of CBoP received 1

share of HDFC Bank for every 29 shares of CBoP.

The merged entity will have a strong deposit base of around Rs. 1,22,000 crore and net

advances of around Rs. 89,000 crore. The balance sheet size of the combined entity would be

over Rs. 1,63,000 crore. The amalgamation added significant value to HDFC Bank in terms

of increased branch network, geographic reach, and customer base, and a bigger pool of

skilled manpower.

In a milestone transaction in the Indian banking industry, Times Bank Limited (another new

private sector bank promoted by Bennett, Coleman & Co. / Times Group) was merged with

HDFC Bank Ltd., effective February 26, 2000. This was the first merger of two private banks

in the New Generation Private Sector Banks. As per the scheme of amalgamation approved

by the shareholders of both banks and the Reserve Bank of India, shareholders of Times Bank

received 1 share of HDFC Bank for every 5.75 shares of Times Bank.

HDFC Bank is headquartered in Mumbai. The Bank at present has an enviable network of

over 1412 branches spread over 528 cities across India. All branches are linked on an

online real-time basis. Customers in over 500 locations are also serviced through Telephone

Banking. The Bank's expansion plans take into account the need to have a presence in all

major industrial and commercial centres where its corporate customers are located as well asthe need to build a strong retail customer base for both deposits and loan products. Being a

clearing/settlement bank to various leading stock exchanges, the Bank has branches in the

centres where the NSE/BSE have a strong and active member base.

The Bank also has a network of about over 3295 networked ATMs across these cities.

Moreover, HDFC Bank's ATM network can be accessed by all domestic and international

Visa/MasterCard, Visa Electron/Maestro, Plus/Cirrus and American Express Credit/Charge

cardholders.


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Mr. Jagdish Capoor took over as the bank's Chairman in July 2001. Prior to this, Mr. Capoor

was a Deputy Governor of the Reserve Bank of India.

The Managing Director, Mr. Aditya Puri, has been a professional banker for over 25 years,

and before joining HDFC Bank in 1994 was heading Citibank's operations in Malaysia.

The Bank's Board of Directors is composed of eminent individuals with a wealth of

experience in public policy, administration, industry and commercial banking. Seniorexecutives representing HDFC are also on the Board.

Senior banking professionals with substantial experience in India and abroad head various

businesses and functions and report to the Managing Director. Given the professional

expertise of the management team and the overall focus on recruiting and retaining the best

talent in the industry, the bank believes that its people are a significant competitive strength.

HDFC Bank operates in a highly automated environment in terms of information technology

and communication systems. All the bank's branches have online connectivity, which enables

the bank to offer speedy funds transfer facilities to its customers. Multi-branch access is also

provided to retail customers through the branch network and Automated Teller Machines

(ATMs).

The Bank has made substantial efforts and investments in acquiring the best technologyavailable internationally, to build the infrastructure for a world class bank. The Bank's

business is supported by scalable and robust systems which ensure that our clients always get

the finest services we offer.

The Bank has prioritised its engagement in technology and the internet as one of its key goals

and has already made significant progress in web-enabling its core businesses. In each of its

businesses, the Bank has succeeded in leveraging its market position, expertise and

technology to create a competitive advantage and build market share.


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HDFC Bank offers a wide range of commercial and transactional banking services and

treasury products to wholesale and retail customers. The bank has three key business

segments:

Wholesale Banking Services

The Bank's target market ranges from large, blue-chip manufacturing companies in the

Indian corporate to small & mid-sized corporates and agri-based businesses. For these

customers, the Bank provides a wide range of commercial and transactional banking

services, including working capital finance, trade services, transactional services, cash

management, etc. The bank is also a leading provider of structured solutions, which

combine cash management services with vendor and distributor finance for facilitating

superior supply chain management for its corporate customers. Based on its superior

product delivery / service levels and strong customer orientation, the Bank has made

significant inroads into the banking consortia of a number of leading Indian corporates

including multinationals, companies from the domestic business houses and prime

public sector companies. It is recognized as a leading provider of cash management and

transactional banking solutions to corporate customers, mutual funds, stock exchange

members and banks.

Retail Banking ServicesThe objective of the Retail Bank is to provide its target market customers a full range of

financial products and banking services, giving the customer a one-stop window for all

his/her banking requirements. The products are backed by world-class service and

delivered to customers through the growing branch network, as well as through

alternative delivery channels like ATMs, Phone Banking, Net Banking and Mobile

Banking.

The HDFC Bank Preferred program for high net worth individuals, the HDFC Bank Plus

and the Investment Advisory Services programs have been designed keeping in mind

needs of customers who seek distinct financial solutions, information and advice on

various investment avenues. The Bank also has a wide array of retail loan products

including Auto Loans, Loans against marketable securities, Personal Loans and Loans

for Two-wheelers. It is also a leading provider of Depository Participant (DP) services

for retail customers, providing customers the facility to hold their investments in

electronic form.

HDFC Bank was the first bank in India to launch an International Debit Card in

association with VISA (VISA Electron) and issues the MasterCard Maestro debit card as

well. The Bank launched its credit card business in late 2001. By March 2009, the bank

had a total card base (debit and credit cards) of over 13 million. The Bank is also one of

the leading players in the merchant acquiring business with over 70,000 Point-of-sale(POS) terminals for debit / credit cards acceptance at merchant establishments. The


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Bank is well positioned as a leader in various net based B2C opportunities including a

wide range of internet banking services for Fixed Deposits, Loans, Bill Payments, etc.

Treasury

Within this business, the bank has three main product areas - Foreign Exchange and

Derivatives, Local Currency Money Market & Debt Securities, and Equities. With theliberalisation of the financial markets in India, corporates need more sophisticated risk

management information, advice and product structures. These and fine pricing on

various treasury products are provided through the bank's Treasury team. To comply

with statutory reserve requirements, the bank is required to hold 25% of its deposits in

government securities. The Treasury business is responsible for managing the returns

and market risk on this investment portfolio.

Credit Rating

The Bank has its deposit programs rated by two rating agencies - Credit Analysis &

Research Limited (CARE) and Fitch Ratings India Private Limited. The Bank's Fixed

Deposit programme has been rated 'CARE AAA (FD)' [Triple A] by CARE, which

represents instruments considered to be "of the best quality, carrying negligible

investment risk". CARE has also rated the bank's Certificate of Deposit (CD) programme

"PR 1+" which represents "superior capacity for repayment of short term promissory

obligations". Fitch Ratings India Pvt. Ltd. (100% subsidiary of Fitch Inc.) has assigned

the "AAA ( ind )" rating to the Bank's deposit programme, with the outlook on the rating

as "stable". This rating indicates "highest credit quality" where "protection factors are

very high"

The Bank also has its long term unsecured, subordinated (Tier II) Bonds rated by CARE

and Fitch Ratings India Private Limited and its Tier I perpetual Bonds and Upper Tier II

Bonds rated by CARE and CRISIL Ltd. CARE has assigned the rating of "CARE AAA"

for the subordinated Tier II Bonds while Fitch Ratings India Pvt. Ltd. has assigned the

rating "AAA (ind)" with the outlook on the rating as "stable". CARE has also assigned"CARE AAA [Triple A]" for the Banks Perpetual bond and Upper Tier II bond issues.

CRISIL has assigned the rating "AAA / Stable" for the Bank's Perpetual Debt programme

and Upper Tier II Bond issue. In each of the cases referred to above, the ratings awarded

were the highest assigned by the rating agency for those instruments.

Corporate Governance Rating

The bank was one of the first four companies, which subjected itself to a Corporate

Governance and Value Creation (GVC) rating by the rating agency, The Credit Rating

Information Services of India Limited (CRISIL). The rating provides an independent

assessment of an entity's current performance and an expectation on its "balanced value

creation and corporate governance practices" in future. The bank has been assigned a

'CRISIL GVC Level 1' rating which indicates that the bank's capability with respect to


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wealth creation for all its stakeholders while adopting sound corporate governance

practices is the highest.

Overview

Year 2007

Archives

Credit Rating

Corporate

Governance Rating

Be aware offrauds

Security Tips

Security measures at

HDFC Bank

Shareholding pattern

History of Share

issues

Bonds Issue History

Phishing

Money Mules

Internet Banking

Online Shopping /

Payments

Computer security

Internet Browsing

Email Security

Awards and Achievements - Banking Services

HDFC Bank began operations in 1995 with a simple mission: to be a "World-class IndianBank". We realised that only a single-minded focus on product quality and service excellence
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would help us get there. Today, we are proud to say that we are well on our way towards that

goal.

It is extremely gratifying that our efforts towards providing customer convenience have been

appreciated both nationally and internationally.

2009

Euromoney Awards

2009

'Best Bank in India'

Economic Times

Brand Equity &

Nielsen Research

annual survey 2009

Most Trusted Brand - Runner Up

Asia Money 2009Awards 'Best Domestic Bank in India'

IBA Banking

Technology Awards

2009

'Best IT Governance Award - Runner up'

Global Finance

Award

'Best Trade Finance Bank in India for 2009

IDRBT Banking

Technology

Excellence Award

2008

'Best IT Governance and Value Delivery'

Asian Banker

Excellence in Retail

Financial Services

'Asian Banker Best Retail Bank in India Award 2009 '

2008

Finance Asia

Country Awards for

Achievement 2008

'Best Bank and Best Cash Management Bank'

CNN-IBN 'Indian of the Year (Business)'

Nasscom IT User

Award 2008

'Best IT Adoption in the Banking Sector'

Business India 'Best Bank 2008'

Forbes Asia Fab 50 companies in Asia Pacific

Asian Banker


Financial Services

Best Retail Bank 2008

Asiamoney Best local Cash Management Bank Award voted by Corporates
http://www.hdfcbank.com/aboutus/awards/default.htmhttp://www.hdfcbank.com/aboutus/awards/default.htmhttp://www.hdfcbank.com/aboutus/awards/default.htmhttp://www.hdfcbank.com/aboutus/awards/default.htmhttp://www.hdfcbank.com/aboutus/awards/default.htmhttp://www.hdfcbank.com/aboutus/awards/default.htmhttp://www.hdfcbank.com/aboutus/awards/default.htmhttp://www.hdfcbank.com/aboutus/awards/default.htmhttp://www.hdfcbank.com/aboutus/awards/default.htmhttp://www.hdfcbank.com/aboutus/awards/default.htmhttp://www.hdfcbank.com/aboutus/awards/default.htmhttp://www.hdfcbank.com/aboutus/awards/default.htmhttp://www.hdfcbank.com/aboutus/awards/default.htmhttp://www.hdfcbank.com/aboutus/awards/default.htmhttp://www.hdfcbank.com/aboutus/awards/default.htmhttp://www.hdfcbank.com/aboutus/awards/default.htm


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Microsoft & Indian

Express Group

Security Strategist Award 2008

World Trade Center

Award of honour

For outstanding contribution to international trade services.

Business Today-

Monitor Group

survey

One of India's "Most Innovative Companies"

Financial Express-

Ernst & Young

Award

Best Bank Award in the Private Sector category

Global HR

Excellence Awards

- Asia Pacific HRM

Congress:

'Employer Brand of the Year 2007 -2008' Award - First Runner

up, & many more

Business Today 'Best Bank' Award

2007

Dun & Bradstreet

American Express

Corporate Best

Bank Award 2007

'Corporate Best Bank' Award

The Bombay Stock

Exchange andNasscom

Foundation's

Business for Social

Responsibility

Awards 2007

'Best Corporate Social Responsibility Practice' Award

Outlook Money &

NDTV Profit

Best Bank Award in the Private sector category.

The Asian Banker


Financial Services

Awards

Best Retail Bank in India

Asian Banker Our Managing Director Aditya Puri wins the Leadership

Achievement Award for India

We are aware that all these awards are mere milestones in the continuing, never-ending

journey of providing excellent service to our customers. We are confident, however, that with

your feedback and support, we will be able to maintain and improve our services.
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Financial Information

The last twelve years have been very fulfilling. We can of course wax eloquent about it in so

many ways, but they say, figures don't lie, so we will let the figures do all the talking. They

will give you a fair idea of how we have grown in the past few years .

Financial Results

RBI Order of Amalgamation - CBoP

Scheme of Amalgamation - CBoP (as approved by RBI)

Annual Reports

Contact points for shareholders:

Kamala Mills Compound,

Legal & Secretarial Department,

2nd Floor, Senapati Bapat Road,

Lower Parel (West),

Mumbai - 400 013

Telephone No. 24988484 Ext. 3463 Fax No. 2496 5235.

Email: [email protected]

Counter Timing: 10.30 a.m. to 3.00 p.m between Monday to Friday

(except on Bank holidays).

Join the winning team

HDFC Bank is a young and dynamic bank, with a youthful and enthusiastic team determinedto accomplish the vision of becoming a world-class Indian bank.
http://www.hdfcbank.com/aboutus/cg/interim_reports.htmhttp://www.hdfcbank.com/common/pdf/RBI_Amalgamation_CBoP.pdfhttp://www.hdfcbank.com/common/pdf/final_booklet_merger.pdfhttp://www.hdfcbank.com/aboutus/cg/annual_reports.htmmailto:[email protected]://www.hdfcbank.com/aboutus/cg/interim_reports.htmhttp://www.hdfcbank.com/common/pdf/RBI_Amalgamation_CBoP.pdfhttp://www.hdfcbank.com/common/pdf/final_booklet_merger.pdfhttp://www.hdfcbank.com/aboutus/cg/annual_reports.htmmailto:[email protected]


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Our business philosophy is based on four core values - Customer Focus, Operational

Excellence, Product Leadership and People. We believe that the ultimate identity and

success of our bank will reside in the exceptional quality of our people and their

extraordinary efforts. For this reason, we are committed to hiring, developing, motivating and

retaining the best people in the industry.

Mission and Business Strategy

Our mission is to be "a World Class Indian Bank", benchmarking ourselves against

international standards and best practices in terms of product offerings, technology, service

levels, risk management and audit & compliance. The objective is to build sound customer

franchises across distinct businesses so as to be a preferred provider of banking services for

target retail and wholesale customer segments, and to achieve a healthy growth in

profitability, consistent with the Bank's risk appetite. We are committed to do this while

ensuring the highest levels of ethical standards, professional integrity, corporate governance

and regulatory compliance.

Our business strategy emphasizes the following :

Increase our market share in Indias expanding banking and financial services industry by

following a disciplined growth strategy focusing on quality and not on quantity and

delivering high quality customer service.

Leverage our technology platform and open scaleable systems to deliver more products to

more customers and to control operating costs.

Maintain our current high standards for asset quality through disciplined credit risk

management.

Develop innovative products and services that attract our targeted customers and address

inefficiencies in the Indian financial sector.

Continue to develop products and services that reduce our cost of funds.

Focus on high earnings growth with low volatility.


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Phishing Fraud

What is Phishing?

Phishing is an act undertaken by fraudsters to gain your private and sensitive information

whereby emails sent out appear to be sent by your bank. Such fake emails encourage you toclick on a link in the email which leads you to a fake website with a similar look and feel as

that of the bank's authentic website. It is designed so, to capture your personal confidential

account information such as Customer ID, IPIN, Credit/Debit Card number, Card expiry date,

CVV numbers, etc.

Customers email addresses are obtained/purchased by the fraudster through non-trusted sites

where the customer would have revealed his Email Id my means of casual browsing or shared

it on chat rooms, blogs or mailing lists etc. The Bank never shares its customers information

such as email addresses or other private information with any third party. Alternatively

emails ids can also be generated by software tools.

How do the fraudsters operate?

1. Fraudster send spoofed emails, appearing to be sent by HDFC Bank, to large number

of recipients with an urgent tone that calls for quick action to verify, update or reveal your

confidential account information by clicking onto a link in the email.

2. Once the recipient clicks on the link in the email, he is diverted to a fake website with

a similar look and feel of the bank's original website. The customer is presented a web

form to capture his confidential account information i.e. customer ID, IPIN, Credit / Debit

Card numbers, Expiry date and CVV number, etc.

3. Once the unaware customer reveals his confidential account information on the fake

website he may be directed to the authentic website of the bank to suppress any suspicion

arising in the customer's mind. This is how the identity of customer is compromised.

4. This customer confidential account information or identity credentials are then used

by the fraudster to gain access to the customer's account to commit fraudulent

transactions.

How do you identify a fake / phishing email?

1. While it is easy to identify some fake emails, others become difficult as they appear to

be originating from the bank. The fraudster may use HDFC Bank's email address, domain

name, logo, etc to give an authentic look to the fake email.2. Do not rely on the name and source email address information in the "From" field as

it may easily be manipulated by the fraudster to a valid email account of HDFC Bank or

any other email address.

3. Such fake emails will always address you by a generic salutation or addressing like

"Dear Customer" or "Dear Net Banking Customer" or "Dear HDFC Bank Customer".

HDFC Bank's authentic emails will always address you personally by your name e.g.

"Dear Mr Sameer Bedi"

4. Very often, such fake emails are poorly drafted and may have spelling or grammatical

mistakes.

5. Such fake emails will always encourage you to click on to a link to verify or update

your confidential account information. Please note that the Bank will never ask you for


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your confidential account information as the same would be available on the bank's

systems.

6. The links embedded in such fake emails sometimes may look authentic but when you

move the cursor/pointer over the link, there may be an underlying link to a fake website.

Visual identification of phishing emails

Sample1 (Account Status Notification)

Sample2 (Validate Your Account Access Online From HDFC Bank)

How do you identify a counterfeit / fake website?

1. It is very difficult for an occasional internet user to identify a fake website as the

fraudster designs it to replicate the bank's original website by using the bank's logo andcontent.

2. Verify the URL of the webpage (web page address): Most of the counterfeit/fake

webpage addresses start with "http://" unlike HDFC Bank's transaction related webpages

that warrants customer confidential account information (e.g. internet banking, payment

gateway sites for online shopping) would start with "https://" and not http://. Verify the

end letter "s" that ensures the security of communication by means of encryption between

webpage and the visitor accessing it. HDFC Bank's home page address -

http://www.hdfcbank.comis not encryption enabled, as there is no customer confidential

account information flowing over it. URL / website address of the fake website would be

different from HDFC Bank's website address or URL.

E.g. HDFC Bank's internet banking site address is https://netbanking.hdfcbank.com. Afake website address may behttp://mysite.com, http://hfdc.com or

https://internetbanking.hfdcbank.net

3. Check the PAD LOCK symbol: Pad lock symbol depicts existence of a security

certificate, also called Digital Certificate for that website. Fake websites would either not

have a digital certificate to prove its authenticity or may have invalid digital certificate.

Establish the authenticity of the website by verifying its digital certificate. To do so go to

File => Properties => Certificates or double click on the PAD LOCK icon at the bottom

corner of your Browser window while you are at the webpage of fake website.

E.g. HDFC Bank's authentic Internet Banking website's digital certificate is depicted

below:
http://www.hdfcbank.com/http://www.hdfcbank.com/https://netbanking.hdfcbank.com/http://mysite.com/http://mysite.com/http://hfdc.com/https://internetbanking.hfdcbank.net/http://openwindow%28%22/aboutus/Images/sample2.jpg%22,%22%22,%22width=500,height=350,scrollbars=yes%20,menubar=no,location=no,left=0,top=0%22)http://openwindow%28%22/aboutus/Images/sample1.jpg%22,%22%22,%22width=500,height=350,scrollbars=yes%20,menubar=no,location=no,left=0,top=0%22)http://www.hdfcbank.com/https://netbanking.hdfcbank.com/http://mysite.com/http://hfdc.com/https://internetbanking.hfdcbank.net/


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Visual comparison between original and fake website

Original Netbanking site of HDFC Bank

Fake Website

http://www.mediaworld.

com/hdfc

/internetbanking.html

http://mysite.com

/li/hdfc.htm

http://hdfcbankonline.

com

What do you do if you receive a phishing email?

1. Bear in mind that HDFC Bank will never send emails to you asking for your

confidential information.

2. Do not respond to any phishing emails by clicking on the links given, opening anyattachments or replying to the sender of the email.

3. Whenever in doubt about authenticity of an email please write to us at

[email protected]

4. If you are able to identify a phishing email, please forward it to

[email protected]. The bank shall shut down the corresponding fake site after

validation.

What do you do if you have revealed your confidential information by responding to a

phishing email or have become a victim of phishing?

1. If you realise soon after revealing your confidential information such as customer ID,

IPIN, etc, immediately log on your NetBanking account by typing the URL in the address
mailto:[email protected]:[email protected]://openwindow%28%22/aboutus/Images/fakewebsite_exmaple3.jpg%22,%22%22,%22width=500,height=350,scrollbars=yes%20,menubar=no,location=no,left=0,top=0%22)http://openwindow%28%22/aboutus/Images/fakewebsite_exmaple2.jpg%22,%22%22,%22width=500,height=350,scrollbars=yes%20,menubar=no,location=no,left=0,top=0%22)http://openwindow%28%22/aboutus/Images/fakewebsite_exmaple1.jpg%22,%22%22,%22width=500,height=350,scrollbars=yes%20,menubar=no,location=no,left=0,top=0%22)http://openwindow%28%22/aboutus/Images/netbanking.jpg%22,%22%22,%22width=500,height=350,scrollbars=yes%20,menubar=no,location=no,left=0,top=0%22)http://openwindow%28%22/aboutus/Images/digital_certificate.jpg%22,%22%22,%22width=500,height=500,scrollbars=yes%20,menubar=no,location=no,left=0,top=0%22)mailto:[email protected]:[email protected]


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bar of your web browser, change the IPIN and verify recent transactions in your account.

If no fraudulent transactions are observed, forward the phishing email to the bank.

2. If you discover any unauthorised transactions in your account please call up the phone

banking numbers or send an email [email protected] to disable internet banking

access to your account and visit your home branch immediately to report the matter at the

branch for further action. Forward the phishing email to your branch manager and mark acopy (cc) [email protected].

What are Money Mules?

By phishing or other means of customer identity theft, the fraudster harvests customer

NetBanking credentials i.e. customer ID and IPIN with a motive to transfer money from

customer account to another account holder of the same or different bank. The beneficiary

account holder is referred as a "Money Mule". The beneficiary becomes accomplice

unknowingly by social engineering techniques employed by the fraudster.

How does the Fraudster operate?

1. These fraudsters generally operate from across a country other than where the fraud is

to be committed to keep themselves away from local law enforcement agencies. They

either maintain anonymity or use fictitious identity to commit these frauds.

2. Fraudsters launch their attack using social engineering techniques by contacting the

prospective money mules either by sending emails, in chat rooms, job search websites

or through internet blogs.

3. Fraudsters lure the prospective money mules to share their bank account details by

telling them a fake story and convincing them to receive money in their accounts.

Fraudsters also offer a part of their money or commission and persuade them to

unknowingly act as money mules.

4. Fraudsters then transfer money from the bank customer account whose Internet

Banking customer ID and IPIN / password has been harvested either by means of

phishing or through other means of identity theft.

5. Money Mule is then directed by the fraudster to retain commission and transfer

balance money either through wire transfer or to an account of another money mule

by means of online transfer or cash deposit thereby forming a chain of fraud.

6. Such money transfers would ultimately lead to funds transfer into fraudster's account

thereby maintaining anonymity.

7. When such frauds are reported the money mules become the target of law

enforcement agencies as their bank accounts are used and their identity is established.

How do you protect yourself from becoming a money mule?

1. The fraudster may cook different stories, however his motive will be to convince you

to share your bank account details, receive money and act as per his directions.

2. Do not respond to email from strangers asking you for your bank account details.

3. For any overseas job offer, confirm the identity and contact details of the company

offering the job to you. They may have hosted a company website to make it look

authentic, but there may not exist any company at all in reality.

4. Do not get carried away by attractive offers or prizes.

Samples of Fraud emails:
mailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]


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Hello !

My name is Morgan Smith Bryant, I am an artist with my wife Susan Morgan, We own

SUS Art World in London (United Kingdom), I live in United Kingdom with my two

kids, four cats, It is definitely a full house, I have been into art work since I was a little

child that gives me about 23 years of experience, I majored in art in high school andtook a few college art courses, Most of my work is done in either pencil or airbrush

mixed with color pencils.

I have recently added designing and creating artwork on the computer, I have been

selling my art for the last 3 years and have had my work featured on trading cards,

prints and in magazines. I have sold in galleries and to private collectors from all

around the world, I am always facing serious difficulties when it comes to selling my art

works to American and India, they are always offering to pay with credit cards only

which is difficult for me to cash here in London United Kingdom. Also, i'm setting a

large factory and estate in India.

I am looking for a representative in the India who will be working for me as a petite

worker and I will be willing to pay 10% for every transaction, which wouldn't affect

your present state of work. Someone who would help me receive payments from my

customers in the india mean someone that is responsible and reliable, because the cost

of coming to the state and getting payments is very expensive and time consuming, I am

working on setting up a branch in the India for now I need a representative in India

who will be handling the payment aspect for my company.

These payments will be made via bank transfer only and they would come to you in

your name if you are willing to assist as a representative, so all you need to is to open anew account with ABC bank India where my customers in India and United States can

be transferring money to you. After deducting your 10% you will then wire the rest to

my contractor in India. If you are interested ,i want you to open an account with ABC

bank India and forward all the banking information to me including your international

passport first three page,birth certificate and election card to me.

The only problem which I have is trust, but I have my way of getting anyone that gets

away with my money mean the Federal Bureau of Investigation ( F.B.I) branch in

Washington gets involve. It will not cost you any amount, you are to receive payments

from customers for my company which will be sent to you into your ABC bank account.

Sincerely.

Morgan Smith

SUS ART WORLD.

NB: All charges will be deducted from the money, so you are rest assured that you

wouldn't spend a dime out of your personal money.

If you are interested, please get back to me as soon as possible via email with the

following listed information below:


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#Your full name:

#Your full home address,

#Your age,

#Occupation and as well your

#marital status, and your,

#direct contact telephone number,#Drivers License / International Passport

Thanks for your assistant and God bless,

Internet Banking Security Tips:

HDFC Bank has been one of the pioneers in extending internet banking services to cater to

anytime, anywhere banking needs of its customers by leveraging on to its state-of-the-art

technology platforms. Internet Banking has also been exploited by hackers and fraudsters to

deceive the bank's customer and commit frauds. While the bank has best-of-the-breedsolutions, processes and people deployed to extend secure banking to its customers, it is

important for our customers to know that "SecUrity is incomplete without U". Customers

need to follow secure computing guidelines to avert any frauds or security breaches to their

accounts, as keys to the internet banking accounts are held by respective account owners in

the form of Customer IDs and Internet Banking passwords (IPIN).

1. Keep your Customer ID and IPIN confidential and do not disclose it to anybody.

2. Change your IPIN as soon as you receive it by logging into your NetBanking account.

Memorise your IPIN, do not write it down anywhere.

3. Refer "Protect your computer accounts with strong passwords" section under

computer security tips.4. Avoid accessing internet banking from shared computer networks such as cyber cafes.

5. Do not click on links in the emails or sites other thanwww.hdfcbank.com to access

your NetBanking webpage.

6. Always visit the HDFC Bank's NetBanking site through HDFC Bank's home page by

typing the bank's website address (www.hdfcbank.com) on to the browser's address

bar. Users are encouraged to add the bank's URL to Favorites or Bookmark in the user

computer browser.

7. Always verify the authenticity of the Bank's NetBanking webpage by checking its

URL as "https://netbanking.hdfcbank.com" and the PAD Lock symbol at the bottom

corner of the browser before putting in your Customer ID and IPIN.

8. If your Customer ID and IPIN appear automatically on the login page of NetBankingwebpage, you should disable "Auto Complete" feature on your browser. To disable

auto complete feature:

a. Open Internet Explorer, Click on Tools=> Internet Options=> Content.

b. Click on "Auto Complete", under "Personal Information"

c. Uncheck "User names and passwords on forms", click on "Clear Passwords"

d. Click "OK"

9. Use virtual keyboard feature while logging into your internet banking account.

10. Do cross check your last login information available in NetBanking upon every login

to ascertain your last login and monitor any unauthorised logins.

11. Always type your confidential account information. Do not copy paste it.

12. Monitor your transactions regularly.

13. Use HDFC Bank's "InstaAlerts" service.
http://www.hdfcbank.com/http://www.hdfcbank.com/http://www.hdfcbank.com/https://netbanking.hdfcbank.com/http://www.hdfcbank.com/http://www.hdfcbank.com/https://netbanking.hdfcbank.com/


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14. Always logout when you exit NetBanking. Do not directly close the browser.

15. In addition to the above stated points please referComputer Security Tips.

Online Shopping / Payments security tips:

1. Always shop or make payments through trusted / reputed websites and bookmarkthose sites if you use them regularly.

2. Ensure that the URL of the website is correct by verifying it in the address bar of your

computer browser.

3. Do not click on links in emails or on referral websites to visit the online shopping site.

Always type the URL in the address bar of the browser to visit the website.

4. Do not enter your confidential account information such as Credit Card Numbers,

Expiry Date, CVV values, etc on any pop-up windows.

5. If you are a frequent online shopper, signup for Verify by Visa and Master Card

secure code program.

6. Check for PAD LOCK symbol on the webpage before furnishing your Credit Card

Numbers, Expiry Date, PIN and CVV values, etc to make payments.7. Make note of the transaction IDs for future reference incase of disputes.

8. Check your account statements regularly and bring any fraudulent transaction to the

notice of Bank.

9. Do not respond to emails seeking your confidential account information that try to

lure you with offers, jobs or prizes etc.

Computer security tips:

1. Use licensed software on your computer

Unlicensed software procured from untrustworthy sources could have maliciousprograms such as virus or trojans that may damage your computer by corrupting your

files or may reveal your confidential data such as passwords of your various accounts,

Credit/Debit card numbers, etc without your knowledge to the owner of that software.

2. Do not allow unauthorised access to you computer

Unauthorised access to your computer could lead to compromise of your confidential

data stored on your computer.

3. Protect your computer accounts with strong passwords

Computers identify its users based on usernames and passwords unlike humans. Use

strong passwords to secure your computer accounts from being compromised ormisused and follow good password management practices such as:

Keep alphanumeric passwords with length of minimum 8 characters. You can

use phrases in sentences such as "nature's wrath tsunami" to frame your

passwords as they are easy to remember and difficult to crack.

Do not use dictionary based words or your personal information such as name

of your spouse or child or your date of birth etc as passwords, because they are

easy to crack or guess.

Do not keep same passwords for multiple accounts.

Maintain confidentiality of your passwords.

Do not write down your passwords.

Do change your passwords once in every three months.
http://192.0.0.51:8094/aboutus/computer_security.htmhttp://192.0.0.51:8094/aboutus/computer_security.htm


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4. Update your computer with latest security patches

Install latest security patches for your operating system and other components like

browser, email client, etc as released by your computer's operating system vendor.

Keep your computer updated periodically of security patches and protect your

computer from intrusions.

5. Use anti-virus, anti spyware and personal firewall

Computers connecting to internet face a variety of threats from the internet such as

infections from malware such as viruses, trojans, spyware, adware, etc that may affect

the security of user computers in terms of corrupting files, system failures or

transmitting user confidential data to hackers or fraudsters without the knowledge of

the user. Hackers can take control of user systems by intrusions and misuse them to

launch malicious attack on other systems, conduct illegal activity, gain access to your

confidential information, etc.

Protect your computer from malware by installing anti-virus and anti-spyware

software and keep it updated with the latest signature files.

Use personal firewalls to protect your computer from intrusions by hackers on theinternet. Do switch off / disconnect your computers from internet when not in use.

Internet Browsing Security Tips:

1. Watch your click:

You must observe click discipline while browsing through different websites. You

may land up clicking on to malicious link that could download malicious code /

software or virus on to your computer.

2. Do not download software from nontrustworthy sites:

Downloading software from non-trustworthy sites may lead to infecting your

computer with virus. Users should particularly be careful of downloading freeware

which may have Trojans installed that would transmit your confidential information

to a hacker or fraudster without your knowledge.

3. Read privacy policy of the website:

Make sure that you read the privacy policy of the website before parting with any

personal information such as name, email id, contact number, etc and be aware of

how your information would be used by the website owner.

Email Security Tips

1. Protect your email ID

Your email ID is your identity and address on the internet and anyone may reach you

from any part of the globe in minimum time and effort. Protect your email ID from

being misused.

2. Do not publish your email ID on internet

Do not disclose your email ID on websites, chat rooms, internet blogs or subscribe to

mailing lists without having read the privacy policy of these sites. Your email ID

could be shared or sold to marketing companies and may land up in the spam

databases which become the target for receiving spam emails.


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3. Protect your email box against spam

Spam emails are unsolicited emails sent in large numbers to recipients for sales and

marketing or some promotional activities. Do not reply / respond to spam emails as it

may lead you to receiving more spam in your email box.

4. Do not open email attachments in hasteDo not open attachments received from unknown sender or unexpected attachments

from known senders. They may contain virus infected files most of the times.

5. Do not click on the links in emails asking for confidential information

Please referphishing frauds

6. Be wary of fraudulent emails

You may receive emails well crafted to establish communication with you and lure

you into a professional or personal relationship leading to using your Bank account

for financial transactions over the internet also known as money laundering. Refer

Money Mules

Our Citizen's Charter offers relevant information about the products, facilities and serviceswe provide. Customers can also find out about the time norms for various banking

transactions, our policy on customer information, and the process followed for redressal of

grievances.

T

y

p

e

s

o

f

D

e

p

o

s

i

t

Premature Withdrawal of

Term Deposit

Renewal of Term Deposit

Advance Against Deposits

Deceased DepositAccounts

Insurance Cover for

Deposits

Stop Payment Facility

Dormant Accounts

Standing Instructions

Direct Debit

Safe Deposit Lockers

Redressal of complaints &

grievances

Service Charges

Exchange of Soiled/ Mutilatednotes

ATM Card / Debit Card Hot

listing

Pension Accounts

No Frills Account

Foreign Exchange Services

Time Norms for Various

Banking Transactions

Cheque Collection Policy
http://www.hdfcbank.com/aboutus/security/phishing.htmhttp://www.hdfcbank.com/aboutus/security/money_mules.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Types_of_Deposit_Accounts.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Types_of_Deposit_Accounts.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Types_of_Deposit_Accounts.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Types_of_Deposit_Accounts.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Types_of_Deposit_Accounts.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Types_of_Deposit_Accounts.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Types_of_Deposit_Accounts.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Types_of_Deposit_Accounts.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Types_of_Deposit_Accounts.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Premature_Withdrawal_of_Term.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Premature_Withdrawal_of_Term.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Renewal_of_Term_Deposit.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Advance_Against_Deposits.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Deceased_Deposit_Accounts.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Deceased_Deposit_Accounts.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Insurance_Cover_for_Deposits.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Insurance_Cover_for_Deposits.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Stop_Payment_Facility.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Dormant_Accounts.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/standing_instructions.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/direct_debit.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Safe_Deposit_Lockers.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Redressal_of_complaints_grievances.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Redressal_of_complaints_grievances.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/service_charges.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/exchange_of_soiled_mutilated_notes.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/exchange_of_soiled_mutilated_notes.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/ATM_card_debit_card_hot_listing.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/ATM_card_debit_card_hot_listing.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/pension_accounts.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/no_frills_accounts.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/foreign_exchange_services.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/time_norms_banking_transactions.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/time_norms_banking_transactions.htmhttp://www.hdfcbank.com/common/pdf/cheque_collection_policy.pdfhttp://www.hdfcbank.com/aboutus/security/phishing.htmhttp://www.hdfcbank.com/aboutus/security/money_mules.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Types_of_Deposit_Accounts.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Types_of_Deposit_Accounts.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Premature_Withdrawal_of_Term.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Premature_Withdrawal_of_Term.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Renewal_of_Term_Deposit.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Advance_Against_Deposits.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Deceased_Deposit_Accounts.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Deceased_Deposit_Accounts.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Insurance_Cover_for_Deposits.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Insurance_Cover_for_Deposits.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Stop_Payment_Facility.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Dormant_Accounts.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/standing_instructions.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/direct_debit.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Safe_Deposit_Lockers.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Redressal_of_complaints_grievances.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Redressal_of_complaints_grievances.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/service_charges.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/exchange_of_soiled_mutilated_notes.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/exchange_of_soiled_mutilated_notes.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/ATM_card_debit_card_hot_listing.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/ATM_card_debit_card_hot_listing.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/pension_accounts.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/no_frills_accounts.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/foreign_exchange_services.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/time_norms_banking_transactions.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/time_norms_banking_transactions.htmhttp://www.hdfcbank.com/common/pdf/cheque_collection_policy.pdf


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A

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c

o

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t

s

Account Opening & Operation of

Deposit Account

Nomination Facility

Interest Payments

Minor's Accounts

Account of Illiterate / Blind

Person

Addition or Deletion of the name/sof Joint A/c holders

Customer Information

Secrecy of Customers

While various deposit products

offered by the bank are assigned different names, the deposit products can be categorised

broadly into the following types. Definition of major deposit schemes are as under : -

"Demand Deposits " means a deposit received by the bank which is withdrawable on

demand;

"Savings Deposits" means a form of Demand Deposit which is subject to restrictions as to

the number of withdrawals as also the amounts of withdrawals permitted by the bank

during any specified period;

"Term Deposit" means a deposit received by the bank for a fixed period withdrawable only

after the expiry of the fixed period and includes deposits such as Recurring / Double

Benefit Deposits / Short Deposits / Fixed Deposits / Monthly Income Certificate / Quarterly

Income Certificate etc.

''Notice Deposit'' means Term Deposit for a specific period but withdrawable on giving at

least one complete banking day's notice;

"Current Account" means a form of Demand Deposit wherefrom withdrawals are allowed

any number of times depending upon the balance in the account or up to a particular agreed

amount and will also include other deposit accounts which are neither Savings Deposit nor

Term Deposit;
http://www.hdfcbank.com/aboutus/citizens_charter/Types_of_Deposit_Accounts.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Types_of_Deposit_Accounts.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Types_of_Deposit_Accounts.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Types_of_Deposit_Accounts.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Account_Opening_Operation_of_Deposit_Account.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Account_Opening_Operation_of_Deposit_Account.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/nomination_facility.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Interest_Payments.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Minors_Accounts.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Account_of_Illiterate_Blind%20Person.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Account_of_Illiterate_Blind%20Person.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Addition_of_Deletion_of_the_names_of_Joint.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Addition_of_Deletion_of_the_names_of_Joint.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Customer_Information.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Secrecy_of_Customers_Accounts.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Types_of_Deposit_Accounts.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Types_of_Deposit_Accounts.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Account_Opening_Operation_of_Deposit_Account.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Account_Opening_Operation_of_Deposit_Account.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/nomination_facility.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Interest_Payments.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Minors_Accounts.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Account_of_Illiterate_Blind%20Person.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Account_of_Illiterate_Blind%20Person.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Addition_of_Deletion_of_the_names_of_Joint.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Addition_of_Deletion_of_the_names_of_Joint.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Customer_Information.htmhttp://www.hdfcbank.com/aboutus/citizens_charter/Secrecy_of_Customers_Accounts.htm


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Before opening any Deposit Account, the bank will carry out due diligence as required

under "Know Your Customer" (KYC) guidelines issued by RBI and or such other norms or

procedures adopted by the bank. If the decision to open an account of a prospective

depositor requires clearance at a higher level, reasons for any delay in opening of the

account will be informed to him and the final decision of the bank will be conveyed at the

earliest to him.

The account opening forms and other material would be provided to the prospective

depositor by the bank. The same will contain details of information to be furnished and

documents to be submitted for verification and / or for record. It is expected of the bank

official to explain the procedural formalities and provide necessary clarifications sought by

the prospective depositor when he approaches the bank for opening a Deposit Account.

For deposit products like Savings Bank Account and Current Deposit Account, the bank

will normally stipulate certain minimum/average balances to be maintained as a part of the

terms and conditions governing operation of such accounts. Failure to maintain stipulated

minimum/ average balance in the account will attract levy of charges as specified by the

bank. For Savings Bank Account, the bank may also restrict the number of transactions,

cash withdrawals, etc., for a given period. Similarly, the bank may specify charges for issue

of cheque books, additional statement of accounts, duplicate pass book, folio charges, etc.

All such details, regarding terms and conditions for operation of the accounts and scheduleof charges for various services provided will be communicated to the prospective depositor

while opening the account.

Savings Bank Accounts can be opened for eligible person / persons and certain

organizations / agencies (as advised by Reserve Bank of India (RBI) from time to

time).These accounts are designed to help the individual (personal customers) to inculcate

the habit of saving money and to meet their future requirement of money. The amounts can

be deposited/withdrawn from these accounts by way of cheques/ATM. It helps customers

to keep minimum cash at home besides earning interest.

Current Accounts can be opened by Individuals / Partnership firms / Private and PublicLimited Companies / HUFs / Specified Associates / Societies / Trusts, etc.

Term Deposit Accounts can be opened by Individuals / Partnership firms / Private and

Public Limited Companies / HUFs/ Specified Associates / Societies / Trusts, etc. Bank has

tailored various deposit schemes to suit the needs and expectations of investing people in

every walk of life.

The due diligence process, while opening a Deposit Account will involve satisfying about

the identity of the person, verification of address, satisfying about his occupation and

source of income. Obtaining introduction of the prospective depositor from a person

acceptable to the bank and obtaining recent photographs of the person/s opening / operating

the account are part of the due diligence process.


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In addition to the due diligence requirements, under KYC norms the bank is required by

law to obtain Permanent Account Number (PAN) or General Index Register (GIR) Number

or alternatively declaration in Form No. 60 or 61 as specified under the Income Tax Act /

Rules.

Deposit Accounts can be opened by an individual in his own name (status: known asaccount in single name) or by more than one individual in their own names (status: known

as Joint Account). Savings Bank Account can also be opened by a minor jointly with

natural guardian or with mother as the guardian (Status: known as Minor's Account).

Minors above the age of 12 will also be allowed to open and operate Saving Bank Account

independently.

Operation of Joint Account: The Joint Account opened by more than one individual can be

operated by single individual or by more than one individual jointly. The mandate for

operating the account can be modified with the consent of all account holders. The Savings

Bank Account opened by minor jointly with natural guardian / guardian can be operated by

natural guardian only.

The joint account holders can give any of the following mandates for the disposal of

balance in the above accounts :

Either or Survivor : If the account is held by two individuals say, A & B, the final

balance alongwith interest, if applicable, will be paid to survivor on death of any

one of the account holders.

Anyone or Survivor/s : If the account is held by more than two individuals say, A, B

and C, the final balance alongwith interest, if applicable, will be paid to the survivor

on death of any two account holders.

The above mandates will be applicable to or become operational only on or after the date ofmaturity of term deposits. This mandate can be modified by the consent of all the account

holders.

At the request of the depositor, the bank will register the mandate / power of attorney given

by him authorizing another person to operate the account on his behalf.

The term deposit account holders at the time of placing their deposits can give instructions

with regard to closure of deposit account or renewal of deposit for further period on the

date of maturity.

A statement of account will be provided by the bank to Savings Bank as well as Current

Deposit Account Holders periodically as per terms and conditions of opening of the

account.Passbook facility is avaliable to all savings account holders free of cost

Nomination Facility: Bank offers nomination facility in deposit accounts, safe depositlockers, articles in safe custody,etc. Nomination facility is available on all deposit accounts


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opened by the individuals. Nomination is also available to a sole proprietory concern

account. Nomination can be made in favour of one individual only. Nomination so made

can be cancelled or changed by the account holder/s any time. While making nomination,

cancellation or change thereof, it is required to be witnessed by a third party. Nomination

can be modified by the consent of account holder/s. Nomination can be made in favour of a

minor also subject to other major individual being named appointee(s) during the minorityperiod.

The bank recommends that all depositors avail nomination facility. The nominee, in the

event of death of the depositor/s, would receive the balance outstanding in the account as a

trustee of legal heirs. The depositor will be informed of the advantages of the nomination

facility while opening a deposit account.

Interest shall be paid on Saving Account

at the rate specified by Reserve Bank of India directive from time to time. Interest at 3.5%

p.a. is presently paid at quarterly rests based on the minimum balance in the account between

the 10th and the last day of the month.

In terms of Reserve Bank of India

Directives, interest shall be calculated at quarterly intervals on Term Deposits and paid at the

rate decided by the bank depending upon the period of deposits. In case of Monthly Deposit

Scheme, the interest shall be calculated for the quarter and paid monthly at discounted value.

The interest on Term Deposits is calculated by the bank in accordance with the formulae and

conventions advised by Indian Banks' Association.

The rate of interest on deposits will be

prominently displayed in the branch premises. Changes, if any, with regard to the deposit

schemes and other related services shall also be communicated upfront and shall be

prominently displayed.

The bank has statutory obligation to

deduct tax at source if the total interest paid / payable on all Term Deposits held by a person

exceeds the amount specified under the Income Tax Act. The bank will issue a tax deduction

certificate (TDS Certificate) for the amount of tax deducted. The depositor, if entitled toexemption from TDS can submit declaration in the prescribed format at the beginning of

every financial year.


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The minor can open a savings bank account and the same can be operated by the natural

guardian or by the minor himself / herself, if he/she is above the age of 12 years. The

account can also be opened jointly.

On attaining majority, the erstwhile minor should confirm the balance in his/her account

and if the account is operated by the natural guardian / guardian, fresh specimen signature of

erstwhile minor duly verified by the natural guardian would be obtained and kept on recordfor all operational purposes.

The Customer Information

collected from the customers shall not be used for cross selling of services or products by the

bank, their subsidiaries and affiliates. If the bank proposes to use such information, it shouldbe strictly with the consent of the account holder.

The bank shall not disclose

details / particulars of the customer's account to a third person or party without the expressed

or implied consent from the customer. However, there are some exceptions, viz. disclosure of

information under compulsion of law, where there is a duty to public to disclose and where

interest of the bank requires disclosure.

HDFC Bank recognizes the importance of good corporate governance, which is generally

accepted as a key factor in attaining fairness for all stakeholders and achieving organizational

efficiency. This Corporate Governance Policy, therefore, is established to provide a direction

and framework for managing and monitoring the bank in accordance with the principles of

good corporate governance.

Code of Corporate Governance
http://www.hdfcbank.com/aboutus/cg/Code_of_Corporate_Governance.htmhttp://www.hdfcbank.com/aboutus/cg/Code_of_Corporate_Governance.htm


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Corporate Governance Rating

Composition of the Board

Profiles of Directors

Board Committees

Ownership RightsPromoters Rights( HDFC LTD.)

Key Shareholders Rights

Listing

Registrars and transfer agents

Grievance Redressal

Dividend Policy

Memorandum of Association

Articles of Association

Board Meetings

Quarterly Updates

Fair Practice Code for Lending

Code of Ethics / Conduct

The Bank believes in adopting and adhering to best recognised corporate governance

practices and continuously benchmarking itself against each such practice. The Bank

understands and respects its fiduciary role and responsibility to shareholders and strives hard

to meet their expectations. The Bank believes that best board practices, transparent

disclosures and shareholder empowerment are necessary for creating shareholder value.

The Bank has infused the philosophy of corporate governance into all its activities. Thephilosophy on corporate governance is an important tool for shareholder protection and

maximisation of their long term values. The cardinal principles such as independence,

accountability, responsibility, transparency, fair and timely disclosures, credibility etc. serve

as the means for implementing the philosophy of corporate governance in letter and spirit.
http://www.hdfcbank.com/aboutus/cg/Corporate_Governance_Rating.htmhttp://www.hdfcbank.com/aboutus/cg/Composition_of_the_Board.htmhttp://www.hdfcbank.com/aboutus/cg/Profiles_of_Directors.htmhttp://www.hdfcbank.com/aboutus/cg/Board_Committees.htmhttp://www.hdfcbank.com/aboutus/cg/Ownership_Rights.htmhttp://www.hdfcbank.com/aboutus/cg/Promoters_Rights.htmhttp://www.hdfcbank.com/aboutus/cg/Key_Shareholders_Rights.htmhttp://www.hdfcbank.com/aboutus/cg/listing.htmhttp://www.hdfcbank.com/aboutus/cg/registrars_transfer_agent.htmhttp://www.hdfcbank.com/aboutus/cg/Grievance_Redressal.htmhttp://www.hdfcbank.com/aboutus/cg/Dividend_Policy.htmhttp://www.hdfcbank.com/common/pdf/corporate/memorandum-2003.pdfhttp://www.hdfcbank.com/common/pdf/corporate/Association-2003.pdfhttp://www.hdfcbank.com/aboutus/cg/board_meetings.htmhttp://www.hdfcbank.com/aboutus/cg/Quarterly_Updates.htmhttp://www.hdfcbank.com/aboutus/cg/Fair_Practices_Code_For_Lending.htmhttp://www.hdfcbank.com/aboutus/cg/code_of_ethics_conduct.htmhttp://www.hdfcbank.com/aboutus/cg/Corporate_Governance_Rating.htmhttp://www.hdfcbank.com/aboutus/cg/Composition_of_the_Board.htmhttp://www.hdfcbank.com/aboutus/cg/Profiles_of_Directors.htmhttp://www.hdfcbank.com/aboutus/cg/Board_Committees.htmhttp://www.hdfcbank.com/aboutus/cg/Ownership_Rights.htmhttp://www.hdfcbank.com/aboutus/cg/Promoters_Rights.htmhttp://www.hdfcbank.com/aboutus/cg/Key_Shareholders_Rights.htmhttp://www.hdfcbank.com/aboutus/cg/listing.htmhttp://www.hdfcbank.com/aboutus/cg/registrars_transfer_agent.htmhttp://www.hdfcbank.com/aboutus/cg/Grievance_Redressal.htmhttp://www.hdfcbank.com/aboutus/cg/Dividend_Policy.htmhttp://www.hdfcbank.com/common/pdf/corporate/memorandum-2003.pdfhttp://www.hdfcbank.com/common/pdf/corporate/Association-2003.pdfhttp://www.hdfcbank.com/aboutus/cg/board_meetings.htmhttp://www.hdfcbank.com/aboutus/cg/Quarterly_Updates.htmhttp://www.hdfcbank.com/aboutus/cg/Fair_Practices_Code_For_Lending.htmhttp://www.hdfcbank.com/aboutus/cg/code_of_ethics_conduct.htm


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The bank was amongst the first four companies, which subjected itself to a Corporate

Governance and Value Creation (GVC) rating by the rating agency, The Credit Rating

Information Services of India Limited (CRISIL). The rating provides an independent

assessment of an entity's current performance and an expectation on its "balanced value

creation and corporate governance practices" in future. The bank has been assigned a

'CRISIL GVC Level 1' rating for the second consecutive year, which indicates that the bank's

capability with respect to wealth creation for all its stakeholders while adopting sound

corporate governance practices is the highest.

The Composition of the Board of Directors of the Bank is governed by the Companies Act,

1956, the Banking Regulation Act, 1949 and the listing requirements of the Indian StockExchanges where securities issued by the Bank are listed. The Board has strength of 12

Directors as on March 31, 2008. All Directors other than Mr. Aditya Puri, Mr. Harish

Engineer and Mr. Paresh Sukthankar are non-executive directors. The Bank has five

independent directors and six non-independent directors. The Board consists of eminent

persons with considerable professional expertise and experience in banking, finance,

agriculture, small scale industries and other related fields.

None of the Directors on the Board is a member of more than 10 Committees and Chairman

of more than 5 Committees across all the companies in which he/she is a Director. All the

Directors have made necessary disclosures regarding Committee positions occupied by them

in other companies.

- Mr. Jagdish Capoor, Mr. Keki Mistry, Mrs. Renu Karnad, Mr. Aditya Puri, Mr. Harish

Engineer and Mr. Paresh Sukthankar are non-independent Directors on the Board.

- Mr. Arvind Pande, Mr. Ashim Samanta, Mr. Gautam Divan, Mr. C. M. Vasudev and Dr.

Pandit Palande are independent directors on the Board.

- Mr. Keki Mistry and Mrs. Renu Karnad represent HDFC Limited on the Board of the

Bank.

- The Bank has not entered into any materially significant transactions during the year,

which could have a potential conflict of interest between the Bank and its promoters,directors, management and/or their relatives, etc. other than the transactions entered into


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Investors' Protection Fund and Sumati Capoor Charitable Trust.

Mr. Capoor is a member of the Audit Committees of Indian Hotels Company Limited, GHCL

Limited and Quantum Trustee Co. Pvt. Ltd. He is chairman of Share Allotment and

Shareholders Grievance Committee of Bombay Stock Exchange Limited.

Mr. Capoor holds 300 equity shares in the Bank as on March 31, 2008.

Top

Mr. Aditya Puri

Mr. Aditya Puri holds a Bachelors degree in Commerce from Punjab University and is anassociate member of the Institute of Chartered Accountants of India. Mr. Aditya Puri has

been the Managing Director of the Bank since September 1994. He has about 35 years of

banking experience in India and abroad.

Prior to joining the Bank, Mr. Puri was the Chief Executive Officer of Citibank, Malaysia

from 1992 to 1994.

Mr. Puri holds 3, 37,953 equity shares in the Bank as on March 31, 2008.

Top

Mr. Keki M. Mistry

Mr. Keki Mistry holds a Bachelor of Commerce degree in Advanced Accountancy and

Auditing and is also a Chartered Accountant. He was actively involved in the setting up of

several HDFC group companies including HDFC Bank. Mr. Mistry has been deputed on

consultancy assignments for the Commonwealth Development Corporation (CDC) in

Thailand, Mauritius, Caribbean Islands and Jamaica. He has also worked as a consultant for

the Mauritius Housing Company and Asian Development Bank.

Mr. Mistry is Vice Chairman & Managing Director of Housing Development Finance

Corporation Limited and Chairman of GRUH Finance Limited. He is also a Director on the

Board of HDFC Developers Limited, HDFC Standard Life Insurance Co. Ltd, HDFC General

Insurance Company Limited, Infrastructure Leasing & Financial Services Limited, Sun

Pharmaceutical Industries Limited, The Great Eastern Shipping Company Limited, NexGen

Publishing Limited, India Value Fund Advisors Private Limited, HDFC Asset Management

Company Limited, Greatship (India) Limited, Griha Investments-Mauritius and Association

of Leasing & Financial Services Companies.

Mr. Mistry is the Chairman of the Audit Committee of HDFC General Insurance Company

Limited, Sun Pharmaceutical Industries Limited and The Great Eastern Shipping CompanyLimited. He is member of Audit Committee of HDFC Standard Life Insurance Company
http://www.hdfcbank.com/aboutus/cg/Profiles_of_Directors.htm#tophttp://www.hdfcbank.com/aboutus/cg/Profiles_of_Directors.htm#tophttp://www.hdfcbank.com/aboutus/cg/Profiles_of_Directors.htm#tophttp://www.hdfcbank.com/aboutus/cg/Profiles_of_Directors.htm#top


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Limited, Gruh Finance Limited, Infrastructure Leasing & Financial Services Limited and

HDFC Asset Management Company Limited. He is also a member of Investors Grievance

Committee of Housing Development Finance Corporation Limited, Remuneration Committee

and Investment Committee of Gruh Finance Limited and Share Transfer Committee of

Infrastructure Leasing & Financial Services Limited.

Mr. Mistry is liable to retire by rotation and being eligible, offers himself for re-appointment

at the ensuing Annual General Meeting.

Mr. Mistry holds 58,001 equity shares in the Bank as on March 31, 2008.

Top

Mrs. Renu Karnad

Mrs. Renu Karnad is a Law graduate and also holds a Masters Degree in Economics from

Delhi University.

Mrs. Karnad is a Joint Managing Director of Housing Development Finance Corporation

Limited and Chairperson of HDFC Venture Capital Limited, HDFC Property Ventures

Limited and Home Loan Services India Private Limited. She is a Director of HDFC Asset

Management Company Limited, GRUH Finance Limited, HDFC Realty Limited, Credit

Information Bureau (India) Limited, HDFC General Insurance Company Limited, ICI India

Limited, Indraprastha Medical Corporation Limited, HDFC Standard Life InsuranceCompany Limited, Sparsh BPO Services Limited, Mother Dairy Fruits & Vegetables Private

Limited, Feedback Ventures Private Limited, Motor Industries Co. Limited, Egyptian

Housing Finance Company and Ascendas Pte. Limited, Singapore. Mrs. Karnad is a member

of the Managing Committee of Indian Cancer Society and Vice Chairperson of the

Governing Council of Indraprastha Cancer Society & Research Centre.

Mrs. Karnad is Chairperson of the Audit Committee of ICI India Limited, Credit Information

Bureau (India) Limited, Motor Industries Co. Limited and Mother Diary Fruits & Vegetables

Private Limited. She is a member of the Audit Committee of HDFC General Insurance

Company Limited. She is the Chairperson of the Remuneration Committee of ICI India

Limited. She is also the member of Investment Committee, Compensation Committee,Compensation-ESOS Committee and Committee of Directors of Gruh Finance Limited;

Customer Service Committee and Risk Management Committee of HDFC Asset

Management Company Limited; Remuneration Committee of Credit Information Bureau

(India) Limited and Sparsh BPO Services Limited; and Shareholders/Investors Grievance

Committee, Investment Committee and Property Sub-Committee of Motor Industries

Company Limited.

Mrs. Karnad is liable to retire by rotation and being eligible, offers herself for re-appointment

at the ensuing Annual General Meeting.

Mrs. Karnad holds 58,924 equity shares in the Bank as on March 31, 2008.

Top


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Mr. Arvind Pande

Mr. Arvind Pande holds a Bachelor of Science degree from Allahabad University and a B.A.

(Hons.) and M.A. (Economics) degree from Cambridge University, U.K. He started his

career in Indian Administrative Services and has held various responsible positions in the

Government of India. He was a Joint Secretary to the Prime Minister of India for Economics,

Science and Technology issues. Mr. Pande has served as a Director, Department of

Economic Affairs, Ministry of Finance, Government of India and has dealt with World Bank

aided projects. Mr. Pande has also served on the Board of Steel Authority of India Limited as

its Chairman and Chief Executive Officer (CEO).

Mr. Pande is a Director of Coal India Limited, Bengal Aerotropolis projects Limited, Burnpur

Cements Limited, Visa Steel Limited, Era Infra Engineering Limited and Sandhar

Technologies Limited. He is member of the Audit Committee of Coal India Limited and Visa

Steel Limited.

Mr. Pande does not hold any equity shares in the Bank as on March 31, 2008.

Top

Mr. Ashim Samanta

Mr. Ashim Samanta holds a Bachelor of Commerce degree from University of Bombay and

has wide and extensive experience in business for nearly 29 years. He has vast experience in

the field of bulk drugs and pharmaceutical formulations. He is a Director of Samanta

Organics Private Limited, Nautilus Trading & Leasing Private Limited, Ashish Rang Udyog

Private Limited, Samanta Movies Private Limited and Shakti Cine Studios Private Limited.

Mr. Samanta has also been engaged in setting up and running of film editing and dubbing

studio.

Mr. Samanta holds 600 equity shares in the Bank as on March 31, 2008.

Top

Mr.C M Vasudev

Mr. C. M. Vasudev holds a Masters Degree in Economics and Physics. He joined the Indian


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Administrative Services in 1966. Mr. Vasudev has worked as Executive Director of World

Bank representing India, Bangladesh, Sri Lanka and Bhutan. Mr. Vasudev has extensive

experience of working at policy making levels in the financial sector and was responsible for

laying down policies and oversight of management. He chaired World Banks committee on

development effectiveness with responsibility of ensuring effectiveness of World Banks

operations. Mr. Vasudev has also worked as Secretary, Ministry of Finance and hasundertaken various assignments viz. Secretary, Department of Economic Affairs,

Department of Expenditure, Department of Banking and was Additional Secretary Budget

with responsibility for framing budget of Government and monitoring its implementation.

He has also worked as Joint Secretary of Ministry of Commerce with responsibility for state

trading, trade policy including interface with WTO.

Mr. Vasudev is Director on the Board of Directors of ICRA Management Consultancy

Services Limited, NOIDA Power Company Limited and Noesis Consultancy Services Private

Limited. He is a member of Audit Committee and the Chairman of Remuneration Committee

of ICRA Management Consultancy Services Limited and member of Audit Committee of

NOIDA Power Company Limited.Mr. Vasudev does not hold any equity shares in the Bank as on March 31, 2008.

Top

Mr. Gautam Divan

Mr. Gautam Divan holds a Bachelors degree in Commerce and is a Fellow Member of the

Institute of Chartered Accountants of India. Mr. Divan is a partner in Rahul Gautam Divan &

Associates, Chartered Accountants. Mr. Divan has wide experience in financial and taxation

planning of individuals and limited companies and auditing accounts of large public limited

companies and nationalised Banks. Mr. Divan enjoys substantial experience in structuring

overseas investments to and from India.

Mr. Divan is on the Board of HDFC Standard Life Insurance Company Limited, Baltic

Consultancy & Services Private Limited, Bell Ceramics Limited, Brady & Morris

Engineering Company Limited, Chandanbhoy and Jassoobhoy Consultants Private Limited,Serendib Investments Private Limited and Ascent Hotels Private Limited. He is Chairman of

Audit Committee and Remuneration Committee of Bell Ceramics Limited. He is the

Chairman of Audit Committee of HDFC Life Insurance Company Limited. He is a partner of

M/s Rahul Gautam Divan & Associates.

Mr. Divan does not hold any equity shares in the Bank as on March 31, 2008.

Top

Dr. Pandit Palande


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Dr. Pandit Palande has a Ph.D. degree in Business Administration and has completed anAdvance Course in Management from Oxford Uni

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